First Bank of Nigeria Holdings has notified the Nigerian Stock Exchange that in line with the Group’s strategic objectives, the company has commenced discussion Sanlam (PTY) Limited (owners of 35 per cent equity in FBN Insurance Limited) with a view towards selling its 65% holdings to Sanlam.
FBNH stated that the move was in line with the “group’s strategic objectives”, adding that they were engaging the regulators for the necessary approval.
FBN Holdings also assured the Exchange that further announcement would be made if the transaction was concluded.