ALLIANCE WITH BANK OF AFRICA

23 Mar 2007 17:05

Banque Marocaine Du Commerce Exteri23 March 2007 Alliance Between BMCE Bank & AFH/ Bank Of Africa BMCE Bank becomes the reference banking shareholder of the BANK OF AFRICA Group, whose network covers around ten countries in Africa Friday, March 16th, 2007 saw the signing, at the headquarters of BMCE Bank inCasablanca, of an investment memorandum between Mr. Othman BENJELLOUN, Presidentof the BMCE Bank Group and Mr. Paul Derreumaux, President of the AFRICANFINANCIAL HOLDING/ BANK OF AFRICA. A delegation of the BANK OF AFRICA, alongsidethe Senior Management of both Groups, partook in this ceremony. According to the terms of this agreement, BMCE Bank becomes the referencebanking shareholder of this Group, along with renowned institutional investorssuch as Proparco, the Netherlands Development Finance Company (FMO) ...-, byacquiring 35% of the capital of AFH. Throughout the continent of Africa, thisholding company controls 10 credit institutions all federated under the name ofBANK OF AFRICA, as well as specialized subsidiaries. The BANK OF AFRICA Group is the 3rd ranked banking group in the West AfricanEconomic and Monetary unions in terms of total balance sheet; it is operating inWest and East Africa, particularly in the following countries: Mali, Benin,Niger, Ivory Coast, Burkina-Faso, Madagascar, Senegal, Kenya, Uganda, and in theprocess of setting up in Tanzania and Mauritius. The BANK OF AFRICA Group's network consists of nearly 160 operational andproduction sites, and participates in activities such as insurance, leasing,stock exchange intermediation, investment firms and telecommunications. At theend of the fiscal year 2006, the main consolidated activity provisionalindicators show million 21.7• in net income, million 117.7• in shareholder'sequity, and billion 1.35• for the total balance sheet. Beyond the stakes taken out in the share capital, subject to the approval by theregulatory authorities, this agreement constitutes an industrial alliancebetween the two Groups with a joint development ambition on the continent ofAfrica, intended to combine commercial, investment and merchant bankingactivities, with insurance and telecommunications. This partnership has the objective of being exemplary with regard to thecreation of wealth, emanating from the commercial and operational synergiesbetween the constitutive entities of the two Groups, as well as the South/Southcooperation model it represents, thus leading to the multiplication anddiversification of trade and investment between Sub Saharan Africa, Morocco andeven beyond, throughout the Maghreb region. ************* Contact : General Secretariat of the Group- Phone: 022 49 80 10/11 Fax : 022 26 46 55 Websites: bmcebank.co.ma ; bank-of-africa.net This information is provided by RNS The company news service from the London Stock Exchange