July 24, 2014 / 9:02 AM / 3 years ago

UAE's RAKBANK says in talks to acquire RAK National Insurance

DUBAI, July 24 (Reuters) - United Arab Emirates-based National Bank of Ras Al Khaimah (RAKBANK) is looking to acquire a majority stake in Ras Al Khaimah National Insurance Co, the lender said on Thursday.

RAKBANK, the sixth-largest lender by market value on the Abu Dhabi bourse and 50 percent owned by the government, is talking to the country’s markets regulator as well as Abu Dhabi exchange to ratify details and mechanism of the deal, it said in a bourse filing. (Reporting by Nadia Saleem; Editing by David French)

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