$300 Million Fund for Morocco’s BMCE Bank Expansion

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Last November 29, the managing director of Morocco’s BMCE Bank announced their $300 Million Fund for Morocco’s BMCE Bank Expansionplans to use the $300 million rose in a bond sale to accelerate the expansion of their company across Africa.
BMCE is the first private financial institution in North Africa to issue bonds in the international capital markets the bank last week.
Some of the Moroccan firms including Banque Centrale Populaire, Attijariwafa Bank and the phosphate monopoly OCP consider a foreign bond issues for the reason that small size of the domestic market and lack of liquidity.
As stated by the Managing director of the BMCE, We already have a presence in the Africa’s French-speaking countries. Now we are targeting the Anglo-phone countries, where there is promising economic growth. We will announce our next step when we take a decision.
BMCE’s five-year bond’s yield was at 6.50 pct, or a 200 basis point spread over the Moroccan sovereign bonds.