Japan headquartered Orix Corporation has acquired 25.7 per cent stake in Bahrain-based The Mediterranean and Gulf Insurance and Reinsurance Company (Medgulf), a report said.

The stake was acquired for $2.24 million, reported the Gulf Daily News, our sister publication.

This strategic partnership, including the International Finance Corporation that acquired a 14.1 per cent stake in Medgulf back in June last year, aims to support the growth of the Medgulf insurance business in the markets it operates in as well as to accelerate its geographical expansion in new targeted markets where rapid growth is expected.

Orix is an integrated financial services group with head offices in Tokyo, Japan and operations in 28 countries and regions worldwide. – TradeArabia News Service