CIC buys an extra 5% in BMCE

25 Mar 2008 10:58

Banque Marocaine Du Commerce Exteri25 March 2008 THE CREDIT MUTUEL-CIC GROUP REINFORCES ITS SHAREHOLDING IN THE CAPITAL OF BMCE BANK, THROUGH THE ACQUISITION OF AN ADDITIONAL EQUITY STAKE OF 5%. On Tuesday, March 25, 2008, Credit Industriel et Commercial-CIC, the CreditMutuel Group's subsidiary has increased its shareholding in the capital of BMCEBank with the acquisition of an additional equity stake of 5%, bringing it up to15%. This transaction represents an investment of MAD 2.4 billion, an equivalent ofabout 209 million Euros, at a share price of MAD 3,000. CIC's initial equity participation in the capital of BMCE Bank goes back to June7, 2004, after the acquisition of 10% in the capital, under a partnershipagreement sealed between the two banks. The partnership covers all areas ofactivity, both in the commercial and investment banking, to meet the ambitionsof BMCE Bank and CIC in terms of international development, particularly in theAfrican continent. Through this additional investment, the major foreign shareholder reaffirms itsconfidence in the potential growth of the Bank and in cross synergies. Contact: General SecretariatTel: 00212-22-49-80-10/11Fax: 00212-22-26-46-55Web site: www.bmcebank.ma This information is provided by RNS The company news service from the London Stock Exchange