Bank Audi - Audi Saradar Group plans to sell its majority share in LIA Insurance to Saham Finances, a Morocco-based insurance holding company.<br /> <br /> Through this agreement, Saham Finances will acquire 81 percent of the capital of LIA Insurance. <br /> <br /> A Bank Audi Group statement said the completion of the transaction is subject to the required regulatory approvals.<br /> <br /> Even after the acquisition, Bank Audi and LIA Insurance (previously Libano Arabe sal) will continue to cooperate in the area of bancassurance.<br /> <br /> The assets of LIA Insurance stood at around $290 million at end-2011, with around $81 million in 'written premiums'. The company made $11.6 million in net profits last year. <br /> <br /> ‘Saham Finances sa’ owns 20 insurance companies, and one reinsurance company spread across 15 African countries. Earlier this year, the International Finance Corporation (IFC) made an equity investment of $125 million in Saham Finances.<br /> <br /> UAE-based equity fund, Abraaj Capital, also invested a similar amount in the company. <br /> <br /> Reported by Hanadi Chami