This archive report was first published on 16 July 2021.
On July 16, 2021, Standard Bank, Africa's largest bank by assets, announced plans to acquire 100% ownership in Liberty Holdings for $729 million, expanding its network across the continent.
Standard Bank already owns 54% of Liberty Holdings and aims to purchase the remaining 46% at a price of $729 million. The acquisition is subject to approval from shareholders and relevant authorities.
According to Standard Bank Group CEO Sim Tshabalala, the acquisition will create a more united group, bringing banking, insurance, and asset management businesses closer together. 'We are creating a more united group that will bring our banking, insurance and asset management businesses much closer together to create something really special,' he said.
Standard Bank is one of the top lenders in the continent, with subsidiaries in 20 African countries and over 50,000 employees worldwide. Liberty Holdings, on the other hand, is among the biggest insurance companies in Africa, with a presence in 12 African nations.
The two financial institutions will continue to operate as separate entities until their goals and objectives are fully aligned. The deal is expected to be finalised by the end of the first quarter of 2022.
