Insurance holding company Saham Finances has
agreed a deal with Bank Audi sal – Audi Saradar Group to acquire an
81% stake in Lebanon’s LIA Insurance sal.

In a statement, the parties said they have
agreed to maintain and develop the existing cooperation between
Bank Audi sal – Audi Saradar Group and LIA Insurance sal, in the
field of bancassurance.

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LIA Insurance sal has been part of Audi
Saradar Group since January 2000. In summer 2006,  LIA
Insurance sal launched operations in Syria with its sister company,
Syrian Arab Insurance sa.

Saham Finances is currently present in 15
African countries, including Morocco, through its ownership of 20
insurance companies, 1 reinsurance company and 2 support
companies.

The completion of the transaction is subject
to the required regulatory approvals.

Private equity investment

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Saham Finances’ deal with Bank Audi sal – Audi
Saradar Group comes after private equity manager Abraaj Capital
announced in March 2012 that it had invested approximately $125m in
the insurance holding company.

Abraaj Capital said its investment in Saham
Finances would facilitate the company’s ambitious growth and
integration plans through planned acquisitions in the high growth
markets of Africa and the Middle East.

Commenting at the time on the investment,
Matteo Stefanel, senior partner, Abraaj Capital, said:
“Our investment in Saham Finances is in line with
our focus on supporting strong companies active in high-impact
sectors in rapidly growing economies.

“As a leader in the insurance sector in
Morocco and Francophone West Africa, we see tremendous growth
opportunities for Saham Finances. The company has one of the best
management teams in the sector and a history of successful
acquisitions and integrations.”