According to Confidentiel Afrique, Allianz Africa will sell five of its African subsidiaries to SUNU Participations Holding. These are Allianz Benin, Allianz Burkina, Allianz Mali, Allianz Togo and Allianz Centrafrique. The agreement is pending the approval of the Inter-African Conference on Insurance Markets (CIMA) to be finalized.
The German insurance giant is planning to withdraw from several markets as part of its business refocusing strategy. For Allianz, The first and foremost priority is to focus on high value-added countries.
For its part, SUNU clearly shows, through this transaction, its African expansion policy. A transaction which follows the acquisition, earlier this year, of 63% of the capital of the pan-African Group Equity Assurance and of 58% of the capital of Banque Populaire pour l’ Epargne et le Crédit (BPEC) in Togo.
Read also | Sunu completes the acquisition of five of Allianz's African subsidiaries [4]