Morocco: Mutual insurers MAMDA and MCMA increase stake in bank
Source: Middle East Insurance Review | Jul 2017
The Moroccan Agriculture Mutual Insurance Company (MAMDA) and the Moroccan Central Mutual Insurance Company (MCMA) have purchased 4.75% of the shares of a major bank, BCP (Banque Centrale Populaire) for MAD2.4 billion (US$249.1 million), from the International Finance Corporation (IFC).
When the deal is completed, the two mutuals will hold more than 10% of the capital of the bank. It is understood that MAMDA and MCMA are planning in the short and medium term to increase their stake in the BCP to a higher level, reported Infomediary.
The strategic partnership between BCP and the two mutuals initiated since 2010 has resulted in the creation of the Mutuelle Attamine Chaabi (MAC) in 2015, which in just a few years has become a major player in life insurance in Morocco. M
MAD1 = US$0.10