Chuks
Udo Okonta
First
Bank of Nigeria Plc having successfully established life insurance business
with Sanlam Emerging Markets of South Africa, said it is not going back on the
resolve to float a general business arm, Inspen can authoritatively
reveal.
Investigations
revealed that the Bank Group will soon make its position on the establishment
of the underwriting firm public.
A
source who pleaded not to be named said the group has been putting together
necessary requirements for smooth take off of the firm, adding that the challenges
encountered is being tackled.
He
said: "We are still working on it; the delay is due to some issues, which are
being tackled. We will make a formal announcement. At the moment, we can't say
much for we are bound by some level of confidentiality, when we get to that
stage we will make a formal announcement."
FBN
Life, a joint venture between First Bank of Nigeria Plc and Sanlam Emerging
Markets of South Africa, which was licensed to transact life insurance business
in Nigeria, officially commenced operations September 1, 2010.
In
the joint venture, First Bank of Nigeria Plc., Nigeria’s largest financial
institution owns 65 per cent of FBN Life, with Sanlam owns 35 per cent.
Managing
Director, First Bank of Nigeria Life Assurance Limited, Val Ojumah, had last
year said: "We believe that by the middle of this year we would have
acquired a non-life license either by buying an existing non-life company or by
getting a fresh license. We are approaching the issue on both hands."
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