Morocco based Saham Finances has signed a deal with Bank Audi - Audi Saradar Group to buy 81% of the capital of LIA Insurance for an undisclosed amount.
The deal is subject to customary closing conditions and concerned regulatory approvals, said the underwriter.
According to the terms of the agreement, both firms will co-operate each other to maintain and develop the existing relationship between Bank Audi - Audi Saradar and LIA Insurance, in the field of bancassurance.
Saham Finances expects that the firm will get benefit from the skilled the management team of LIA Insurance sal, which is a major underwriter in Lebanon.
Currently, Saham Finances manages its insurance businesses in 15 African countries through its ownership of 20 insurance companies, one reinsurance company and two support companies.
The firms said that it intends to use Lebanon as its main centre to facilitate its expansion plan in the Middle East region.