Magazine date:
Jun 2012 Saham Finances, a subsidiary of the group Saham chaired by Moulay Hafid Elalamy, has reached an agreement with the bank Audi for the acquisition of 81% of the Lebanese insurer LIA Insurance. It is the first time that a Moroccan player sets foot on the Lebanese insurance market. This agreement has to be submitted to the regulatory authorities for approval. LIA Insurance achieves 56.6% of its operations in life business and generates 11.6 million USD of profits in 2011 for a turnover of 81.3 million USD.