Dec 31 2005 |
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French Bank to Buy 25% Stake in Morocco's Credit Immobilier et Hotelier
Cairo (APD) - French sources said that France's Caisse Nationale De Credit Agricole (CNCA) will buy 25% stake in Morocco's Crédit Immobilier et Hôtelier.CNCA informed the Moroccan financial authorities that it intends to transform Crédit Immobilier et Hôtelier into a specialized bank in financing housing, real estate and tourism projects, the pan Arab daily, Al-Hayat, reported Saturday.
CNCA intends to rely on its clients of Moroccan expatriates in France and other European countries and offer them real estate units in Morocco that will be constructed by the government and local and foreign companies at a cost of $4 billion.
In addition to Caisse de Dépôt et de Gestion, other stakeholders in Crédit Immobilier et Hôtelier include Bank Al Maghrib, BMCE Bank, Abu Dhabi Fund for Development and Société Maroc-Emirats Arabes Unis de Développement while AXA Assurance Maroc announced its intention to sell its 9% stake to local entities.
© APD (Arab Press Digest) 2005
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