Sandton – In line with the new local ownership laws, Alexander Forbes in Kenya has changed its name and brand in the new entity with effect from August 14 2017, following the restructure of the company’s shareholding in the current business.
The changes to the existing shareholding structure were driven by the need to comply with the amendment to the Retirement Benefits Act introduced in December 2014. This restricts foreign ownership in a pension fund administrator to a maximum of 40%.
To comply with the law, the company’ shareholding has been re-structured to reflect the combined foreign shareholding - including that of Alexander Forbes - of 40%. The balance of the shareholding is held by Kenyan citizens, including an Employee Share Ownership Plan.
Bernhard Schluep, the CEO of Alexander Forbes Emerging Markets, says Kenya is strategic to the growth of Alexander Forbes in the rest of East Africa.
He says Kenya forms the anchor for expansion into East Africa as part of Alexander Forbes’s ambition to grow a globally distinctly pan-African financial services company that helps customers achieve a life-time of financial well-being and security.
“We want to protect our clients’ financial future and security, help them save and invest throughout their lifetime. We, therefore, see Kenya as an integral part of our strategy to expand into the rest of Africa. We will update the market of further material developments in Kenya as and when it becomes appropriate,” says Schluep.
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