Abu Dhabi Commercial Bank (ADCB) has completed the sale of its 20% stake in Egypt-based Orient Takaful to Orient Insurance Company.
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To have a negligible impact on profitability, the transaction is in line with the bank’s strategy to focus on its core areas of business, according to a bourse filing on Thursday.
It is noteworthy to mention that on 2 November 2020, the bank has announced its intention to sell its 49% stake in Orient UNB Takaful for AED 77 million and 20% stake in Egypt’s Orient Takaful to Orient Insurance Company.
