FRANKFURT (Reuters) – Germany’s Allianz and South Africa’s Sanlam have agreed to combine operations across Africa, the companies announced on Wednesday.
Sanlam last year disclosed it was exploring “strategic alternatives” with Allianz.
The group will operate in 29 countries and have an equity value of 33 billion South African rand, or around 2 billion euros, the companies said.
It will create “the largest Pan-African non-banking financial services entity on the continent,” they said.
Allianz makes a small portion of its overall revenue in Africa but has been looking to expand.
(Reporting by Tom Sims, Editing by Miranda Murray)
