Absa announced today that it has reached an agreement to acquire 100% of the share capital of Global Alliance Seguros S.A. (“Global Alliance”), a leading insurance business in Mozambique.
With over 20 years of experience in the Mozambican market, Global Alliance is a leading provider of non-life insurance and recently launched a life insurance offering. In 2008, it received the KPMG Award for the fastest growing company in Mozambique. In 2010, Global Alliance generated premium income of over U$25 million.
Willie Lategan, Chief Executive of Absa Financial Services (AFS), says: “We are excited about the acquisition of Global Alliance as this forms part of Absa’s Africa expansion strategy. We recognise that the African continent offers exciting prospects and we will continue to pursue opportunities beyond our borders where we are confident that we will generate acceptable returns on our investments.”
Absa already has a footprint in Mozambique through its majority stake in Barclays Bank Mozambique (“Barclays Mozambique”). The acquisition of Global Alliance will enable Absa to offer a full suite of insurance products and services in the Mozambican market and will allow Barclays Mozambique to strengthen its value proposition to banking clients.
The acquisition of Global Alliance is a culmination of several months of diligent work by Absa and has been approved by the South African Reserve Bank.
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