Arab National Bank (ANB) has inked a one-year agreement with Metlife AIG ANB Cooperative Insurance Co. to renew the bank’s auto insurance policies at SAR 4.2 million in insurance coverage and annual premium amounting to SAR 179,307, the bank said in a statement.
The company's proposal has been approved on March 29, 2017.
The one-year contract— which starts tomorrow— will be renewed upon mutual agreement.
MetLife added that no preferential treatment was given on issuing these policies to ANB. However, it explained that board members Robert Eid and Nezar Twijri have direct interest in the policy as they also serve on the bank’s board.
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