Saudi Arabia: Regulator approves BSF's sale of 18.5% AzSF stake to Allianz Group
Source: Middle East Insurance Review | Dec 2017
The Saudi Arabian Monetary Authority (SAMA) has issued a letter of no objection to a deal by Banque Saudi Fransi (BSF) to sell an 18.5% shareholding in Allianz Saudi Fransi (AzSF) to Allianz Group.
Following the completion of the transaction, Allianz will hold a 51% stake in the share capital in AzSF through Allianz Europe, Allianz France and Allianz Mena Holding Bermuda. BSF will hold a 14% stake, remaining a strategic partner in AzSF.
“Allianz Group is strengthening its commitment to develop operations in Saudi Arabia with this transaction,” said Mr Hicham Raissi, head of business division for Africa, India and the MENA region for Allianz Group. M