Group chairman,
"The intention is to have one big, strong insurance company, therefore, the idea is to merge the operations in the short term and this will be done as soon as possible," he said during a post-EGM briefing to journalists.
Prior to the transaction, CBZHL held 3,23 percent shareholding in FMHL through a special purpose vehicle,
"The cash portion is
"The
He noted that there were a lot of complementary assets and resources that the group had, therefore, in some areas CBZ might be stronger while in other areas FML may be stronger.
"This is a great opportunity to take the best in the market and within both companies and to create what will be the leading insurance company in the country," he said.
"We have a small, but profitable insurance business and this gives us scale to grow our insurance business, and therefore, as a holdings it allows for real diversification for the financial holdings group," he said.
He noted that FML was the second largest insurance company in the country; therefore the transaction would fit within the group's insurance business.
FMHL has successful business operations in
"We have opened a
According to
Commenting on the impact of the transaction on staff,
"We will look at the best talent in CBZ and FML and combine the two to drive our ambition for growth, therefore there should be no many redundancies within the organization.
"We will deal with that on a case by case basis. There will be a process that Blessing (CBZ CEO) will oversee and that will be efficient and transparent, and there will be no bias for CBZ as the acquirer, but we will have the best talent," he said.
On FML properties, he said the group has recruited on its advisory board an international expert on property, who manages various global property portfolios.
"He will come on the advisory and bring with him expertise on how to modernize and monetize our property portfolio and help with the integration of
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