Sanlam : and Absa to Combine Businesses in SA

"For Absa, the transaction delivers improved scale, capabilities, customer propositions and transformation, all of which we view as essential to achieving growth in the investment management sector," said Jason Quinn, Absa Interim Group Chief Executive. "The transaction will help us create a deeper, broader range of investment solutions for our clients," Quinn said.

"There is an exciting complementary nature to the relationship, which we believe will realise value for all of our stakeholders. For our staff, there will be an opportunity to work for a larger world-class, multi-capability investment business," Quinn further said.

The effective date of the transaction will depend on the fulfilment of certain suspensive conditions including regulatory approvals (such applications will be submitted to the relevant regulators in due course) and is expected to occur in the first half of 2022.