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Article: MOROCCO.(includes information on various economic issues)(Statistical Data Included)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- January 15, 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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BMCE becomes largest financial group
Banque Marocaine du Commerce Exterieur (BMCE) and its major shareholder Royal Marocaine d'Assurances (RMA) have paid French insurance group Groupama-GAN FF 2,000 million ($357 million) for its stakes in insurance groups Al-Wataniya and Alliance Africaine, officials at BMCE say.
The acquisition of a 67 per cent stake in Al-Wataniya, and of an 85 per cent stake in Alliance Africaine makes BMCE-RMA the largest financial group in the country, the official says.
The size of the new organisation has other implications for the economy, he says. For example, the purchase makes the group the largest shareholder in ...