Barclays Africa formalises acquisition of First Assurance

Barclays Kenya Managing Director Jeremy Awori and First Assurance MD Stephen Githiga after Barclays Africa acquired a controlling stake in First Assurance

South Africa-based Barclays Africa has formally acquired a controlling stake in Kenya’s First Assurance after receiving regulatory approval.

The approval is the culmination of a proposal that was fronted in June last year by Barclays to buy a 63.3 per cent stake in the insurance firm. In addition, the group had also expressed desire to inject additional capital of Sh700 million.