ANB renews contract mortgage program coverage with Walaa Insurance for one year

30/09/2021 Argaam

Logo of Arab National Bank

Arab National Bank (ANB) renewed a contract with Walaa Cooperative Insurance Co. to provide insurance coverage on the mortgage program for one year starting from Oct. 1, at a total value of SAR 41 million.

 

The financial impact of the policy will reflect on the 2021 financial results, the bank said in a bourse filing.

 

The deal is a related party transaction as board member, Hesham Abdullatif Al-Jabr, has a direct interest in the contract as a representative of the ANB at Walaa’s board.

 

The bank confirmed that no preferential treatment was given on these policies and they are within the usual course of its business activity.

 

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