French National De Pari Bank acquires Moroccan Ibn Amro Bank
The Moroccan government and the Central Bank are expected to approve the sale of the Moroccan branch of the Dutch Ibn Amro Bank to the French National De Pari Bank in the near future.
Although neither bank has disclosed details regarding the deal, market sources estimate its value at $50 million, reports Al-Hayat daily. The anticipated agreement is expected to include the sale of all assets of Ibn Amro, which account for two percent of all commercial banking transactions in the Kingdom.
The acquisition of Ibn Amro will enable the French side to control ten percent of all commercial banking activities in the Kingdom. National De Pari Bank holds fourth place in terms of banking transactions in Morocco, with a total value of $23 billion. –(MENA Report)
© 2001 Mena Report (www.menareport.com)