The European Commission clears the creation of a joint venture between Sanlam and Allianz

The European Commission has granted its approval for the creation of a joint venture between Allianz and Sanlam in Africa.

In May 2022, the two groups signed an agreement giving rise to the largest pan-African non-bank financial services entity on the continent.

The joint venture will be operating in the 29 African countries (excluding South Africa) where one or both companies are present.

According to the European Commission, the transaction would not present any competition concerns, as the entity's activity in the European Economic Area is insignificant.