Morocco: Attijariwafa Bank sells stake in largest domestic insurer

Source: Middle East Insurance Review | Dec 2016

Attijariwafa Bank (AWB), a leading bank in Morocco, has sold part of Wafa Assurance to the National Investment Company (SNI) to fund the bank's international expansion.

Wafa Assurance is the leading insurance company in the domestic market in Morocco with a 21% market share.

The deal will make AWB and SNI, which is owned by the Moroccan royal family, hold equal stakes in the insurance company, reported Medias24 citing a statement released by the two entities.

“Attijariwafa Bank and its main shareholder, SNI, announce the formation of an alliance in the business of insurance by becoming equal co-shareholders of Wafa Assurance,” the statement reads. “This operation will give Attijariwafa Bank needed capital for its international development, particularly in Egypt and more generally in English-speaking African countries.”

AWB said it will sell 50% of OGM Holding, the parent company of Wafa Assurance, to SNI, at MAD3,250 (US$322) per share, thus valuing Wafa Assurance at about MAD11.4 billion, reported Reuters.

OGM controls 79.29% of Wafa Assurance. SNI has a 47.83% stake in AWB, while Wafa Assurance holds a minority stake of 6.61%.

MAD1 = US$0.10

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