South Africa's Sanlam mulls entering the private pensions funds sector.

By bne IntelliNews October 7, 2011
South Africa's Sanlam Group plans to enter the pension funds sector in the country, Dr Johan Van Zyl, the groups CEO told the Business and Financial Times in an interview. Sanlam plans to explore the opportunities in the country opened with the adoption of the new pensions act, which introduces a three-tier pension scheme and breaks the monopoly of the Social Security and National Insurance Trust (SSNIT) through the introduction of private fund-managers who will manage a portion of workers contributions towards their pension. Sanlam is one of the leading financial services groups in South Africa. As recalled, in September the group said it would pay ZAR 1.9bn in cash for a 26% stake in India's Shriram Capital. This investment was in line with Sanlam's strategy to diversify both geographically and into broader financial services.

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