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| 12 June, 2018

Societe Generale Marocaine de Banques to issue $84.7mln bond

Subscription for the 10-year bond will take place from June 19 to June 21, the regulator said in a statement.

Close-up of American dollars.

Close-up of American dollars.

Getty Images/Tomasz Zajda

RABAT- Societe Generale Marocaine de Banques is looking to raise 800 million dirhams ($84.72 million) in a subordinated domestic bond issue, bourse regulator AMMC said on Tuesday.

Subscription for the 10-year bond will take place from June 19 to June 21, the regulator said in a statement.

The bond will help the bank strengthen its equity following the acquisition of 34.95 percent of Eqdom from SG Financial Services Holding, Societe Generale Marocaine de Banques said in a prospectus.

The money raised will also serve to develop the bank's lending activities, it said.

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(Reporting by Ahmed Eljechtimi, editing by Louise Heavens) ((ahmed.eljechtimi@thomsonreuters.com;))