The Credit Agricole Group of Morocco has received government approval to establish an insurance brokerage company called CAM Brokerage.
The government decision was published in the Official Gazette on 26 September. The creation of the broking firm will help the state owned bank to develop its bancassurance business.
The new company has a capital of MAD100,000 ($10,300) and will be backed by funding of MAD1.4m granted by its parent company.
International insurance broker Gras Savoye Morocco (GSM) will provide the human and technical resources needed to manage and develop CAM Brokerage. The commission income earned will be distributed between Credit Agricole and GSM.