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Insurer Prudential enters Nigeria via insurance buy, Zenith Bank deal

July 12 (Reuters) - British insurer Prudential (SES: K6S.SI - news) said it had bought a majority stake in Nigeria's Zenith Life to give it access to the African country's fast-growing insurance market.

It said it had also signed a deal with the Nigerian insurer's parent Zenith Bank Plc (LSE: ZENB.L - news) to sell life and other insurance products via the bank in Nigeria and Ghana.

"Today's announcement is an important milestone for Prudential and our growing portfolio of high-quality life insurance businesses in Africa," Matt Lilley, chief executive of Prudential Africa. (http://bit.ly/2temiRb)

Zenith Life, which had gross written premiums worth 3.3 billion Naira ($10.82 million) at the end of 2016, will be rebranded as Zenith-Prudential Life Insurance.

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Prudential did not say what size stake it had bought or how much it had paid.

Prudential already has operations in Ghana, Kenya, Uganda and Zambia in Africa.

($1 = 305.0000 naira) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Susan Fenton)