Morocco’s insurance company Wafa Assurance has formally requested the Egyptian Financial Regulatory Authority (FRA) to obtain approval for the opening of a subsidiary in Egypt under the name “Wafa Egypt Assurance,” an Egyptian economic source has told APA.
By MohameThe new insurance entity will have a capital of nearly US$9 million (150 million Egyptian pounds), the source adds.
Wafa Assurance, a subsidiary of the Attijariwafa Bank Group, is already present in four African countries, notably Cameroon, Cote d’Ivoire, Senegal and Tunisia.
The insurance company move comes after Attijariwafa Bank bought out Barclays Egypt in 2016. The bank then disbursed an estimated US$500 million to get its hands on the Egyptian subsidiary of British Barclays Bank.
HA/fss/abj/APA