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Friday, 13 January 2017

Abu Dhabi's UNB says IPO for its Islamic insurer JV heavily oversubscribed | Reuters

Abu Dhabi's UNB says IPO for its Islamic insurer JV heavily oversubscribed | Reuters:

"Abu Dhabi's Union National Bank (UNB) said on Thursday an initial public offer for its new Islamic insurer joint venture Orient UNB Takaful, was more than 13 times oversubscribed.

The IPO is set to be the first in the United Arab Emirates since 2015.

UNB announced last November it was setting up the insurance venture with Orient Insurance Company, with the pair holding a 70 percent stake and the remaining 30 percent to be offered through an IPO."



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