(Last Updated On: May 25, 2014)
Financial services group Britam has plans to expand massively after they raise funds and get approval from the regulators. The firm’s core business is insurance but it wants to venture into the property market, private equity and also get into new countries.
Britam is planning to expand to southern Africa countries. It has also bought 99 percent in Real Insurance and also a 25 percent stake in Acorn which is a property development and management firm. It also wants to buy 30 percent of Continental Re which is based in Lagos.
In the property plans, Britam wants to build a 31 storey building in Upper Hill Nairobi plus a shopping mall along Mombasa Road.
The firm will raise the cash through a corporate bond which it has very high hopes since there is very high appetite for bonds in the market.