Absa has agreed to exchange its investment business for a 17.5% stake in Sanlam Investment Holdings, the newly empowered asset management unit of financial services group Sanlam.
Sanlam sold a 25% stake in its third-party asset management business to Patrice Motsepe's African Rainbow Capital Financial Service for R815m in late 2020. Though Sanlam retained a 75% shareholding in the Sanlam Investment business, it still qualifies as a black-owned asset manager in terms of the the financial sector charter...
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