Barclays Africa to move into Kenyan asset management after $29M acquisition of Kenya First Assurance

Barclays Africa Group plans to move into the asset management business in Kenya this year after reaching a deal on Wednesday to buy a majority stake in insurer Kenya First Assurance Ltd for 2.8 billion shillings ($28.84 million).

Barclays’ deal to buy a 63.3 percent in the Kenyan insurance company is part of a plan to boost revenue from its African operations outside of South Africa.

Barclays Africa said last year it wants to grow the revenue contribution from its African markets, excluding South Africa, to 20-25 percent in three years from about 15 percent now, Lanz Zulu, Barclays Africa’s head of wealth and insurance told Reuters after the First Assurance deal was unveiled.

Read more: Barclays eyes Kenyan asset management after insurance deal | Reuters