| 24 Sep 2009 |
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Morocco's Attijariwafa Bank acquires majority stakes in two African banks
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Rabat - Morocco's private banking group Attijariwafa BankAttijariwafa Bank
said on Thursday that it has acquired majority stakes of France's Crédit Agricole in two African banks, "Crédit du Congo" (Congo's first bank) and "Union Gabonaise de Banque" (third important Gabonese Bank). A statement of the bank said the transactions are part of the agreement signed on November 25, 2008 on the purchase by Attijariwafa BankAttijariwafa Bank of the majority stakes of the French "Crédit Agricole" in five Sub-Saharan African banks.
By virtue of this agreement, Attijariwafa BankAttijariwafa Bank is to acquire the stakes of Crédit Agricole in Crédit du Congo (81 percent of stakes), Société Ivoirienne de banque (51 percent), Société Camerounaise de Banque (65 percent), Union Gabonaise de Banque (59 percent) and Crédit du Sénégal (95 percent) for an amount of 2.8 billion dirhams (250 million euros).
The agreement also provides for the purchase of Crédit Agricole of 24 percent of stakes in Crédit du Maroc, held by Wafa AssuranceWafa Assurance (subsidiary of Attijariwafa BankAttijariwafa Bank) and the purchase of Sofinco (subsidiary of Crédit Agricole) of 15 percent of stakes in WafasalafWafasalaf (subsidiary of Attijariwafa BankAttijariwafa Bank), which will allow Sofinco to hold 49 percent of the capital of WafasalafWafasalaf.
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