Sanlam has announced the completion of a deal that will see its subsidiary, Glacier, buy Absa’s linked investment service provider (Lisp) business for R80m in cash.
LISP allows investors to access a range of unit trusts from different companies on a single platform.
The transaction, which was first announced two years ago, has received regulatory clearance.
“This is another significant milestone in Glacier’s history and growth,” Glacier by Sanlam CEO Khanyi Nzukuma said in a statement.
The Absa LISP transaction complements the transaction between Sanlam and Alexforbes’ Lisp business completed earlier in 2023.
Both transactions are expected to enhance Sanlam’s competitiveness to provide Lisp services and offer individual clients an enhanced experience through improved administration, addition of skilled talent, efficient solutions and user functionality enabled by Glacier’s technological capabilities.
Africa’s largest insurer, Sanlam expects the scaled-up business to support its strategy to attain market-leading positioning in its home market, while creating sustainable, inclusive opportunities for the group’s stakeholders.
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