Magazine date:
Dec 2010 The Algerian authorities have issued a preliminary license to Axa. The French insurer is now awaiting confirmation from the Ministry of Finance. After Macif, Axa is the second French insurer authorized to operate in the country. Axa will hold 49% of this new subsidiary. The Algerian law requires that 51% of the capital has to be in the hands of local investors when projects involve foreign capital.