Riyadh – Malath Cooperative Insurance Company has renewed on 28 October an auto insurance contract with Bank Albilad for one year effective from 1 November 2020.
The estimated value of the contract's annual instalments is 5% of Malath’s annual total sales, according to a stock exchange filing on Thursday.
The material impact of the deal cannot be determined at the moment.
Moreover, the renewal reflects Bank Albilad's confidence in Malath’s capability in providing the best insurance services to the bank's clients and its solid financial position, the statement noted.
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