Liberty Kenyan Insurance Group to List This Year

June 11 - Liberty Holdings, Standard Bank's insurance arm said that its Kenyan insurer, CFC Insurance Holdings, will be ready to list later this year.

Liberty said that by listing CIH, it would offer investors the opportunity to value its insurance and banking businesses separately.

The move should be completed in the fourth quarter of the year, according to the insurance giant.

The listing forms part of Standard Bank's attempt to restructure all its East African assets.

"This transaction should hopefully consummate itself around September or October," said Liberty's regional managing director for East Africa, Mike du Toit.

Du Toit was appointed head of Liberty's East African office this week - a role he slipped comfortably in after having held various positions with Standards and Citi Banks over a period of over 30 years.

After CFC Insurance Holdings lists, Liberty will hold 56%, while the public will have a 20% stake.

The remaining portion will be held by an existing shareholder, Africa Liaison Consultants.

There are essentially two arms of CIH - CFC Life Assurance which offers life insurance products; and Heritage which focuses more on short term insurance products.

Du Toit noted that there would be no fundraising while the group lists.