Spanish bank increases share in Morocco's Wafabank capital

Spain's banking and financial group, Banco Bilbao Vizcaye Argentaria (BBVA), has increased its shares in the Moroccan Wafabank from 8.11% to 11%.

The two banking institutions have signed an agreement under which Wafabank buys all of the BBVA Moroccan affiliate capital for 177.5 million DH (US$ 16.13 Mln)

Wafabank's takeover of the BBVA Moroccan affiliates, is conform to the institutions' goal to optimize services to Spanish enterprises, says a source at the Spanish stock exchange.

BBVA Moroccan affiliates financial resources are estimated at 2.47 billion Pesetas. In 2000, it posted a net result of 8 million DH (US$ 727,000) and extended loans worth 421.2 million DH (US$ 38.27 mln).

The BBVA is a leading banking institution in Spain, with 7.7 million customs and 14.3 % of the market share.

Wafabank, which is active in all finance and banking activities, holds 11.54 % of the market share of deposits and 11.91% of credits. It also accounts for 9.1% of stock exchange brokering.