Two Moroccan banks announce merger

Two Moroccan banks, Banque Commercial du Maroc (BCM), and Wafabank, will formally announce next May 18 a merger that will create a mega bank, the second most important one in the Magreb and the 13th in all of Africa, in terms of assets.

BCM executives said the new bank will have more than one million customers. It will operate through the largest national banking networks of 460 agencies nationwide.

It will also become Morocco's largest bank in terms of credit to the economy (30.10%), of assets management (33.30%) and stock market activities (51.60%).