Allianz to sell 51% stake in Allianz Saudi Fransi to ADNIC By Reuters

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Allianz to sell 51% stake in Allianz Saudi Fransi to ADNIC

Published Sep 28, 2023 08:55 Updated Sep 28, 2023 09:01

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Allianz to sell 51% stake in Allianz Saudi Fransi to ADNIC

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(Reuters) - German insurer Allianz (ETR:ALVG) said on Thursday that it has entered into a binding agreement to sell its 51% stake in Allianz Saudi Fransi (AzSF) in Saudi Arabia to ADNIC, as the Munich-based group looks to streamline its primary insurance operations in the Middle East.

Subject to regulatory approvals, the transaction is expected to be completed in a few months, the German company said.

Employees and customers of AzSF will not be affected by the transaction, the company added.

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