Financial services group Assupol has teamed up with women empowerment, WDB Investments, through a deal which gives WDB 10% holdings in the JSE listed company.
The 99 years old Assupol has in the past few years evolved through demutualisation. It was established to serve financial services needs of South Africa’s public security personal and is now expanding its services to the general market. Earlier this year Assupol linked up with the International Finance Corporation which acquired a 17% stake in the business.
The WDB Group was established to benefit poor rural women through various programmes run by the WDB Trust, including a development microfinance programme. The agreement forms part of Assupol’s ongoing capital and shareholding restructuring process following its successful demutualisation in 2010.
Commenting on the WDB transaction, Rudolf Schmidt, CEO of Assupol Holdings said, “The implementation of the transaction with the WDB is another step in Assupol’s restructuring process following our demutualisation. We are very excited about the synergies that we have with WDB and the further opportunities that this partnership will provide to both parties to the transaction.”
Tania Slabbert, CEO of the WDB Investment Holdings, said that Assupol was an exciting investment prospect operating within the WDB’s core market and that the investment would assist in improving the access of WDB members to appropriate and affordable financial service offerings and solutions.