(Business in Cameroon) - Wafa Assurance, the insurance arm of Moroccan group Attijariwafa Bank, has just signed an agreement to acquire a majority stake in Cameroonian companies Pro Assur SA and Pro Assur Vie, Moroccan media said.

As a result of this double operation, it is reported, “Wafa Assurance acquires 65% of the voting rights within Pro Assur SA and acquires a controlling interest representing 89.4% of the shares and voting rights of Pro Assur Vie.”

The transaction, which remains subject to approvals by insurance regulatory authorities in the two countries, will enable the Moroccan company to strengthen its position in Cameroon.

Since it settled in Cameroon in June 2016, through its subsidiary Wafa Assurance Vie Cameroun, the Moroccan company has only operated in Douala distributing its bancassurance products through the branch network of SCB Cameroon, also controlled by Attijariwafa group.

In addition to Cameroon, Wafa Assurance is also present in Senegal and Tunisia, where it operates with banking subsidiaries of its parent company (Attijariwafa Bank).

BRM