FirstBank Holdings Plc is seeking to sell 65 percent of its stake in FirstBank Insurance (subsidiary company) to South Africa insurer, Sanlam Investment Pty, according to filings to the Nigerian Stock Exchange (NSE).
This is a confirmation of the BusinessDay exclusive report last week that the lender was in talks to dispose of the unit.
According to a statement on the website of the NSE, Sanlam already owns 35 percent in the Nigerian insurer as it continues to make inroads into the country’s robust market.
A sale of the unit, which generated revenue or gross premium written in the fiscal year ended December, would help shore up the capital FirstBank Holdings.
