Standard Bank Group has table a buyout offer to Liberty Holdings. The bank seeks a total control of the insurance company which already has a 54% stake.
In a statement, Standard Bank said that it has long enjoyed a strategic relationship with Liberty, thanks to a “highly successful and valuable bancassurance arrangement”. It now wants to offer “an increasingly wide range of financial and associated services”.
Standard Bank Group CEO Sim Tshabalala adds: “The integration of Liberty into Standard Bank Group enhances our ability to meet our clients’ financial needs, making possible holistic advice and competitive solutions for them, especially during major transition points in their lives”.
“This transaction creates significant opportunities for capital efficiencies and to grow the united group by providing a fully integrated set of client offerings throughout SBG’s operations across Africa,” he added.
The takeover is subject to approval of Liberty’s minority shareholders, as well as from financial authorities, including the Reserve Bank and the Competition Commission.