Monday 13, February 2017 by Georgina Enzer
Arab National Bank announces approval of issuance of a related party insurance contracts
Arab National Bank announces approval of issuance of contractors plants and machinery insurance policy on 12/02/2017 (corresponding to 15/05/1438 H) with a cover of SAR 356,881,081, with an annual premium of SAR 1,068,487.
This continues for one year starting from 14/02/2017 (corresponding to 17/05/1438 H) and approval of issuance of third party liability policy on 12/02/2017 (corresponding to 15/05/1438 H) with annual premium of SR 241,120 that continues for one year effective from 14/02/2017 (corresponding to 17/05/1438 H) with MetLife AIG ANB Cooperative Insurance Company in favour of Al Arabi Heavy Equipment Lease Company (a subsidiary owned over 50 per cent by Arab National Bank). The Board members Robert Eid and Nizar Al Tuwaijri have direct interest in the policy as both of them are representatives of Arab National Bank in the Board of Directors of MetLife AIG ANB Cooperative Insurance Company. The bank hereby confirms that no preferential treatment was given on these policies and they are within the usual business activity of the company.