BNP Paribas increases majority stake in Morocco’s BMCI by 10 percent
France’s BNP Paribas (BNPP) has acquired an additional 10 percent stake in the capital of Banque Marocaine pour le Commerce et l'Industrie (BMCI) through a block trade on Casablanca Stock Exchange.
The acquisition brings BNPP’s share in BMCI’s capital to 63.15 percent. According to a bank news release, the acquisition is in line with BNP Paribas' strategy and will strengthen its presence in Morocco.
BMCI is Morocco's fifth largest commercial bank with a deposit market share of 8.8 percent. BPP dominates the Board of Directors and holds key senior management positions. All risk management systems and procedures are either imported from or approved by BNPP. — (menareport.com)
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