Barclays Africa says to acquire Kenya's First Assurance

Barclays Africa Group said on Wednesday it had reached a deal to acquire a controlling stake in Kenya's First Assurance Ltd for 2.8 billion shillings ($28.84 million).

"The planned acquisition of First Assurance is a good strategic fit for our business," Lanz Zulu, managing executive for Barclays Africa's Wealth Management and Insurance business, told reporters at a press conference in Nairobi.