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UAE’s RAKBANK makes offer to buy RAK National Insurance

UAE’s RAKBANK makes offer to buy RAK National Insurance

The bank is looking to buy all or some of the shares of the insurance company at a price of Dhs3.64 a share.

United Arab Emirates-based National Bank of Ras Al Khaimah made a public offer on Tuesday to buy shares in Ras Al Khaimah National Insurance Co, according to a bourse filing.

RAKBANK, the sixth largest lender by market value on the Abu Dhabi bourse, is looking to buy all or some of the shares of the insurance company at a price of Dhs3.64 a share. The shares last closed in the market at Dhs3.61.

Last July, the bank said it was in talks to acquire a majority stake in Ras Al Khaimah Insurance.

The government of the emirate of Ras Al Khaimah currently owns 49.3 per cent of RAKBANK and 47.1 per cent of Ras Al Khaimah Insurance, according to Thomson Reuters data.

Shares of Ras Al Khaimah National Insurance will be suspended from trading from May 24 to May 27.

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