UAE's RAKBANK buys 79.23 pct of RAK National Insurance in tender offer

May 28, 2015 12:07 PM

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DUBAI May 28 United Arab Emirates-based National Bank of Ras Al Khaimah (RAKBANK) on Thursday said it had bought a 79.23 percent stake in Ras Al Khaimah National Insurance after a making a public offer to shareholders.

RAKBANK, the sixth-largest lender by market value on the Abu Dhabi bourse, said on May 19 it was looking to buy all or majority of the insurance firm's shares at a price of 3.64 dirhams a share.

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