UAE - ADCB to sell stake in two insurers to Orient Ins.
Tuesday, 11 03 2020, Category: Banking, Country: U.A.E
Abu Dhabi Commercial Bank (ADCB) has agreed to sell its 49% stake in UAE's Orient UNB Takaful and 20% stake in Egypt's Orient Takaful to Orient Insurance Company, part of the Al Futtaim Group.
Expected to be completed within a maximum period of six months, the transaction is in line with ADCB's strategy to focus on its main business areas, according to the bank's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday.
ADCB will sell its stake in the UAE's Orient UNB Takaful in exchange for AED 77 million.
Subject to the necessary regulatory approvals, the sale of both insurers will not have an impact on ADCB's profitability.
It is noteworthy to mention that on 30 September 2020, ADCB ended its operations in Jersey as a part of the bank's strategy to focus on the local market.