Allianz to sell 51% stake in Allianz Saudi Fransi to ADNIC | Reuters
German insurer Allianz (ALVG.DE) said on Thursday that it has entered into a binding agreement to sell its 51% stake in Allianz Saudi Fransi (8040.SE) (AzSF) in Saudi Arabia to ADNIC (ADNIC.AD), 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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