French insurance group AXA has completed pumping EGP60mn (USD6.8mn) into its recently-acquired Commercial International Life Insurance Company (CIL)'s capital, according to Hassan El-Shabrawishi, the CEO of AXA Egypt. El-Shabrawishi said that the increase in CIL's capital to EGP150mn is in line with AXA's planned expansion scheme including the launch of new insurance products in the coming period in Egypt. Earlier in 2015, AXA got approval from the Egyptian Financial Supervisory Authority (EFSA) to acquire 100% of CIL from CIB for EUR88mn (EGP763mn). (Amwal Al Ghad)
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