S. Africa's Sanlam buys out Nigerian insurance business from First Bank

June 2 (Reuters) – South Africa’s largest insurer Sanlam said on Tuesday it bought out the remaining 65% stake in Nigerian insurance business FBN Insurance it did not already own from First Bank, deepening its presence in the West African country.

Sanlam did not disclose the value of the deal, which will now give the company full control of the joint venture that began with First Bank in 2011. (Reporting by Aniruddha Ghosh in Bengaluru; Editing by Ramakrishnan M.)


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