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Ahli United Bank (AUB)_announced that it has signed a memorandum of understanding with the UK-based Legal & General Group to set up a new joint venture company.
It will initially offer a range of takaful life and health insurance products and pension plans to retail and corporate customers in the Gulf region.
The joint venture, in which Ahli United Bank and Legal & General would both initially hold a 50 per cent stake, will be headquartered in Bahrain and regulated by the Central Bank of Bahrain. It will have an authorised capital of $200 million of which $25 million will be initially issued and paid up.
Legal & General Assurance Society, part of Legal & General Group, established in 1836, is AA+ rated by Standard and Poor's and headquartered in London. It has £297 billion in funds under management.
Fahad Al Rajaan, chairman, AUB, said: "We are pleased to have entered into this memorandum of understanding with Legal & General whose experience in the insurance sector will provide the technical and operational expertise for the joint venture company. The joint venture will provide the framework to cater to the increasing and diversified insurance needs in the Gulf."
