South African insurer Sanlam looking for African acquisitions, Egypt entry

South African insurer Sanlam looking for Egypt entry, African acquisitions: South African insurer Sanlam is “scouring Africa for more acquisitions to extend its lead as the continent’s largest financial-services company outside of banking,” Bloomberg reports. Sanlam is “looking for ‘bolt-on’ acquisitions in Ghana, as well an entry into Egypt and to build a strategic partnership in Ethiopia once it opens its insurance industry to foreign investors, Sanlam emerging-market head Junior John Ngulube said.” Sanlam is spending USD 1.1 bn to take full control of Morocco’s Saham Finances SA, bringing the total investment in the firm by Sanlam and one of its units to about USD 1.75 bn since February 2016.