Abu Dhabi's UNB setting up new Islamic Insurance joint venture

Abu Dhabi's Union National Bank is setting up an Islamic insurance firm

  
A view of a branch of Union National Bank along Khalid Bin Al-Waleed Road in Dubai January 4, 2012.

A view of a branch of Union National Bank along Khalid Bin Al-Waleed Road in Dubai January 4, 2012.

REUTERS/Nikhil Monteiro
ABU DHABI, Nov 22 (Reuters) - Abu Dhabi's Union National Bank (UNB) said on Tuesday it was setting up an Islamic insurance firm through a joint venture with Orient Insurance Company , offering 30 percent of shares through an initial public offering (IPO).

The pair will hold a 70 percent stake in the new company, Orient UNB Takaful, while the remaining 30 percent will be offered through an IPO, UNB said, adding the new company will be listed on the Dubai Financial Market (DFM).

No timeline was given about the public offering or listing. UNB, 50 percent owned by the Abu Dhabi government, said the new company had got initial approval from the United Arab Emirates Insurance Authority, the Securities & Commodities Authority and Dubai's Department of Economic Development.





(Reporting By Stanley Carvalho; Editing by Tom Arnold) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))