BMCE Bank Of Africa has succeeded the first phase of its capital increase operation, made necessary following the implementation of the « capitalivore » IFRS 9 standard.
Thus, from July 9 to 31, the Bank controlled by the holding company Finance.com of the businessman Othman Benjelloun realized a capital increase by optional conversion of dividends and by subscription in cash. Two twinned transactions that solicited the shareholder portfolio. Thus, more than 5,540,044 shares were subscribed at the unit price of 180 dirhams.
The conversion of dividends worth MAD 730 million saw the creation of 4,083,101 new shares. At the end of these two operations, the capital of the bank reaches 1.89 billion dirhams. A second phase will concern the entry of the British Commonwealth Development Group, CDC Group, (alter ego of the French Development Agency, also involved in the takeover of a few French subsidiaries in Africa) for 2 billion dirhams ($ 200 million) in the capital of the pan-African bank. At the end, BMCE Bank Of Africa will have raised its own funds to 4 billion dirhams under the watchful eye of Bank Al Maghrib.
At the end of these complex transactions, the Moroccan bank will be more than ever keen to improve its operational efficiency and, above all, its commercial and financial performance to be able to reward its shareholders at the height of their stake. However, the deterioration of the indicators noted in Côte d’Ivoire and the setbacks of the Cameroonian subsidiary show at least that it is not a sinecure.
The Bank, which will consolidate its network as of September under one brand (BMCE Bank Of Africa), will need, at the operational level, to achieve synergies between several independent subsidiaries.