French CIC purchases 10 percent of Morocco's BMCE Bank

The French Credit Industriel et Commercial (CIC) has purchased 10 percent of the capital of Morocco's BMCE Bank at a value of 794 million Dhs (72 million Euro).

This move is not a simple financial investment, but aims at enriching experiences and expertise of the two financial institutions in several realms, Othman Benjelloun, CEO of BMCE Bank, told a press briefing on Monday.

He added that this partnership aims at establishing a reinforced cooperation in several realms, notably bank distribution, real estate, bank-insurance and distribution networks.

It has also for goal the promotion of business between enterprises in the two banks of the Mediterranean and multiply the capacity to finance important projects at the local and regional levels.

CIC operates in 25 percent of the French market with 16 million customers in France.

President of CIC board of directors, Michel Lucas, said his group's participation with 10 percent in BMCE bank capital is only the beginning of a partnership that will be reinforced in the future.

The cooperation accord between CIC and BMCE, he added, is based on the convergence of their orientations and serves the ambitions of their regional development, particularly in the Maghreb.

This would allow them, he went on, to seize opportunities offered by the growing openness of the Algerian, Tunisian, Mauritanian and Libyan markets on new free trade zones.