Oct 18 2005 |
more articles from
|
Morocco's Attijariwafa Bank, Spain's Santander Bank Acquire Stake in Tunisian Banque du Sud
Cairo (APD) - Morocco's largest private bank Attijariwafa Bank and Spanish bank Santander have acquired a joint 33.54 % stake in Tunisian Banque du Sud for 38 million euros.According to a Santander official in Madrid, Santander and Attijariwafa will each hold a 16.77% stake in Banque du Sud after paying 19 million euros each to the Tunisian government for their stakes, Reuters reported Friday. The two banks paid 9.1 Tunisian dinars per share, 1.2 times its book value.
Attijariwafa Bank, North Africa's largest bank by assets, is 33% owned by Groupe ONA, a large holding controlled by the Moroccan royal family. Santander holds a 14.5% stake in the bank.
"We want to make Banque du Sud a leader in retail banking and in financial and trade flows between Morocco, Tunisia and Spain," she added.
Morocco has been restructuring its financial sector and has carried out several banking reforms. Attijariwafa Bank was formed in June 2004 in course of this restructuring by a merger of Wafa Bank and Banque Commerciale du Maroc. With over one million customers, the bank claims a domestic market share of nearly 25%. [TS]
By Eman Wahby, APD Staff Writer in Cairo
© APD (Arab Press Digest) 2005
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment