9th Feb 2009 16:13
THE CM-CIC GROUP INCREASED ITS STAKE IN THE CAPITAL OF BMCE BANK, THAT IS AN INVESTMENT OF MORE THAN 200 MILLION EUROS (2.26 BILLION MAD)
On Thursday, February 5, the CM-CIC Group has acquired, through its holding company BFCM (Banque Fédérative du Crédit Mutuel) an additional equity stake of 4.9% in the capital of BMCE Bank, an equivalent of more than 7.7 million shares, at a unit price of MAD 290. Thus, its shareholding in BMCE Bank has increased from 15.05% to 19.94%.
This operation, which received the approval of the monetary and regulatory authorities, represents a total investment of MAD 2.26 billion (203.4 million euros). It underlines once again the strong relationships, which prevail between one of 4 largest French banks and BMCE Bank.
It also illustrates the commitment of both partners to continue the close cooperation they have undertaken since 2004, and thus the development of commercial and operational synergies in technology, Retail Banking, Investment Banking and abroad, particularly in Africa.
Contact : Secretary General
Tel : 00212-22 49 80 04/17
Fax : 00212-22 26 49 65
Web Site : www.bmcebank.ma
Related Shares:
BMED.L