{"id":103788,"date":"2023-09-29T19:55:27","date_gmt":"2023-09-29T19:55:27","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-to-up-bancassurance-game-with-aig-takeover"},"modified":"2023-09-29T20:54:00","modified_gmt":"2023-09-29T20:54:00","slug":"ncba-to-up-bancassurance-game-with-aig-takeover","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-to-up-bancassurance-game-with-aig-takeover","title":{"rendered":"NCBA to up bancassurance game with AIG takeover"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>NCBA Group plans to pump another Sh2 billion into the local subsidiary of the American International Group (AIG Insurance Kenya) in a bid to tap the firm’s high-profile clients.<\/p>\n

On Monday, the lender said its board had given the green light to the proposed transaction, which if successful, will see it take control of the insurer.<\/p>\n

AIG Kenya serves customers across the East Africa region. NCBA serves customers across four countries in East Africa \u2013 Kenya, Uganda, Tanzania, and Rwanda.<\/p>\n

The amount will be enough for the lender, a minority shareholder in the insurance firm at 33.3 per cent to buy the remaining 66.7 per cent stake to take full charge of the diversified financial firm.<\/p>\n

The lender’s investment in AIG Kenya hit Sh1.03 billion last year from Sh987.3 million a year earlier.<\/p>\n

NCBA Group MD John Gachora said insurance is increasingly becoming a basic financial need for the type of customer that NCBA serves.<\/p>\n

\u201cWe believe that by bringing together NCBA\u2019s physical and digital distribution platforms and AIG Kenya\u2019s insurance capabilities we will accelerate towards our ambition to become a universal bank that addresses a full set of our customers\u2019 financial needs.\u201d<\/p>\n

As a regional banking Group, NCBA is poised to take advantage of AIG Kenya\u2019s breadth and scale to further entrench itself in the markets in which it operates.<\/p>\n

Stella Njunge, CEO of AIG Kenya said the planned buyout represents an opportunity to continue to build on AIG Kenya\u2019s solid platform.<\/p>\n

“Through a combination of NCBA\u2019s customer-centric product offering and their cutting-edge technology solutions, customers will be able to access a variety of insurance products and services, seamlessly,” she said.<\/p>\n

The move is coming just a few months after Equity Bank Group Holdings ventured into the general insurance business nine months after starting a life insurance business.<\/p>\n

Investment expert Frank Kibet says insurance and asset management are growth frontiers that banks are pursuing ruthlessly.<\/p>\n

The execution of the transaction is subject to necessary due diligence, approvals from the Boards of NCBA, AIG Kenya, AIG Group and the requisite banking, insurance and other regulatory authorities.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. NCBA Group plans to pump another Sh2 billion into the local subsidiary of the American International Group (AIG Insurance Kenya) in a bid to tap the firm’s high-profile clients. On Monday, the lender said its board had given the green light to the proposed transaction, which if successful, will see it take […]<\/p>\n","protected":false},"author":84,"featured_media":103787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-103788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nNCBA to up bancassurance game with AIG takeover - kenya<\/title>\n<meta name=\"description\" content=\"NCBA Group plans to pump another Sh2 billion into the local subsidiary of the American International Group (AIG Insuranc ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-to-up-bancassurance-game-with-aig-takeover\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCBA to up bancassurance game with AIG takeover\" \/>\n<meta property=\"og:description\" content=\"NCBA Group plans to pump another Sh2 billion into the local subsidiary of the American International Group (AIG Insuranc ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-to-up-bancassurance-game-with-aig-takeover\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-29T19:55:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-29T20:54:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/09\/sm_1696007901.266671.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"505\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-to-up-bancassurance-game-with-aig-takeover#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-to-up-bancassurance-game-with-aig-takeover\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"NCBA to up bancassurance game with AIG takeover\",\"datePublished\":\"2023-09-29T19:55:27+00:00\",\"dateModified\":\"2023-09-29T20:54:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-to-up-bancassurance-game-with-aig-takeover\"},\"wordCount\":370,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-to-up-bancassurance-game-with-aig-takeover#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/09\/sm_1696007901.266671.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-to-up-bancassurance-game-with-aig-takeover#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-to-up-bancassurance-game-with-aig-takeover\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-to-up-bancassurance-game-with-aig-takeover\",\"name\":\"NCBA to up bancassurance game with AIG takeover - 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