UAE – Ras Al Khaimah Bank Acquires 79% of RAK Insurance
Saturday, 05 30 2015, Category: Insurance and Reinsurance, Country: U.A.E
The National Bank of Ras Al Khaimah (RAKBANK) has acquired 79.23% of the shares of Ras Al Khaimah National Insurance Company (RAK Insurance).
The bank also put forth an offer to buy 87 million shares for 3.64 Dirhams per share making RAKBANK the largest contributor in the company in line with its strategy to become a leading provider for diverse financial services.
On this occasion, Mr. Mohammad Omran Al-Shamsi, the Chairman of RAKBANK, stated that this new acquisition is consistent with the bank’s strategy to strengthen market share. He also mentioned that they are confident that this deal will achieve long term value for all shareholders.
Source: Al Roeya - UAE