Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) has completed the sale of its 49% stake in UAE insurer, Orient UNB Takaful, to Orient Insurance Company.

To have a negligible impact on profitability, the transaction comes in line with ADCB’s strategy to focus on its core areas of businesses, according to a recent bourse filing.

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.