CFC Holdings Shareholders Approve Name Change
CFC Insurance Holdings will be changing its name to Liberty Holdings Kenya Limited. This came as the shareholders approved the change of name at the company’s Annual General Meeting (AGM)
CFC Insurance Holdings, which listed at the Nairobi Securities Exchange (NSE) is the holding company for CFC Life Assurance Company (CFC Life) and The Heritage Insurance.
The company was given a go ahead to list on the NSE by the Capital Markets Regulator (CMA) after it completed the process of separation of its banking and Insurance divisions in CFC Stanbic. Reading the finance statement 2012/13, Finance Minister Njeru Githae made proposals that would allow banks to offer additional financial services to its clients.
“The trend globally is towards convergence of financial services where banking, insurance and stock brokerage are being offered under one roof. In order to facilitate a ‘one-stop-shop’ financial services solution, I propose to amend the Banking Act to expand the scope of banking business to include incidental financial services that can be offered by banks subject to review and approval by the Central Bank of Kenya to ensure adequate risk mitigation,” Githae said.
CfC Insurance Holdings Limited was holding its first Annual General Meeting (AGM) after listing on the Stock Exchange. The company announced a consolidated pretax profit of KSh 950 Million for the year ended 31 December 2011 up from KSh 260 Million in 2010.