News Middle East04 Nov 2020

UAE:Bank to sell stake in 2 insurers to Orient Insurance

04 Nov 2020

Abu Dhabi Commercial Bank (ADCB) has agreed to sell its 49% stake in the UAE's Orient UNB Takaful and its 20% stake in Egypt's Orient Takaful to Orient Insurance, part of the Al Futtaim Group.

Expected to be completed within six months, the transaction is in line with ADCB's strategy to focus on its main business areas, according to a report by Mubasher quoting the bank's disclosure to the Abu Dhabi Securities Exchange (ADX).

ADCB will sell its stake in Orient UNB Takaful for AED77m ($21m).

The sale of the two insurers is subject to the necessary regulatory approvals.


 

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