French AXA Insurance acquires Egypt’s CIL with €88 million

French AXA Insurance Company has acquired 100 percent of the Commercial International Life Insurance Company (CIL) for 673 million Egyptian pounds (€88 million), AXA announced Sunday.

AXA is a multinational, investment banking firm headquartered in the 8th arrondissement of Paris that engages in global investment banking, securities, investment management, insurance, and other financial services.

Commercial International Life Insurance Company is a joint venture life insurance company; the principal shareholders are Legal & General of the UK (55%) and the Commercial International Bank of Egypt (CIB) (45%).

AXA also announced Sunday a partnership with the Commercial International Bank (CIB) by which it entered into a 10-year Life & Savings exclusive bancassurance agreement with CIB.

CIB has a wide number of clients; 628,000 individuals and 60,000 companies, and owns 166 branches with which it becomes one of the leading banks in Egypt.