Abu Dhabi's UNB, Orient Insurance to set up Dubai-listed joint venture

22/11/2016 Argaam

Abu Dhabi-listed Union National Bank (UNB) on Tuesday said it is establishing an Islamic insurance firm through a joint venture with Orient Insurance Company.

 

UNB and Orient will hold a 70 percent stake in the new firm, Orient UNB Takaful, and the remaining 30 percent will be sold in an initial public offering (IPO), the bank said in a bourse statement.

 

The new company will be listed on the Dubai Financial Market (DFM). UNB did not provide a timeline for the public offering or the listing.

 

The new company has received initial approval from the United Arab Emirates Insurance Authority, the Securities & Commodities Authority and Dubai's Department of Economic Development, the statement added.

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