AfricInvest acquires 14.3% stake in Kenyan financial group Britam
The pan-African private equity firm AfricInvest has finalized an agreement to acquire 14.3% of Britam Holdings, one of the largest financial services groups in East Africa, for 55 million euros. millions of dollars.
For Britam Holdings, the challenge with this capital opening is to consolidate its presence in the region, but also to pursue its strategy of increased digitization and new product development.
Based in Kenya, with subsidiaries in Uganda, Tanzania, Rwanda, Mozambique, Malawi and South Sudan, the Britam Group offers life and property and casualty insurance, asset management and real estate development products. The group also has significant direct investments in the banking sector.
“We chose to partner with AfricInvest because of their deep knowledge of the financial sector and their extensive experience working with insurance companies across the continent. We also believe that this partnership will result not only in greater value for all of our 25,000 shareholders, but also in the overall development of the financial sector, especially insurance, “said Benson Wairegi. , Managing Director of Britam Group.
Recall that last year, Britam had hosted a reference shareholder at his turn, the International Finance Corporation (IFC), which had bought 10% of the capital. A pledge of the confidence of international investors and the viability of the group, according to its leaders.
