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International

Allianz unit to acquire stake in Saudi insurer

October 27, 2017 Reprints

Germany-based insurer Allianz S.E.'s unit plans to acquire a stake in Saudi Arabia-based Allianz Saudi Fransi Cooperative Insurance Co., Reuters reported. Allianz Europe B.V. plans to purchase financial services firm Banque Saudi Fransi's 57% stake in AZSF for 22 Saudi Arabian riyals ($5.8) per share‍. Following the completion of the transaction, Allianz will hold 51% of shares of AZSF. The transaction has received non-objection letter from Saudi Arabian Monetary Authority.

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Allianz unit to acquire stake in Saudi insurer

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