Abu Dhabi – Mubasher: Union National Bank (UNB) said it established a green field company under the name of “Orient UNB Takaful”, according to a bourse statement.

The new firm will be jointly promoted by UNB and Orient Insurance Company (OIC).

The Dubai-listed insurer will own 34.5% stake in the new firm.

Promoter will hold a 70% stake in the new insurance company, the report said, adding that the remaining 30% will be offered to public through an Initial Public Offering (IPO).