Arab National Bank (ANB) entered into an insurance agreement with Walaa Cooperative Insurance Co., a related party, to cover the directors and officers’ liability at a value of SAR 663,000, the bank said in a bourse statement.

 

The contract has a term of one year starting from July 8, 2020 and was concluded within the regular course of business without any preferential advantages, the statement added.

 

The bank’s board member, Hesham Abdullatif Al-Jabr, has a direct interest in the contract being the bank’s representative in the board of directors of Walaa Insurance, ANB also indicated.

 

In a separate statement, Walaa Insurance expected the contract to have a positive impact on its financial results for FY2020.

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