German insurer Allianz weighs stake sale in Saudi subsidiary

German insurer Allianz SE is weighing a sale of its Saudi Arabian unit, Bloomberg reported, citing people familiar with the matter.

The German insurer is working with an adviser on the potential disposal of its controlling stake in Allianz Saudi Fransi Cooperative Insurance Co.

Other insurers have expressed preliminary interest in acquiring the business.

Deliberations are in the early stages and Allianz could still decide to retain the asset, the sources added.

Established in 2007, Allianz Saudi Fransi is a joint venture between the Allianz Group and Saudi-listed Banque Saudi Fransi.

Allianz owns a 51 percent stake in the venture, the report said.