Investec Private Bank sells short-term insurance businesses
Investec Private Bank will sell its short-term insurance businesses to Santam, the leading South African short-term insurer, the companies said.
Paul Hanley, Investec Private Bank’s head, said the move came after a strategic review which found insurance was non-core to the private bank.
“We are pleased to have entered into this arrangement with Santam, which will not only benefit our clients and our staff, but will ensure the sustainability for this business,” Hanley said.
A memorandum of understanding has been signed and a sale agreement is expected to be concluded in a month.
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