KSA - ANB signs bancassurance distribution deal with Walaa Ins.
Tuesday, 12 22 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Arab National Bank (ANB) signed, on Dec. 15, a bancassurance distribution agreement with Walaa Cooperative Insurance Co., a related party.
The agreement was signed after receiving the approval letter from Saudi Central Bank (SAMA) on Dec. 1, 2020, both firms said in separate bourse statements.
Hesham Abdullatif Al-Jabr, a board member, has direct interest in the agreement as he is the representative of ANB in the board of directors of Walaa Insurance.
ANB confirmed that no preferential treatment was given on these policies, which are within the usual course of business activity of the bank.