As per BusinessNews, Saradar Group announced that it has acquired 51% of Assurex SAL, a Lebanese insurance company owned by the Fattal Group which will remain a shareholder with a 49% stake. The deal that took more than 1 year of negotiations is estimated to be valued at $10 million.
Assurex covers banking, microfinance, money transfer, insurance, asset and wealth management in Lebanon and abroad. Worth mentioning that Aramex had in 2017 a Gross Earned Premium and Net Profit After Tax of $34.67M and $2.15M, respectively.
SARADAR Group has different activities which are spread mainly over financial services, real estate business and distribution. In fact, Saradar’s Finance House, the Group‘s primary business unit offering financial services, is currently expanding. Therefore, acquiring Assurex may support the development of Saradar’s Finance house as it offers new products and services across a wider range of countries.