ABSA bank acquires Mozambique’s Alliance Seguros insurance company

23 August 2011

Maputo, Mozambique, 23 Aug – South Africa banking group ABSA, from 1 September, will own 100 percent of Mozambican insurance company Global Alliance Seguros, the company’s marketing director, Soraya Choo said Monday.

The acquisition of the insurance company, which has been confirmed by the chief executive of ABSA Financial Services, Willie Lategan, is part of the South African bank’s expansion plans. ABSA also owns a majority stake in Barclays Bank in Mozambique.

Choo told Portuguese news agency Lusa that the deal had yet to be closed due to “some outstanding matters,” and declined to give the value of the deal as negotiations were still underway with ABSA.

The Global Alliance Seguros insurance company is a 99.5 percent-owned subsidiary of Global Alliance Holdings, an investment company with an annual turnover of around US$150 million. (macauhub)