Published: Thursday, 03 December 2009 10:13
Zurich Insurance Company Limited, Switzerland and Royal Bafokeng Holdings announced today that they have reached an agreement where Royal Bafokeng Finance will increase its shareholding in Zurich South Africa to 25.1%.
Johannesburg, December 3, 2009 – Zurich Insurance Company Limited, Switzerland (Zurich) and Royal Bafokeng Holdings (RBH) announced today that they have reached an agreement where Royal Bafokeng Finance (RBF), a company wholly owned by RBH, will increase its shareholding in Zurich South Africa to 25.1%. The partnership first began in April 2005 when RBF acquired the initial 10% stake in Zurich South Africa.
“This agreement reflects Zurich’s ongoing commitment to the South African market and the company’s support of Black Economic Empowerment and transformation,” said Guy Munnoch, CEO, Zurich Southern Africa.
“It also underpins the support of the Government’s ultimate goal which is to strengthen South Africa’s democracy through broadening economic participation and creating opportunities for the previously disadvantaged. Zurich also stands to benefit from the local financial strength offered by the Royal Bafokeng Nation,” continued Munnoch.
Niall Carroll, Chief Executive Officer of RBH stated that they welcome this opportunity to invest in a global business with a strong footprint in the local market. “We have full confidence in the management and proficiency of Zurich. This is an important step in further broadening not only the community that forms part of the Royal Bafokeng Nation but the South African community’s access to cost-effective financial products and increasing our involvement in the national economy,” continued Carroll.
In terms of the increased shareholding, Zurich has once again undertaken to fund specific projects nominated by RBH that address social investment issues including youth development programmes, a project aimed at the development of a maths and science library and organisations that assist those affected and infected by HIV/AIDS. Empowerment financing will also be addressed as part of the agreement.
Note to editors
Issued on behalf of Zurich South Africa by:
Corporate Communications Consultants
Represented by: Rosemary Renton
Tel: 011 783 8926 or 0824910364
Royal Bafokeng Holdings (RBH) is the primary investment vehicle of the Royal Bafokeng Nation, a community of approximately 300,000 Tswana-speaking people with substantial, minerals-rich land holdings in South Africa’s North West Province.
The company was established in 2006 through the merger of Royal Bafokeng Resources – set up in 2002 to manage the community’s mining interests – and Royal Bafokeng Finance – formed in 2004 to develop a diversified, non-mining asset base.
RBH’s overall business objective is to maximise the returns on its investments to provide the RBN community with sustainable, long-term benefits.
Zurich in South Africa is a short-term insurance company headquartered in Johannesburg and listed on the Johannesburg Stock Exchange. Founded in 1965, it offers insurance products and services that respond to the needs of individual, commercial and corporate customers. It has a network of sales areas and a series of service outlets across the country, and employs approximately 1,000 people. In addition, it has subsidiaries locally as well as in Botswana and Zimbabwe.
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 60,000 people serving customers in more than 170 countries.
For more information
Zurich Insurance Company South Africa Limited
Marketing and Communications
Phone +27 (0) 11 370 9111
Fax +27 (0) 11 944 4483