Agreement between Bank Audi sal - Audi Saradar Group and Saham Finances sa for the Acquisition of a Majority Interest in the capital of LIA Insurance sal.

Beirut, 14 May 2012
Bank Audi sal - Audi Saradar Group, the majority shareholder of LIA Insurance sal, has entered into an agreement with Saham Finances sa, the holding company of the Moroccan group leader of the African insurance market (excluding South Africa) for the acquisition by Saham Finances sa of 81% of the capital of LIA Insurance sal. Completion of the transaction is subject to the required regulatory approvals.

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

Saham Finances sa 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 sa 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 sal - Audi Saradar Group and Saham Finances sa are confident that their cooperation will be very productive and will benefit customers in Lebanon.


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