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Absa has completed its exit from Kenyan insurance, handing two insurers to a firm majority owned by wealthy politician Musalia Mudavadi, which will rebrand them.
A firm linked to Kenya's Musalia Mudavadi will pay Absa Sh3 billion to regain control of First Assurance, which its backers sold in 2015.
Zenith Bank has discussed its Kenyan market plans with government officials following its acquisition of Paramount Bank, which gave the Nigerian lender an established foothold in East Africa.
An investment firm linked to Kenya's Prime Cabinet Secretary Musalia Mudavadi is buying Absa's stakes in two insurers for at least $29 million.