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Barclays, Absa Start Joint Life Insurance Venture in Zambia

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Aug. 2 (Bloomberg) -- Absa Group Ltd. and its parent company, Barclays Plc, have started joint life insurance operations in Zambia, using the U.K. bank’s existing operations in the southern African country.

Called Barclays Life, the unit will offer credit life protection on loans, hospital cash plans and funeral cover, Johannesburg-based Absa said in an e-mailed statement today. Victor Munalula will be the life company’s managing director, Absa said, adding that he has “held numerous senior and executive roles within the Zambian insurance industry.”

Barclays bought control of South Africa’s Absa in 2005. Outside of its domestic market, Absa has a presence in Tanzania, Botswana and Mozambique, while Barclays has operations in 12 African countries.

To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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