Wafa Life Insurance Egypt, a subsidiary of Moroccan insurer Wafa Assurance, said on Tuesday it was in final-stage negotiations with a local major bank over a potential bancassurance deal. "We expect to conclude talks and seek the central bank and regulatory approvals on the agreement within the final quarter of the current year." Abeer Saleh, chief executive of Wafa Life Insurance Egypt, told Amwal Al Ghad. After getting the regulatory approvals, Saleh said Wafa will embark its marketing strategy across 15 branches of the bank's nationwide network as the first phase of the agreement. Under the bancassurance agreement, Wafa will not only distribute its life insurance products to the bank's clients, but will also provide an insurance cover for various banking activities as well as for the employees, she added. In July, Morocco's biggest insurance company Wafa Assurance, part of Attijariwafa Bank, has established its presence its presence in Egypt through its 100 percent-subsidiary Wafa Life Insurance Egypt.