Morocco’s Banque Commerciale du Maroc (BCM) and Wafabank will merge into one entity effective next January. A takeover bid for 100 percent of Wafabank’s capital will be launched next March, stated a press release.
The union was first initiated on November 24, 2003, when BCM, a subsidiary of the ONA Group, purchased OGM’s 36.4 percent capital share in Wafabank for two billion Moroccan dirhams ($218 million).
According to the banks, BCM-Wafabank will be a key actor in Moroccan socio-economic development, create investment funds in several sectors, support small and medium-sized enterprises, develop close contacts with professional organizations and promote the emergence of national economic groups.
Founded in 1911, BCM is today ranked second among Moroccan banks. Its shareholders include the ONA Group and Banco Santander Central Hispano. The bank has 254 branches located across Morocco. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
