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Tue 22 Nov 2016 02:07 PM

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Abu Dhabi's UNB to set up new Islamic insurance joint venture

Union National Bank to link up with Orient Insurance Company, offering 30% of shares through IPO

Abu Dhabi's UNB to set up new Islamic insurance joint venture

Abu Dhabi's Union National Bank (UNB) said on Tuesday it was setting up an Islamic insurance firm through a joint venture with Orient Insurance Company, offering 30 percent of shares through an initial public offering (IPO).

The pair will hold a 70 percent stake in the new company, Orient UNB Takaful, while the remaining 30 percent will be offered through an IPO, UNB said, adding the new company will be listed on the Dubai Financial Market (DFM).

No timeline was given about the public offering or listing. UNB, 50 percent owned by the Abu Dhabi government, said the new company had got initial approval from the United Arab Emirates Insurance Authority, the Securities & Commodities Authority and Dubai's Department of Economic Development.

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