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RAKBank closes AED317m takeover deal

RAKBank closes AED317m takeover deal
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RAKBANK
RAKBANK
-0.38% 5.18 -0.02
RAK Insurance
RAKNIC
-10.00% 2.70 -0.30

Abu Dhabi – Mubasher: RAKBank announced on Thursday it had completed the acquisition of a 79.23 % stake in Ras Al Khaimah National Insurance Company in a deal worth AED 317 million.

The bank purchased a total of 87.154 million shares at AED3.64 each through a tender offer.

Mohammad Omran Alshamsi, RAKBank chairman, said the acquisition is consistent with the bank’s key strategic objective of strengthening market share.

“I am confident that this acquisition will deliver long-term value to all stakeholders,” he added.

Meanwhile, RAKBank’s CEO Peter England said RAK Insurance is a successful and well reputed insurance provider and he looked forward to growing the collective businesses in a very close partnership and to jointly develop a range of insurance products over time.

RAKBank posted 8.3% growth in Q1 net profits to AED 362.2 million ($98.59 million), from AED 334.568 million ($91.07 million) in the same period a year earlier.