BMCE Bank raises its stake in the Development Bank of Mali

Apr 17, 2015

The new level of participation has not been revealed.

Moroccan banking group BMCE Bank has just increased its stake, which until now was 27.38 per cent, within the Development Bank of Mali (BDM), it has been announced this week after the general meeting of the BDM.

The new level of participation has not been revealed, although several sources such as Jeune Afrique evoke a 32.5 per cent stake and even 60 per cent according to Moroccan newspaper Infomediary Africa.

The Malian government will be represented at the BDM by three administrators. The other shareholders will have one administrator for each 10 per cent of capital held, along with two independent administrators.

"On all strategic decisions to be taken, we will always be a minority. The Malians will be the majority, by far. We will never have a blocking minority to block a strategic decision. So in any case, we will be behind the state of Mali," said Mohamed Agoumi, a director at BMCE Bank, quoted by Ecofin agency.

The move comes just days after the Central Bank of West African States (BCEAO) announced it sold its 15.96 per cent stake in the capital of the BDM.ADNFCR-2976-ID-801783948-ADNFCR