Attijariwafa Bank issues 1.5 billion dirham bond
It will finance its expansion in Sub-Saharan Africa and the Maghreb.Moroccan banking group Attijariwafa Bank is preparing to issue a 1.5 billion dirham bond (€139.6 million).
The transaction involves 15,000 shares with a par value of 100,000 dirhams each, with maturities of seven and ten years. Subscriptions will be open from December 14 to 16th, 2016.
The bank explained that the money raised will allow it to strengthen its presence in the Maghreb region and to develop its activities in Central and Western Africa.
The funds raised will also finance the launch of the second phase of its expansion in high-potential English-speaking countries.
Attijariwafa Bank is currently finalising the takeover of Barclays Egypt, in a transaction estimated at nearly $400 million.
It has also recently signed a Memorandum of Understanding with United Bank for Africa to strengthen their collaborative efforts in correspondent banking, investment finance, trade finance and project finance on the African continent.