One of Morocco's biggest insurers, Wafa Assurance, plans to enter the Egyptian market through the establishment of a subsidiary.
An application has been submitted to the Egyptian Financial Regulatory Authority for its initial approval for a licence for Wafa Misr Insurance Company, Wafa Assurance said in a statement.
The initial capital of the Egyptian subsidiary is expected to reach EGP150m ($9m). The exact amount is still being discussed with the FRA and will be finalised later.
Wafa Assurance has engaged a law firm to provide legal advice on the formation of the Egyptian insurance subsidiary.
Wafa Assurance is the insurance brand of Morocco's leading bank, Attijariwafa Bank. The insurer already has six subsidiaries in four African countries, namely, Cameroon, Ivory Coast, Senegal and Tunisia.