(Reuters) - German insurer Allianz said on Thursday that it has entered into a binding agreement to sell its 51% stake in Allianz Saudi Fransi (AzSF) in Saudi Arabia to ADNIC, as the Munich-based group looks to streamline its primary insurance operations in the Middle East.
Subject to regulatory approvals, the transaction is expected to be completed in a few months, the German company said.
Employees and customers of AzSF will not be affected by the transaction, the company added.
(Reporting by Amir Orusov; Editing by Miranda Murray)