La Tribune: French savings bank to set up in Morocco

The French Savings Bank (Ecureuil) intends to have presence in Morocco and to take 20 percent of the capital of the Moroccan Bank of External Trade (BMCE), reports this Thursday economic daily La Tribune. The paper underlined that this is a first for the French financial institution because, the French group is completely absent abroad, notably in the Maghreb region

"La Tribune" explains Savings Bank's choice to install in Morocco by the important development outlooks and the geographical proximity of the kingdom in addition to the economic and cultural ties binding the two countries.

As for the participation of the French financial institution in the BMCE, the daily underlines that Ecureuil sales may increase and that the French institution does not want to have a majority share at the beginning.