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International

Barclays Africa set to acquire 63% stake in Kenya's First Assurance for $28.7 million

June 11, 2015 Reprints

Barclays Africa Group Ltd. has said that it has entered into an agreement to acquire 63.3% of Kenya's First Assurance Co. Ltd. for 2.8 billion Kenyan shillings ($29 million), reported Standardmedia.co.ke.

The deal is subject to regulatory approvals in Tanzania, Kenya and South Africa. Barclays said KES 722 million of the deal would be used as capital injection. This planned acquisition "is a good strategic fit for our business, [and] provides us with a strong platform to expand our bancassurance offering in East Africa," said a Barclays Africa official.

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Barclays Africa set to acquire 63% stake in Kenya's First Assurance for $28.7 million

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