Abu Dhabi Commercial Bank PJSC subsidiary Al Hilal Bank PJSC will sell its Islamic insurance unit Al Hilal Takaful PSC to Al Siraj Holdings LLC as it scales back its noncore business and shifts its focus to retail banking.
Al Hilal Bank said the deal is expected to close in the first quarter, subject to regulatory approval. The deal will not impact the profitability of the bank or the wider ADCB group.
Al Siraj is an Oman-based industrial conglomerate and its portfolio includes construction, oil drilling and technology.
ADCB acquired Al Hilal in 2019.