Sanlam and African Rainbow Capital have come together to create one of the largest black-empowered asset management companies in South Africa. Johan van der Merwe, co-CEO of African Rainbow Capital joins CNBC Africa for more.
South African financial services group Alexander Forbes said on Monday a deal to purchase 200.8 million of its own shares from shareholder Mercer Africa for just over 1 billion rand ($56.36 million) was cancelled due to the impact of coronavirus on markets.
Investment holding company, African Rainbow Capital has been hit by South Africa’s strained economic landscape. The company Intrinsic Net Asset Value only grew by 2.5 per cent, missing the medium to long-term expectation of 16 per cent per annum. The company has also made a number of direct and indirect acquisitions this year, with its biggest stake in the new digital bank, TymeBank and Insurance business Rand Mutual. Johan van der Merwe, co-CEO of African Rainbow Capital joins CNBC Africa for more.
African Rainbow Capital has acquired a 25 per cent shareholding in Capital Legacy a financial services firm. The firm specialises in will drafting and estate administration. Joining CNBC Africa for more this acquisition is Capital Legacy CEO, Alex Simeonides.
A new life insurance company is entering the South African financial services space. African Rainbow Life, owned in part by Sanlam, African Rainbow Capital and Siyakhula Consortium, is offering the middle and lower income market opportunities to create wealth through life cover, savings, investments and retirement annuities. CEO Bongani Madikiza spoke to CNBC Africa’s Kopano Gumbi.
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