* Sanlam CEO says Nigeria partner talks more than advanced
* Sanlam CEO - FY results to be "substantially better"
* Plans to open 200 offices in India in next 3 years
By Serena Chaudhry
JOHANNESBURG, Sept 4 (Reuters) - South African financial
services firm Sanlam <SLMJ.J> plans to start operating in
Nigeria soon and has found a partner in the west African
country, its chief executive said on Thursday.
CEO Johan van Zyl told Reuters the venture would cost 50
million rand ($6.36 million) for the first 3 years and said the
firm was already recruiting staff in the country.
"We're a bit more advanced than discussions," he said in an
interview. "We've applied for a licence and we expect that
licence in about 3 weeks and once we have that, we're going."
Zyl said he expected Sanlam's full-year results to be
"substantially better", despite volatile debt and equity
markets, which he expects to deteriorate further this year.
The firm reported a 24 percent drop in diluted headline EPS
for the six months to end June earlier on Thursday.
Sanlam also plans to open 200 offices in the next three
years in northern India, part of its existing venture with
Indian financial services company Shriram Group, Zyl said.
He added that Sanlam was also talking to people in the
Middle East, but would not give details on how advanced
discussions were.
(Editing by Marius Bosch)
(([email protected]; +27 11 775 3153; Reuters
Messaging: [email protected]))
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($1=7.861 Rand)
Keywords: SANLAM CEO/