IFC takes $190 mln stake in Moroccan bank BCP
Banque Centrale Populaire, Morocco's second-biggest lender by market value and which needs funds for an expansion plan, is to sell a 5 per cent stake to the International Finance Corporation for 1.74 billion dirhams.
BCP said on Friday the deal valued its shares at 201 dirhams. The stock was unchanged at 198 dirhams at 1230 GMT.
The company, which faces a shortage of liquidity in the domestic market, said the transaction will give it easier access to credit facilities that IFC provides to small and medium enterprises.
It was BCP's second deal with a foreign partner since April when French cooperative bank BPCE agreed to buy 5 per cent stake, also at 201 dirhams.
In June, Populaire said it would pay 1 billion dirhams for a 50 per cent stake in Ivory Coast lender Group Banque Atlantique which is active in Ivory Coast, Benin, Burkina Faso, Mali, Niger, Senegal, and Togo.
Morocco raised 5.3 billion dirhams last year selling a 20 per cent stake in BCP to help fund a spending spree aimed at to winning over protesters inspired by the Arab Spring.
Ministers in Prime Minister Hisham Qandil's cabinet following the recent reshuffle (new appointees are in italics): 1. Minister of Agriculture Ahmed Mahmoud Ali El-Gizawi2. Minister of Antiquities Ahmed Eissa3. Minister of Aviation Wael Maadawi4. Minister of Communication Atef Helmy5. Minister of Culture
AP— April 15, 2013: Two bombs explode in the packed streets near the finish line of the Boston Marathon, killing three people and injuring more than 140.— January 17, 2011: A backpack bomb is placed along a Martin Luther King Day parade route in Spokane, Washington, meant to kill and injure participants in a civil rights march, but is found and disabled before it can explode. White
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