Logos of Al Rajhi Bank and Al Rajhi Company for Cooperative Insurance
Al Rajhi Bank announced increasing its ownership in Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) to 35%, according to a bourse statement today, Sept. 18.
The bank's stake in Al Rajhi Takaful prior to the increase was 22.5%, or about nine million shares.
The bank said it obtained the approval of Saudi Central Bank (SAMA) to complete the process of increasing its stake in the company.
The move is aimed to boost the bank’s role in the development of the financial sector and deepen its presence through partnerships that contribute to the development of financial products to its customers and to support Al Rajhi Takaful and its qualified cadres in achieving the company’s strategy in the insurance sector.
Waleed Al Mogbel, CEO of Al Rajhi Bank, said that such a strategic move comes within the framework of strengthening the bank's leading role in the sector and its effective contribution to achieving the goals of Vision 2030, by way of developing the insurance sector and its ties to the financial sector.
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