BIHL restrategises after Bifm blow

Tuesday, March 03, 2015

Botswana Insurance Holdings Limited (BIHL) is looking to diversify profit sources through new acquisitions in the financial services sector, following a 30 percent slash in assets under management at its subsidiary, Bifm.

According to market reports, Botswana Public Officers Pensions Fund (BPOPF) recently withdrew Bifm’s P9 billion mandate to manage funds, a decision that would result in substantial fee income losses for the subsidiary in 2015 going forward.

In a statement accompanying the diversified financial house’s results for the year ended December 2014, CEO Gaffer Hassam said Bifm, the group’s second biggest subsidiary, had commenced a realignment processes that would ensure that it was optimally structured for the decreased volume of operational activities.

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