Metropolitan International Holdings increases stake in United Metropolitan Nigeria Life Insurance

MMI Holdings Limited (“MMI”), a leading African financial services group listed on the Johannesburg Stock Exchange, has entered into an agreement, through its subsidiary Metropolitan International Holdings (Proprietary) Limited (“MIHL”), to acquire a total of 500,000,000 (five hundred million) shares, representing 50% of the share capital of United Metropolitan Nigeria Life Insurance Limited (“United Metropolitan”), previously UBA Metropolitan Life Insurance, owned by United Capital Plc (“the Transaction”).

MMI previously held a 50% stake in United Metropolitan in a joint venture partnership with United Bank for Africa Plc (“UBA”). The Transaction will result in MIHL, a founding member of United Metropolitan alongside UBA; which transferred its shareholding to United Capital Plc, owning 100 percent  of United Metropolitan.

MIHL is an experienced player in financial services, specifically insurance. Its service offerings and areas of expertise include: Investments and Savings Solutions, Life Insurance Solutions, Health Solutions, Legacy Solutions and Short-term Insurance Solutions.

The Transaction will enable MIHL to focus its strategy and structure on building relationships with clients in Nigeria. MIHL’s alliances, resources and technical knowledge in the provision of insurance services, places it in a unique position to provide United Metropolitan with additional expertise to continue on its path towards providing Nigerians with affordable financial solutions that ensure growth and security.

MIHL would like to thank their advisors on the transaction: Rand Merchant Bank Nigeria Limited who acted as Financial Advisor and Aluko & Oyebode and Webber Wentzel who acted as Legal Advisors.

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