15 Nov 2010 07:00
BMCE BANK PRESS RELEASE
CAPITAL INCREASE RESERVED FOR BMCE BANK GROUP'S EMPLOYEES OF MAD 1 BILLION IN SEVERAL TRANCHES
The Extraordinary General Meeting of Shareholders of BMCE Bank, held on Wednesday, November 10, 2010 at the Bank's Headquarters, approved, after reading the Board of Directors' Report and the Special Report of the Statutory Auditors, the capital increase reserved for the Group's employees for a global amount of MAD 1 billion, issue premium included, to be released in several tranches over the 2010-2012 period.
This Employee Ownership program, initiated by the Chairman of the board Othman Benjelloun, is part of the Bank's policy in terms of human capital motivation and development, aiming at strengthening the feeling of belonging to BMCE Bank Group.
Similarly to the employee stock programs conducted in 2003 and 2005, this new shares offering shows the will of BMCE Bank to associate its human capital with the benefits of its growth and with the implementation of its ambitious development strategy both in Morocco and abroad.
Under a first tranche of MAD 500 million, issue premium included, to be subscribed before the end of the 2010, more than 5,600 employees of BMCE Bank and of fifteen of its subsidiaries will have the opportunity to acquire 2.5 million new shares, that is about 1.5% of the capital, taking advantage of preferential conditions in terms of financing and pricing. In fact a discount was granted in relation to this operation that is (I) 15% with respect to the reference price of MAD 235 relating to the last capital increase reserved to the French banking Group, Credit Mutuel-CIC (II) 16.5% compared to the price-weighted average of MAD 239.4 over the year running through November 10, 2010, and (III) 17.5% compared to the price-weighted average of MAD 242.6 of 9 months.
Eligible staff members of BMCE Bank Group may exercise their subscription right
to the first tranche of this capital increase, and after the approval of the regulatory authorities.
Contact
FINANCIAL COMMUNICATION
BMCE BANK
TEL: +212-5-22-49-80-03/15
FAX: +212-22-26-49-65
EMAIL: communicationfinanciere@bmcebank.co.ma