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Tuesday, September 04, 2012

Dubai Group sells Turkey insurance arm | Reuters

Dubai Group sells Turkey insurance arm


* Mashreq Bank unit buys 51 pct stake in Turkish arm
* Remaining stake bought by ex-AIG CEO's firm
* Turkey seen attractive to foreign insurers
* Dubai Group is in midst of $10 bln restructuring
DUBAI, Sept 4 (Reuters) - Dubai Group has sold its Turkish insurance arm to a company owned by former AIG chief executive Maurice "Hank" Greenberg and a unit of Dubai lender Mashreq Bank, as the state investment firm looks to cut its debt pile.

More:Dubai Group sells Turkey insurance arm | Reuters