Allianz unit to acquire stake in Saudi insurer
Posted On: Oct. 27, 2017 4:00 AM CSTGermany-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.