May 18 2007 |
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BMCE Capital eyes Bahrain market
Morocco-based BMCE Capital , with over $2 billion assets under management, is set to open its operations in Bahrain as part of bank's strategy to reach the potential businesses in Bahrain and across the GCC.Wasseem S Kabbara, Placement Advisor to $250 million Maghreb Siyaha Fund, told Bahrain Tribune that the Kingdom's regulatory framework and a congenial business environment have prompted the bank to open its one of the subsidiaries with a mandate to help enhance the business.
He was unable to reveal the size of the company to be set up in Bahrain. "We haven't decided as yet about the size of capital of the proposed Bahraini subsidiary as the details will be decided according to the size of the company etc."
Kabbara, who was joined by Rachid Alami Sounni, general manager Actif Invest, said that following the initial successful raising of $100 million of the Fund, BCME Capital was looking at the first closing by the end of next month.
"Our bank has got a licence from FSA of UK and established a euro 250 million bank to cater for the needs of international clientele especially European region.
BMCE Capital , a subsidiary of Morocco's second largest private bank BMCE Bank, is offering unique opportunity for leading Bahrain and Saudi Arabia based institutions and individual investors to partner with leading Moroccan entities as a first step into successful investments in Morocco and the rest of the Maghreb region.
"Balancing the allocation of funds will ensure that the investments drive social and economic growth, as well as creating employment opportunities, at the same time as offering attractive rates to our GCC investors," said Alami.
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