Solidarity completes merger with T’azur Company

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Solidarity Group Holding, the largest Takaful Group, has announced the successful completion of the merger of T’azur Company with its flagship subsidiary, Solidarity Bahrain. The scope of the merger covers T’azur’s entire takaful operations in Bahrain.

Ashraf Bseisu, Group Chief Executive of Solidarity Group Holding and Vice Chairman of Solidarity Bahrain, said: “Today we are very pleased to announce the completion of our second merger transaction in Bahrain in a period spanning less than five years.

This is a milestone achievement for the Group and Bahrain’s financial services sector as a whole”. He continued, “Successful completion of such a complex transaction on schedule is testament that Bahrain is open for business, and myriad challenges posed by the pandemic have not managed to dent its innate strength.

Solidarity Bahrain is unequivocally today, a primary national Insurance player providing insurance products and services to thousands of customers and contributing significantly to the growth of the financial services sector in Bahrain.” He added, “Solidarity Group has become a regional driving force behind M&A transactions in the insurance industry.

Execution of multiple highly successful regional M&A transactions has helped the Group create a solid niche amongst national and regional peers. T’azur’s merger with Solidarity Bahrain will further enhance the latter’s ability to provide access to a wide range of insurance offerings to both retail and corporate clients.

Solidarity will remain committed to our values of further elevating clients’ and business partners’ overall experience to new heights”. It is worth mentioning that T’azur Company and Solidarity Bahrain, had individually held their Extra-Ordinary General Meetings on 29th September 2021, where the shareholders of the two companies had approved the merger terms.

According to Shareholder approval and completion of necessary regulatory requirements, T’azur’s Bahrain and Qatar operations have merged with Solidarity with 27th January 2022 being the effective Merger Date.