Legal & General Sells Egyptian Life Insurance JV to AXA
13 Juli 2015 - 10:54AM
Dow Jones News
By Razak Musah Baba
LONDON--Legal & General Group PLC (LGEN.LN) and Commercial
International Bank SAE have sold Commercial International Life
Insurance Company SAE to AXA S.A., for $97.5 million.
Commercial International Life Insurance is jointly owned by
Legal & General with 55%, and CIB with 45% respectively.
Completion of the transaction is subject to customary closing
conditions, including the receipt of regulatory approvals, and is
expected to take place by the end of 2015, Legal & General said
Monday.
CIL was formed in 1998 and was the first life insurance company
in Egypt to adopt the bancassurance model.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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