Two major Moroccan banks merge

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.