Momentum and Metropolitan ready to merge

Momentum and Metropolitan have reached an agreement for the establishment of a new insurance group that will result from the merger of both companies. The new player will be one of the largest insurers in South Africa. The combined activities of Momentum and Metropolitan will extend to 12 African countries. FirstRand, Momentum's major shareholder, will have 60% of the new entity while Metropolitan's will have 40%, 25% of which will go to RMB Holding.