Japan-based financial services provider ORIX Corporation has signed an agreement to acquire approximately 25.7% of issued shares of Bahrain-based the Mediterranean and Gulf Insurance and Reinsurance Company (MEDGULF).

ORIX, which entered into Oman market in 1994, intends to improve its presence in the Middle East region and diversify its financial service business through a strategic partnership with MEDGULF.

The Tokyo-based company will also benefit from MEDGULF's strong brand and a high market share in the Middle East.

Earlier in February this year, ORIX acquired the Dutch asset management firm Robeco Groep and made capital participation in Mongolia-based TenGer Financial Group in May.

MEDGULF operates throughout the Middle East in Saudi Arabia, Lebanon, Jordan and in the UK.