Allianz Selling Saudi Business Shares to Abu Dhabi National Insurance Company
September 28 2023 - 5:03AM
Dow Jones News
By David Sachs
Allianz Group will sell a majority stake in its Saudi Arabia
business to Abu Dhabi National Insurance Company in a bid to
streamline operations in the Middle East.
The Munich-based insurer and asset manager said Thursday that it
has entered a binding agreement to sell its 51% stake in Allianz
Saudi Fransi to the United Arab Emirates-based insurance provider.
Financial details were not disclosed.
Allianz expects the transaction to close in a few months and
said the group's solvency nor its cash position will be affected.
Employees nor customers of Allianz Saudi Fransi will be affected by
the transaction, Allianz said.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
September 28, 2023 05:48 ET (09:48 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Allianz (PK) (USOTC:ALIZY)
Historical Stock Chart
From Oct 2024 to Nov 2024
Allianz (PK) (USOTC:ALIZY)
Historical Stock Chart
From Nov 2023 to Nov 2024
