The agreement means Prudential will take on a significant stake, and become the largest shareholder, in a new venture that will also acquire Bank Aljazira’s market-leading life insurance business, Takaful Ta’awuni.
The new operation will be listed on the Saudi Arabian stock exchange, the Tadawul, and will focus initially on distributing Takaful Ta’awuni to the home market, before spreading across the Middle East and northern Africa. The new partnership wants to form a joint venture company by end-2007, pending regulatory approval.
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