RAKBANK says in talks to acquire RAK National Insurance

Dubai: National Bank of Ras Al Khaimah said on Thursday it was looking to acquire a majority stake in a listed insurance company in the emirate, a rare example of a takeover attempt involving two public UAE firms. RAKBANK, the sixth-largest lender by market value on the Abu Dhabi bourse, is in talks to acquire Ras Al Khaimah National Insurance Co, it said in a bourse filing. The government of Ras Al Khaimah owns about 50 per cent of each company. The lender is discussing details and the mechanism of the deal with the UAE markets regulator as well as the Abu Dhabi securities exchange, it said.