Rakbank...stake in RAK National Insurance
Rakbank acquires 79pc stake in UAE insurer
DUBAI, May 28, 2015
UAE-based National Bank of Ras Al Khaimah (Rakbank) on Thursday said it had bought a 79.23 per cent stake in Ras Al Khaimah National Insurance after a making a public offer to shareholders.
Rakbank, the sixth-largest lender by market value on the Abu Dhabi bourse, said on May 19 it was looking to buy all or majority of the insurance firm's shares at a price of Dh3.64 ($0.99) a share.
The lender acquired 87.15 million shares at a total value of Dh317.2 million ($86.37 million), it said in a bourse filing on Thursday. - Reuters