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16 January 2020
INSURANCE

Al Hilal Bank agrees to sell its takaful business to Siraj Holding

The transaction is not expected to have an impact on the profitability of Al Hilal Bank or the wider ADCB Group.

Al Hilal Bank was acquired by ADCB Group in January 2019/Bloomberg

by Kudakwashe Muzoriwa

Al Hilal Bank, a subsidiary of Abu Dhabi Commercial Bank (ADCB), has agreed to sell Al Hilal Takaful to Siraj Holding and the transaction is expected to be closed in Q1 2020 subject to regulatory approval.

ADCB stated that the decision is driven by Al Hilal Bank’s decision to focus on delivering high-quality retail banking services, primarily through digital channels and to divest non-core businesses.

Al Hilal Bank was acquired by ADCB Group in January 2019 for around AED 1 billion following the tie-up between ADCB and Union National Bank.


RELATED STORIES: Al Hilal Bank Siraj Holding Al Hilal Takaful ADCB Group

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