Allianz Saudi Fransi (AzSF) has been informed that Allianz Group has reached a legally binding agreement with Banque Saudi Fransi (BSF) to purchase an 18.5 percent shareholding in AzSF from BSF.
The Saudi Arabian Monetary Authority (SAMA) has issued a letter of no-objection to the transaction, which will be completed by Allianz Europe BV, a 100 percent subsidiary of Allianz SE. The transaction is subject to further regulatory approvals.
Following the completion of the transaction, Allianz will hold 51 percent of the share capital in AzSF through Allianz Europe BV, Allianz France and Allianz Mena Holding Bermuda. BSF will hold 14 percent.
Banque Saudi Fransi will remain a strategic partner of AzSF.
“Allianz Group is strengthening its commitment to develop operations in the Kingdom of Saudi Arabia with this transaction,” said Hicham Raissi, head of business division for Africa, India and the MENA region for Allianz Group.
Allianz Group strengthens commitment to KSA insurance market
Allianz Group strengthens commitment to KSA insurance market
