SA’s MMI buys United Metropolitan
From OKORO CHINEDU in Lagos , Nigeria
LAGOS, (CAJ News) – MMI Holdings, the South African-listed financial services group, has announced the acquisition of the remaining 50 percent equity stake in United Metropolitan in Nigeria.
The increasing shareholding of MMI Holdings in the financial services provider, formerly UBA Metropolitan, increases to 100 percent.
Nicolaas Kruger, Group Chief Executive Officer of MMI Holdings, said the acquisition of the remainder of United Metropolitan demonstrated MMI Holdings’ commitment to grow our market presence in Africa.
Kruger said Nigeria presented long-term opportunities for growth, with current insurance penetration less than 1 percent.
“Given a population of 174 million, this presents a long-term strategic opportunity for insurance service providers to add value to the lives of customers and also enhance shareholder value,” said Kruger.
The executive said owning 100 percent of a subsidiary furthermore enhances flexibility.
MMI Holdings, with a presence in 13 African countries, is convinced Nigeria is an exciting and unique market where it can make a meaningful contribution.
“We look forward to building on the long-term commitment we have already made and to contributing positively to the Nigerian society over time, whilst creating value for our various stakeholders,” said Kruger.
– CAJ News
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