Moroccan shareholders in foreign trade decide to open its capital at CDC

Sunday – August 04, 2019 AD
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No
Number [
14859]

Casablanca: Hbadan Maskana

The Moroccan Bank for Foreign Trade of Africa has invited shareholders to hold an extraordinary general meeting on 4 September to decide on the opening of its capital to the Commonwealth Development Group (CDC), which is fully funded by the British government.
A statement from the bank yesterday said the deal was related to the increase of AED 1.93 billion ($ 200 million) in bank capital, given the issue, which will be attributed to the CDC group, ($ 18) per share, including an allotment of 170 dirhams ($ 17), to be released immediately and in full.
The Extraordinary General Meeting of Shareholders of the Bank will also ratify the decision to cancel the preferential subscription right to the capital increase of the British Development Group (CDC).
Osman Benjelloun, president of the Moroccan Bank of Foreign Trade, said earlier that he had entered into a strategic partnership agreement with the Commonwealth Development Group in order to cooperate in the African market, which provided for the acquisition of British Development Group by 5% of the bank's $ 200 million capital, Value $ 189 million. Bengellon identified as a target of the African Bank's strategy for foreign trade the creation of a banking branch in each African country. This strategy was launched by the Moroccan Bank of Foreign Trade in 2008 with the Bank of Africa group, which has a network of bank branches in several African countries. Through a series of 73% stake in Bank of Africa, which has turned it into spearhead of its African expansion policy by integrating all banks bought back into Africa under Bank of Africa, its network of branches now covers 20 African countries.
As part of its international expansion, BOMB has established 11 additional branches in non-African countries.

Morocco

Moroccan economy