BLACK empowerment group New Africa Investments Ltd (Nail) plans to merge its financial services business with insurer Metropolitan Life in a share swap. The company said the ratio of the share swap with Metlife minorities had yet to be decided but would be around one-for-one. Nail holds 50.1% of Metlife, which it had originally planned to merge with assurer Sanlam. But talks on that union – which would have formed South Africa’s second largest financial services group – were abandoned in September. Nail Chief Executive Dikgang Moseneke told a news conference the company planned to separate its financial services and other assets, mainly media, to create two listed operating companies. The financial services company would be called New Africa Capital and the media company would take over the Nail listing. Nail also reiterated plans to return up to R400m to shareholders via a buy-back and a special dividend. – Reuters