Finance

Kenya: Britam Holdings to partially exit HF Group’s shareholding

Kenya: Britam Holdings to partially exit HF Group’s shareholding
Monday, 22 March 2021 15:50

Britam (an investment holding that has stakes in the asset management, real estate, and insurance industries) is planning to sell part of its 48.2% stake in the mortgage bank HF Group.

"The plan is to have one of the big banks acquire a majority stake in HF and run it. The partial exit from HF is to allow Britam to focus on its core insurance business [...] Britam could retain a small stake in HF as a passive investor like it does in Equity Group. This means that an offer will also be made to retail investors in HF," commented an executive of the financial group who requested anonymity.

Speaking to Kenyan media outlet Business Daily Africa, the executive explained that the partial divestment could be completed by end-2021. Also, Britam hopes to sell the shares to a Kenyan bank looking to expand in the local mortgage market. It explains that pending the completion of that process, it will continue to support HF group as it did recently by disbursing Sh1 billion (close to $9.15 million) earlier this year to strengthen the mortgage bank’s capital.

This partial divestment plan is in line with the investment and operation reorganization procedures recently initiated by Britam. In early March 2021, the holding listed on the Nairobi Securities Exchange announced that it would reduce costs and get rid of part of its staff to boost growth in a commercial environment that has become increasingly competitive.  

Chamberline Moko

On the same topic
• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector could grow to $20 bln annually and create 20 mln...
• BRICS plans a guarantee fund to reduce political and financial risks in developing countries.• The fund will be managed by the New Development Bank...
BEAC granted Afreximbank the first-ever foreign access to the CEMAC public securities market. Cameroon raised $359.3 million via a...
(EBID) - The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) held its 92nd Ordinary Session on June 30, 2025. The Board...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
03

• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...

BOAD Grants CFA10 Billion to Revive Boungou and Wahgnion Gold Mines in Burkina Faso
04

Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...

Côte d’Ivoire’s Fuel Price Cuts Haven’t Slashed Transport Costs–Yet
05

• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...

Burkina Faso: Vista Group Acquires Controlling Stake in Société Générale
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.