Financial services firm Sanlam Group is set to acquire PineBridge Investments East Africa Ltd.
The acquisition is expected to give the South African firm a stronger foothold in East Africa’s growing financial sector.
Sanlam Group yesterday announced that it had received all regulatory approvals for the acquisition of a majority stake in PineBridge, paving the way for the firm’s rebranding to Sanlam Investments East Africa Limited (SIEAL).
With the acquisition, Sanlam is looking to integrate its asset management businesses and build a strong presence in regional asset management across Kenya, Uganda, Rwanda, and Tanzania.
“The integration of Sanlam Investments East Africa into the rest of the Sanlam Group and its subsequent rebranding will strengthen our profile and cement our position in institutional, affluent, and retail investment management across East Africa,” said Sanlam Emerging Markets Chief Executive Junior Ngulube.
PineBridge Investments East Africa is reported to have more than $2 billion (Sh200 billion) in assets under its management as at December last year, which is now expected to fall under Sanlam’s portfolio under the newly created subsidiary.
Sanlam has a market capitalisation of more than $10 billion (Sh1 trillion).