So. Africa’s Liberty May Complete Nigerian Insurance Deal by End of January

By Andres R. Martinez and | January 22, 2015

Liberty Holdings Ltd., the South African insurer controlled by Standard Bank Group Ltd., said it may conclude a deal in Nigeria by the end of January.

“We have an opportunity we hope to conclude at the end of the month,” Thabo Dloti, CEO of the Johannesburg-based company, said in an interview at the World Economic Forum in Davos on Thursday. “We are not doing an outright purchase. We are looking for partners.”

Liberty said in August it was in talks with both insurers and asset management companies in the West African nation. The insurer’s investment plans have been slowed by deadly bombings and kidnappings in Nigeria, Dloti said in May. It bought Standard Bank Investment Management Services Ghana in October, giving it a presence in 17 African countries.

“We are targeting both these countries as an entry point in to West Africa,” Dloti said Thursday. “We are going through a short list.”

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