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Article: MOROCCO.(Statistical Data Included)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- May 21, 1999
CopyrightCOPYRIGHT 1999 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Eur 160 million loan for insurance firm takeover
Casablanca-based Banque Marocaine du Commerce Exterieur (BMCE), part of the Benjelloun Group, is close to securing a Eur 160 million ($170 million) syndicated loan to finance the acquisition of a 67 per cent stake in the local Al-Wataniya insurance company from France's state-owned Gan.
Benjelloun already controls Royale Marocaine d'Assurances, which has a market share of about 8 per cent, and the addition of Al-Wataniya, the largest of the local insurers with a 13.3 per cent share of the market, will significantly alter the composition of a highly competitive sector.
The syndicated loan is being ...