South Africa's biggest insurer Sanlam said on Friday it would take a minority stake, worth $51-million, in a new subsidiary being set up by billionaire Patrice Motsepe's African Rainbow Capital Financial Services (ARC FS). Sanlam will take a 25% stake in the subsidiary which will hold ARC FS's financial assets including financial services group Alexander Forbes, but excluding its banking related investments, namely start-up, digital-only lender TymeBank.
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