As the crisis raging in the international financial sector with many bankruptcies of financial institutions in the United States and massive recapitalization with the support of states at the global level, the first private bank in Morocco take the situation to expand its presence in Africa by acquiring five banks on the continent with Credit Agricole.
In detail the operation carried out by an exchange of cross-shareholdings, Attijariwafa resume participation of Crédit Agricole in its network of retail banks in Africa: Credit du Congo (81% stake), Ivorian Company Bank (51% stake), Bank of Cameroon Company (65% stake), Union Bank of Gabon (59% stake) and Credit du Senegal (95% of capital), for a total of 250 million euros.
Credit Agricole redeem his side an additional 24% of Morocco's capital credit held by Wafa Assurance that the end of June held a stake of approximately 31.22% in the bank.
The purchases will be made for an amount of 144 million euros and Credit Agricole and would increase its stake to 77% stake in the smallest of the Moroccan banks listed with a market capitalization of 3.679 billion dirhams.
The French bank will now focus on developing its Moroccan subsidiary accelerating the pace of branch openings to bring more of the 200 present to catch up on these two competing French Societe Generale and BNP (via BMCI)
Sofinco Moreover, 100% subsidiary of Credit Agricole, will take 15% stake Wafasalaf, allowing it to increase the participation of Sofinco to 49% stake, amounting to 71 million euros.
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