Attijariwafa gets green light for insurance arm: Attijariwafa Bank has received preliminary approval from the Financial Regulatory Authority for a license to set up an insurance arm, according to a local press report. The company is the first to submit a license request since the authority finalized on 13 October a draft of the proposed Insurance Act and sent it over to cabinet for approval. The proposed law would, if passed by the House of Representatives, raise the minimum requirement for the issued and paid-in capital of life and property insurance companies by 150% to EGP 150 mn, among other changes. Morocco’s Attijariwafa completed in 2017 its takeover of Barclays’ Egyptian operations. Background on the acquisition here.

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