ANB secures SAR 40 mln vehicle insurance contract with Walaa

Arab National Bank (ANB) secured, on May 20, an insurance agreement with Walaa Cooperative Insurance Co. to cover leasing vehicles under its auto leasing financing program as of June 1, 2020. 

The 1-year agreement, valued at approximately SAR 40 million, will be signed on June 30, the lender said in a bourse filing on Monday. 

The relevant financial impact will appear on FY2020 financials, it added. 

Board member Hesham Al Jabr has an interest in the agreement as he represents ANB in Walaa Cooperative’s board, the statement added, however no preferential treatment was given and the latter falls within the company’s usual business activity.