RABAT, Oct 27 (Reuters) - Morocco's Attijariwafa Bank said it will sell 50 percent of OGM Holding, the parentcompany of Morocco's biggest insurance company Wafa Assurance,to the royal holding firm National Investment Co. (SNI) ahead ofbuying Barclays Egypt.
Attijariwafa said it is looking to solidify its solvencyratios in order to get regulatory approval for buying BarclaysEgypt.
SNI will buy the stake at 3,250 dirhams per share, against aclosing price of 3,670 dirhams on Thursday, valuing WafaAssurance at about 11.4 billion dirhams ($1.15 billion).
OGM controls 79.29 percent of Wafa Assurance.
SNI has a 47.83 percent stake in Attijariwafa Bank, whileWafa Assurance holds a minority stake of 6.61 percent.
SNI, controlled by the Moroccan royal family, is the largestprivate stakeholder in the North African kingdom's economy.($1 = 9.8897 Moroccan dirham) (Reporting By Aziz El Yaakoubi; Editing by Alexandra Hudson)
Barclays (BARC)
