Kenya’s private CFC Bank has acquired the life assurance business of the local unit of the American Life Insurance Company. (ALICO), a subsidiary of American International Group Inc (AIG).
CFC said the purchase was aimed at transforming CFC into a fully integrated financial services group. The CFC Group also owns the Heritage AII Insurance company which deals with general insurance.
The bank said with the acquisition, which is subject to the approval of Kenyan regulators and shareholders, the CFC group will have an asset base of more than 25 billion Kenya shillings ($307.9 million).
In October, the African Development Bank approved a $7.0 million loan to CFC Bank to strengthen the bank’s financing capacity and enable it to grant longer-term loans to its corporate clients.