Riyadh – Mubasher: Arab National Bank (ANB) is preparing an insurance agreement with Walaa Cooperative Insurance Company to provide coverage for the company’s leasing finance programmes for vehicles, for one year, effective from 1 June 2020.
The contract value amounts to around SAR 40 million, according to a stock exchange statement on Monday.
ANB owns a roughly 5.5% stake in the insurance firm, and a board member, Hesham Al Jabr, has a direct interest in the contract as ANB's representative in Walaa Cooperative’s Board of Directors.
The bank said that these policies were concluded within the normal business activity of Walaa Cooperative and no preferential benefits were granted to ANB.
