Two major Moroccan banks merge
Morocco, Business, 12/2/2003

The "Banque Commerciale du Maroc" (BCM) and Wafabank, owned by the Kettani family, have decided to merge to form a major financial group, executives of the Kettani group and of the BCM announced here Monday.

The merger is to become effective next January, said the executives who also announced that a takeover bid for 100% of Wafabank capital will be launched next March.

BCM CEO, Khalid Oudghiri, said the merger will not entail any layoff at Wafabank.

The BCM-Wafabank group will be a key actor in Moroccan socio-economic development and will create investments funds in several sectors, support small and medium-sized enterprises, develop close contacts with professional organizations, promote the emergence of national economic groups and increase population bankarization that hardly exceeds today 15%.

The merger was first initiated on November 24 when the BCM bought for 2.08 billion DH the capital of OGM, owned by the Kettani family.

Previous Stories:
  Moroccan university signs agreement with North Africa Microsoft to promote access to it   (11/26/2003)
  BMCE bank confirms partnership with French Caisses D'epargne   (10/2/2003)
  BCP bank privatization put off until 2nd trimester of 2003   (10/1/2003)
  La Tribune: French savings bank to set up in Morocco   (9/19/2003)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search