February 23, 2014 / 4:27 AM / 4 years ago

UAE's Green Crescent to seek shareholder nod for AXA alliance

DUBAI, Feb 23 (Reuters) - Green Crescent Insurance Co (GCIC) of the United Arab Emirates will ask its shareholders to approve a deal with France’s AXA Group and AXA’s local partner that would make them major investors in GCIC, the UAE firm said on Sunday.

If approved, the deal would double GCIC’s capital to 200 million dirhams ($54 million) and “forge a long-term strategic alliance with AXA Group and its UAE partner, the Kanoo Group”, GCIC said in a statement. ($1 = 3.6730 UAE dirhams) (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

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