By David Sachs

Allianz Group will sell a majority stake in its Saudi Arabia business to Abu Dhabi National Insurance Company in a bid to streamline operations in the Middle East.

The Munich-based insurer and asset manager said Thursday that it has entered a binding agreement to sell its 51% stake in Allianz Saudi Fransi to the United Arab Emirates-based insurance provider. Financial details were not disclosed.

Allianz expects the transaction to close in a few months and said the group's solvency nor its cash position will be affected. Employees nor customers of Allianz Saudi Fransi will be affected by the transaction, Allianz said.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

September 28, 2023 05:48 ET (09:48 GMT)

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