Alinma Bank, Tokio Marine ink SAR 4.2 mln deal

Alinma Bank on Thursday signed a five-year agreement worth a total of SAR 4.16 million with Alinma Tokio Marine Insurance Co. to host the infrastructure of the company’s automated systems, both companies said in separate statements to the Saudi bourse.  

The deal is worth SAR 831,321 per annum, and the insurer said it expects the financial impact to reflect on its results next year.

The deal will come into effect, once approved by the general assembly meetings of both companies, the statements added.

Alinma Bank holds a 28.75 percent stake in Tokio Marine, according to data available on Argaam .

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