Wafa Assurance, creation of a subsidiary in Egypt

The Moroccan company Wafa has applied to the Egyptian Financial Regulatory Authority (FRA) for the creation of a subsidiary in Egypt. Named Wafa Egypt Assurance, the new entity will be endowed with a capital worth nearly 9 million USD.

Wafa Assurance, a subsidiary of the Attijariwafa Bank Group, is already present in 4 African countries namely Côte d'Ivoire, Senegal, Tunisia and recently Cameroon. In April 2019, the company acquired majority stakes in two Cameroonian companies Pro Assur SA et Pro Assur Vie [4].

As a reminder, the financial group Attijariwafa Bank has been present since 2016 in Egypt following the acquisition of Barclays Bank Egypt for 500 million USD.