Logo of Walaa Insurance

Walaa Cooperative Insurance Co. (Walaa) signed an estimated SAR 27 million worth of insurance coverage agreement with Arab National Bank (ANB), according to a bourse filing.

 

Under the one-year agreement, Walaa will provide insurance coverage for the bank’s auto leasing financing program.

 

The relevant financial impact will appear on the insurer’s financials for 2021.

 

Board member, Hesham Al Jabr, ANB representative, is a related party and the agreement came within the normal business activity with no preferential privileges, the statement added.

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