UAE's Al Hilal Bank Agrees To Sell Islamic Insurance Business
Subsidiary of Abu Dhabi Commercial Bank to sell Al Hilal Takaful to Siraj Holding
Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank.
Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank (ADCB) has agreed to sell Al Hilal Takaful, its Islamic insurance business and operations, to Siraj Holding.
The transaction is expected to be completed during the first quarter of 2020, subject to the necessary regulatory approval, according to state news agency WAM.
It cited a statement saying the transaction decision is driven by Al Hilal Bank’s decision to focus on delivering high-quality retail banking services, primarily through digital channels and to divest non core businesses.
"The transaction will not impact the profitability of Al Hilal Bank or the wider ADCB Group," it added.
For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.BNY Mellon Lands A Big Ally For Expansion In Saudi Arabia
NCB Capital is the kingdom's biggest asset manager and investment bank Read more
Coronavirus, Low Oil Prices Set To Speed Up Gulf Bank Mergers
Moody's Investors Service says financial concerns in the region will play a larger role in encouraging deals Read more
Abu Dhabi Fund Buys $750m Stake In Retail Arm Of Indian Giant Reliance
Subsidiary of the Abu Dhabi Investment Authority will buy a 1.2% stake in Reliance Retail Ventures Read more
How The Lebanese Private Sector Is Coping In The Eye Of A Storm
Businesses extremely pessimistic about future as layoffs continue and wages plummet Read more
Lebanese Pound: The Most Undervalued Currency In The World
As political and economy chaos ensues, leading analyst says exchange rate needs sorting 'as soon as possible' Read more
How Coronavirus Is Changing Banking For The Better
Redefining finance for good: Virtual CXO Forum to take place on October 7 Read more