Sanlam, Absa conclude home loans deal
http://www.property24.com/articles/sanlam-absa-conclude-home-loans-deal/12120
Financial services groups Sanlam (SLM) and Absa (ASA) on Wednesday announced the conclusion of a transaction in terms of which Absa will acquire a 100% shareholding in Sanlam Home Loans.
Sanlam Home Loans was initially established as a joint venture between Sanlam Life and Absa with each partner having a 50% shareholding.
Absa will become the sole owner of Sanlam Home Loans. The name of Sanlam Home Loans will be gradually phased out.
Anton Gildenhuys, Chief Executive: Sanlam Personal Finance Actuarial, said this decision by Sanlam was prompted by the global financial crisis in 2008 and 2009, which resulted in funding becoming more expensive and more difficult to attract.
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