MUNICH (dpa-AFX) - Allianz SE (ALIZY), a German financial services provider, said on Thursday that it has entered into a binding transaction to sell its 51 percent stake in Allianz Saudi Fransi or AzSF in Saudi Arabia to Abu Dhabi National Insurance Company or ADNIC.
The transaction, expected to be closed in a few months, serves as part of the Munich-based Group's strategy to streamline its primary insurance operations in the Middle East.
Allianz' Global Lines such as, Allianz Global Investors, PIMCO, Allianz Trade, Allianz Partners and Allianz Re will continue to serve their customers in the Kingdom of Saudi Arabia.
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