IFC invests in Morocco's second-largest bank

Aug 21, 2012

A strategic partnership between the International Finance Corporation (IFC), a member of the World Bank group, and the Banque Centrale Populaire (BCP) will improve Moroccan SMEs' access to credit.

A strategic partnership between the International Finance Corporation (IFC), a member of the World Bank group, and the Banque Centrale Populaire (BCP) will improve Moroccan SMEs' access to credit. Concluded on August 17th, this agreement specifies that BCP has opened five per cent of its capital to the IFC for around 190 million dollars, Reuters reports. This process will allow the BCP - the second biggest bank in Morocco - to have a better access to credit facilities which the IFC offers to SMEs. It will also enable the Bank, which lacks liquidities on the local market, to finance its expansion into other African countries. Last June, the BCP had invested in an equal partnership with the Atlantic Financial Group (AFG). This strategic partnership has allowed the BCP to have an anchor in seven countries of the West African Economic and Monetary Union (UEMOA) thanks to the Atlantic Bank International holding. According to Ecofin agency, "BCP's consolidated net banking income in 2011 amounted to € 918 million, the net profit to 164 million and the return on equity was 24 per cent".