Wednesday 08, March 2017 by Georgina Enzer
Arab National Bank announce the renewal of an insurance policy to a related party
Arab National Bank has renewed a Marine Cargo Open Cover policy on a declaration value basis with Metlife AIG ANB Cooperative Insurance Company covering the cargo of the Letter of Credit clients of Arab National Bank.
The value of the contract is based on the value of shipments which will be known at the time of coverage. The total value of the contract in the previous period was SAR 1,121,291. The duration of policy is one year effective 8 March 2017 and renewable based on mutual agreement thereafter. The Board member Robert Eid and Nizar Al Twaijri have direct interest in the policy as they are representatives of Arab National Bank on the Board of Directors of Metlife AIG ANB Cooperative Insurance Company. The Bank hereby confirms that no preferential treatment was given on this policy and it is within the usual business activity of the Bank. This contract will be presented for approval by the General Assembly in its coming meeting announced to be held on 23 March, 2017.