Walaa signs SAR 40 mln contract with ANB to provide auto lease financing insurance

01/06/2020 Argaam

 

Walaa Cooperative Insurance Co. announced that it received a confirmation on May 21, 2020, from Arab National Bank (ANB), to provide insurance coverage on the auto leasing financing program.

 

The insurer said in a statement to Tadawul on Monday that the value of the contract is more than SAR 40 million, and the term of the contract is 1 year starting June 1, 2020.

 

The contract is expected to have a financial impact on the insurer’s financial statements for 2020.

 

The insurer further noted that board member Hesham Al Jabr has interest in the policy as he is the representative of ANB in the board of directors of the company.

 

No preferential treatment was given on this policy, which falls within the usual business activity.

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