UNB to set up an Islamic insurance firm with Orient
Union National Bank (UNB) said that it was setting up an Islamic insurance firm through a joint venture with Orient Insurance Company, offering a 30% stake through an IPO. The pair will hold a 70% stake in the new company, Orient UNB Takaful, while the remaining 30% will be offered through an IPO. The new company will be listed on the Dubai Financial Market (DFM). No timeline was given about the public offering or listing. (Reuters) UNB: AED4.39 as of 22 November 2016, Rating: Neutral, FV: AED4.50 per share, MCap: USD3,291mn, UNB UH / UNB.AD
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