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Ownership changes prompt Alexander Forbes East Africa to rebrand

Alexander Forbes East Africa rebranded into Zamara after South Africa-based Alexander Forbes Group Holdings Ltd. reduced its stake in the Kenya-based financial services firm to 31.3% from 60%, Business Daily Africa reported.

The stake reduction, financial details of which were not disclosed, is in line with recent amendments to Kenya's Retirement Benefits Act that restricts ownership of foreign companies in local pension fund administrators to no more than 40%, according to the report. Kenyan investors and Zamara employees now own a majority of the company.

Sundeep Raichura continues to serve as CEO of Zamara, with Michael Waweru remaining as chairman of the company's board of directors, Business Daily Africa added.