Catalyst Partners Holding has announced the acquisition of a 25% stake in Public Partners Insurance Brokerage (PPIB). The company said in a statement on Sunday that through the deal, it aims to add a new service to Catalyst’s activities, in addition to non-banking financial activities, direct investment in small- and medium-sized family businesses, and entrepreneurship. Maged Shawky, the Chairperson of Catalyst Partners Holding, said that this partnership enhances the company’s growth strategy and supports its clients from the non-bank financial sector and the direct investment portfolio sector by providing a mixture of innovative services between financing and insurance.
He added that this partnership comes at an important time and is consistent with the state’s policy to develop the insurance sector in Egypt, which is the oldest in the Middle East and North Africa, based on what was announced by Mohamed Omran, the Chairperson of the Financial Regulatory Authority (FRA), about a new draft law for standardized insurance, which is being debated in the Senate.
Mohamed Al-Maghraby, the Chairperson of the PPIB, confirmed that the partnership with Catalyst Partners aims to expand PPIB’s client base by providing integrated insurance services to Catalyst Partners’ clients while providing innovative and new financing services to PPIB’s clients. He added that this partnership also aims to provide a technological infrastructure to provide insurance services to a new segment of public partners, namely individuals.
Furthermore, he indicated that this step is consistent with the directions of the FRA to control the rhythm of the insurance market and review the activity of existing companies and the extent of their compliance with the standards, laws, decisions, and rules in force, in addition to the availability of the technological infrastructure, especially after decision No. 82 of 2020 of the FRA’s Board of Directors to suspend granting new licenses to insurance brokerage companies.
This article was written by Andrea Ayemoba and initially published at www.africabusinesscommunities.com. You can start earning money by becoming our Independent Reporter or Contributor. Contact us at IR@downtownafrica.com
Want to read more about the Africa other media don’t usually focus on? Go to [https://downtownafrica.com/subscribe/]