UAE: RAKBank buys 79.23% of RAK Insurance

Source: Middle East Insurance Review | Jul 2015

UAE-based National Bank of Ras Al Khaimah (RAKBank) has acquired a 79.23% stake in Ras Al Khaimah National Insurance Co (RAK Insurance), following a public offer to the insurer’s shareholders.

RAKBank, the sixth-largest lender by market value on the Abu Dhabi bourse, bought 87.15 million shares at a total value of AED317.2 million (US$86.4 million) at a price of AED3.64 per share. The acquisition was approved last year by shareholders.

RAK Insurance, established in 1974, provides accident, property, motor, fire, casualty, medical, marine, engineering and group life insurance. The company increased its paid-up capital by 10% to AED110 million last year.

AED1 = US$0.27

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