Financial services provider, Alexander Forbes East Africa, has changed its corporate identity to Zamara following ownership changes that have seen Alexander Forbes Group of South Africa lose the majority stake it held in the Kenyan firm.
Reduction of Alexander Forbes South Africa’s stake is to enable Alexander Forbes East Africa comply with recent amendments to Kenya’s Retirement Benefits Act that restrict foreign ownership in a pension fund administrator to a maximum of 40 per cent.
The changes will see Alexander Forbes (South Africa’s) stake in the Kenyan firm drop from the majority 60 per cent to 31.3 per cent and the company’s trade name change to Zamara. “We have valued our partnership with Alexander Forbes but the change in legislation has given us a unique opportunity to chart our own destiny,” said Alexander Forbes East Africa Group chief executive Sundeep Raichura.Mr Raichura assured Zamara’s clients that no interruption of operations or changes in management is expected as a result of the rebranding exercise.
“Our customers, employees and other stakeholders should rest assured that our operations will continue uninhibited as we enter a new and exciting phase of our business,” he said adding that Zamara remains committed to providing the highest quality of actuarial, pensions, medical and insurance solutions.
Zamara is now majority owned by Kenyan investors and the Employee Share Ownership Plan (ESOP). The company’s leadership ladder remains unchanged with Mr Raichura as Group Chief Executive and James Olubayi as Executive Director. Michael Waweru also continues to chair the firm’s board of directors.