14 Sep 2010 18:26
BMCE BANK'S CAPITAL INCREASE RESERVED TO CREDIT MUTUEL-CIC GROUP
The Extraordinary General Meeting of BMCE Bank held on Wednesday, September 8, 2010 at the Bank's Head Office, approved after hearing the Board's Report and the Statutory Auditors' Special Report, the capital increase of BMCE Bank by MAD 107.12 million, with a total issue premium of MAD 2.4 billion, reinforcing thus the Bank's equity by MAD 2.517 billion.
This is to support the Group's growth strategy both in Morocco and abroad, on one hand, and to consolidate the equity stake of a reference shareholder, given the multidimensional partnership linking the two groups on the other hand.
The General Meeting has also decided to waive the pre-emption rights of existing shareholders as the subscription for the entire number of shares to be issued following to this capital increase is reserved to the Holding company of the Crédit Mutuel-Crédit Industriel et Commercial Group, the Banque Fédérative du Crédit Mutuel.
All resolutions relating to this cash capital increase reserved to the reference shareholder were unanimously approved.
The French Group CM-CIC is one of the major European banking groups, with a network of nearly 6,000 branches and 7,500 ATMs at the service of 23.3 million customers. The Group's strategy is that of a controlled development, focused on retail banking, bancassurance and technology leadership.
The partnership development between BMCE Bank Group and CM-CIC Group goes back into June 2004, following the acquisition of a 10% equity stake in the capital of BMCE Bank, brought up twice to 15% in March 2008, and to 19.94% in February 2009, reflecting therefore a sign of renewed trust in the growth and development prospects of BMCE Bank Group.
Indeed, beyond this capital link, a strategic and business dimension was conferred to the partnership between the two groups. Besides the creation of the Joint Venture Eurafrica Information under an ambitious technology partnership, several venues of cooperation have already been developed, particularly in the areas of investment banking, corporate banking, and Moroccans Living Abroad market.
BMCE Bank
Financial Communication
Tel: +212-522-498-003/15
Fax: +212-522-264-965
Email: communicationfinanciere@bmcebank.co.ma