Dubai Group sells Turkey insurance arm
- United Arab Emirates: Wednesday, September 05 - 2012 at 10:38
Dubai Group has sold its Turkish insurance arm to a unit of Dubai lender Mashreq Bank and Starr Insurance and Reinsurance, as the state investment firm looks to cut its debt pile, Reuters has reported. Oman Insurance Co, the unit of Mashreq, said it had bought a 51% stake in Dubai Group Sigorta, an insurance company based in Istanbul which does non-life insurance business. Dubai Group Sigorta was formed in 2008. It made a loss of $18.8m according to its 2011 annual report.
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