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Bank Audi to Sell a Majority Stake in Lia Insurance to Saham

Bank Audi, the majority shareholder of LIA Insurance, has entered into an agreement with Saham Finances, the holding company of the Moroccan

groupleader of the African insurance market (excluding South Africa) for the acquisition by Saham Finances of 81% of the capital of LIA Insurance, a statement by Bank Audi said.

 

The completion of the transaction is subject to the required regulatory approvals, it added.

 

The parties have agreed to maintain and develop the existing cooperation between Bank Audi sal - Audi Saradar Group and LIA Insurance sal, in the field of bancassurance.

 

LIA Insurance is one of the leading insurance companies in Lebanon. Saham Finances intends to rely on the skills of the Management team of LIA Insurance which will remain in place.

 

Saham Finances is currently present in 15 African countries (including Morocco) through its ownership of 20 insurance companies, 1 reinsurance company and 2 support companies.

 

Saham Finances has recently admitted into its shareholding the International Finance Corporation (a member of the World Bank Group) and ABRAAJ Capital, and intends to use Lebanon as its main hub to support its expansion strategy in the Middle East.

 

Bank Audi - Audi Saradar Group and Saham Finances are confident that their cooperation will be very productive and will benefit customers in Lebanon, the statement concluded.

 

Beirut

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