South African insurer and financial services group Sanlam has announced the completion of the acquisition process of the Rwandan insurance company Soras Insurance General Ltd., which will now operate under the Sanlam brand.
The complete merger was announced Wednesday, November 13 in Kigali by officials of both companies. The acquisition process began in 2014, when Sanlam acquired 63% of the capital of Soras before becoming a full owner in 2018.
“We now have all the shares and passed the acquisition phase. We are now entering the organic phase to ensure that our presence in Rwanda corresponds to a pan-African vision led by President Paul Kagame: the opening of borders on the continent, “said Junior Ngulube, vice president of Sanlam Pan-Africa .
As a reminder, Salam merged Soras Assurances and Saham Assurances after acquiring a 100% stake in the Moroccan company Saham Finances.
With operations in 40 countries, Sanlam launched a process in 2005 to acquire the best insurance companies in Africa and Asia.
