Several deals finalised as institutions widen client base

Moroccan banks turn to Africa to ease liquidity strain

GMT 11:30 2013 Friday ,28 June

Arab Today, arab today Moroccan banks turn to Africa to ease liquidity strain

Central Bank of Morocco
Casablanca - Youssef Abdel Latif

Central Bank of Morocco The liquidity strain has forced Moroccan banks to turn to the African market. The Moroccan Banking Group has purchased a 50% stake in International Bank of Africa, in Togo.
The group continues to expand its projects in Africa to find new markets, competing with other banking groups from Morocco.
Moroccan Bank of Foreign Trade is plotting a move for the French Banking Group's branches in Equatorial Guinea.
The French group is considering the offer and a deal could be finalised in the next few weeks.
Bank al-Maghrib has also entered the fray after claiming a 50 percent stake in the Ivorian Atlantic Bank Group which has branches in the Ivory Coast, Benin, Togo, Burkina Faso, Mali and Niger.
Al-Maghrib has also invested $1bn in the Economic Community Of West African States (ECOWAS) as part of its strategy to develop regional banking institutions which could increase their client base by 80 million customers.

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