GENSEC denied that US investment bank, JP Morgan, had made it a buy-out offer. “We have absolutely not been approached by JP Morgan as far as I am aware,” Gensec CEO Angus Samuels said. He said that Gensec, in its entirety, would be included as part of an eventual merger between Sanlam, Metropolitan and New Africa Investments Limited (NAIL). Market rumours and a recent newspaper article have suggested JP Morgan was interested in acquiring Gensec.