By Sam Bridge
Subsidiary of Abu Dhabi Commercial Bank to sell Al Hilal Takaful to Siraj Holding
Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank (ADCB) has agreed to sell Al Hilal Takaful, its Islamic insurance business and operations, to Siraj Holding.
The transaction is expected to be completed during the first quarter of 2020, subject to the necessary regulatory approval, according to state news agency WAM.
It cited a statement saying the transaction decision is driven by Al Hilal Bank’s decision to focus on delivering high-quality retail banking services, primarily through digital channels and to divest non core businesses.
"The transaction will not impact the profitability of Al Hilal Bank or the wider ADCB Group," it added.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.