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Moroccan group signs foreign loan to buy over insurance firm
Morocco-Germany, Business, 5/15/1999
The Moroccan bank "Banque Marocaine du Commerce Exterieur" (BMCE) has signed in Frankfurt a syndicated loan of 160 million euros ($ 172.8 million) to finance the purchase of majority stakes in a Moroccan major insurance firm.
Moroccan business weekly "La vie Economique" reports in its latest issue that the loan, which is the biggest of its kind by a private Moroccan firm, will raise the Group's profile in the booming of the $ 1.0 billion local insurance market.
It is the German Commerzbank, which holds 10 % stakes of Morocco's BMCE bank headed by Benjelloun, which raised the syndicated loan involving twenty-five banks.
"Al Wataniya," the largest among Morocco's 15 insurance firms, holds 13.3 % of the local insurance market.
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