French Insurance Group Sells Its Subsidiaries In Morocco for Fr.F 2 Billion

French Insurance Group CAN has sold its two Moroccan subsidiaries -- Al-Wataniya and Alliance Africaine-- for two billion French Francs.

The Group's management, which announced Friday the deal, said the Group ceded its shares in the two subsidiaries to respectively Moroccan BMCE Bank and Royale Marocaine D'assurance.

The leading French Insurance group is selling its overseas branches to concentrate and bolster its actions in France wherein it is facing tough competitiveness.

The Two Moroccan insurance companies Al Wataniya and Alliance Africaine hold over 15 % of Morocco's insurance market.