Audi concludes sale of its insurance arm to Moroccan group

Bank Audi sal - Audi Saradar Group and Saham Finances completed the sale by Bank Audi and certain individual sellers of 81 percent of the share capital of LIA insurance sal on June 27.

The parties have agreed to maintain and develop the existing cooperation between Bank Audi and LIA in the field of bancassurance in Lebanon.

Saham Finances intends to use Lebanon as its main hub to support its expansion strategy in the Middle East. The Moroccan group will rely on the skills of the management team of LIA insurance which will remain in place.