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Sanlam UK launches £12.2m bid for Merchant Securities

Sanlam UK has launched a £12.2m bid for Merchant Securities in a move that would give the firm stockbroking capabilities.

The cash offer is being led by Bidco, a direct subsidiary of Sanlam UK and an indirect wholly-owned subsidiary of Sanlam.

Sanlam Private Investments chief executive and Bidco director Daniel Kriel says the acquisition will allow it to extend its reach into the UK stockbroking market.

He says: This potential transaction would facilitate our entry into the UK stockbroking market and supports our strategy to expand our UK activities.

“The successful completion of this transaction will expand our existing product and service offering to both our South African and UK high net worth client base and would also enable us to provide clients with a global execution service from within our group.

“We searched for some time for the right UK business and identified Merchant Securities as a quality operation that will complement and add value to our team into the future.”

Sanlam UK has grown its presence in the UK market over recent years. In October 2003, Sanlam UK acquired pension provider Merchant Investors, which was rebranded as Sanlam Investments and Pensions in April.

In April 2008, Sanlam UK acquired IFA Buckles Investment Services, which rebranded as Sanlam Private Wealth in May.

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