Establishment of Al Barid Bank Courtage in Morocco

Al Barid Bank has received approval from the Moroccan government for the creation of an insurance brokerage company.

Called "Al Barid Bank Courtage", the new entity will primarily be geared towards people with irregular or low incomes. Through this company, the Moroccan bank intends to expand its current offering by developing new products, including comprehensive homeowner's insurance, bank cards and insurance for self-employed entrepreneurs.

Al Barid Bank Courtage will be endowed with an initial capital of 2 million MAD (192 000 USD) and will operate as a single-shareholder limited liability company.

The company is expecting to achieve an average annual turnover growth rate of 33% and an operating result growth rate of 52% over the next five years.