(Ecofin Agency) - Banking group Attijariwafa Bank and its majority stakeholder, Moroccan royal holding Société Nationale d’Investissement (SNI), now hold equal shares in Wafa Assurance.

A statement published by Attijariwafa states that SNI acquired a 50% interest in OGM, a holding that holds a 79.29% on Wafa Assurance.

The transaction will provide the bank, the necessary capital to grow worldwide and in Egypt especially where recently bought Barclays Egypt, as well in English-speaking African countries. It will also give Wafa Assurance “additional financial means to pursue and accelerate its growth, while counting on Attijariwafa Bank to develop synergies in the Moroccan - and global - bankassurance sector”.  

SNI for its part increases its footprint in the insurance sector of Morocco and other African nations.

Attijariwafa in which SNI holds a 47.83% stake operates in 25 countries through 3,844 agencies.

Besides Morocco, Wafa Assurance operates in four other African countries: Tunisia, Cote d’Ivoire, Senegal and Cameroon.