Egypt - FRA approves Attijariwafa’s ins. unit request to expand
Thursday, 11 14 2019, Category: Insurance and Reinsurance, Country: Egypt
Attijariwafa Bank Egypt’s Morocco-based insurance arm has received preliminary approval from the Financial Regulatory Authority (FRA) for the incorporation of a life insurance company in Egypt, managing director of Attijariwafa’s Egyptian unit Hicham Seffa told Mubasher.
The new company will work in collaboration with Attijariwafa Bank Egypt, Seffa added.
The top official revealed that the bank’s small and medium-sized enterprises (SMEs) portfolio accounts for 30% of its total credit portfolio.
At the beginning of 2019, the bank launched an initiative to inject EGP 200 billion to finance SMEs at a maximum interest rate of 50% annually, to fund 350,000 companies every year, creating jobs for four million citizens.