Abu Dhabi Commercial sells 20% stake to Orient Insurance


– Mubasher: Abu Dhabi Commercial Bank Group executed the sale of its 20% stake in Orient Takaful Insurance Company, an Egyptian public joint stock company, based in the Arab Republic of Egypt, to Orient Insurance Company on November 25, 2021..

Abu Dhabi Commercial Bank had disclosed in early November 2020 about this deal, indicating that it comes within the framework of the bank’s strategy aimed at focusing on the main banking business, according to a press release.

The bank indicated that this transaction will not have any material impact on the bank’s profitability.

It is reported that the net profit increased For Abu Dhabi Commercial Bank 436 percent during the first quarter of this year 2021, compared to the first quarter of 2020, and an increase of 11 percent compared to the fourth quarter of last year.

The bank achieved a net profit of 1.121 billion dirhams during the first quarter of this year 2021.

The bank recorded savings of 917 million dirhams at the end of 2020, as Abu Dhabi Commercial Bank is moving forward in its quest to pass the targeted savings by the end of 2021, amounting to one billion dirhams..

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