Allianz Selling Saudi Business Shares to Abu Dhabi National Insurance Company
By David Sachs
Allianz Group will sell a majority stake in its Saudi Arabia business to Abu Dhabi National Insurance Company in a bid to streamline operations in the Middle East.
The Munich-based insurer and asset manager said Thursday that it has entered a binding agreement to sell its 51% stake in Allianz Saudi Fransi to the United Arab Emirates-based insurance provider. Financial details were not disclosed.
Allianz expects the transaction to close in a few months and said the group's solvency nor its cash position will be affected. Employees nor customers of Allianz Saudi Fransi will be affected by the transaction, Allianz said.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
September 28, 2023 05:48 ET (09:48 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks