UK's development finance institution CDC Group will acquire an equity stake of 5% in BMCE Bank of Africa through a primary capital injection of US$ 200 million, the two groups said in a press release. CDC's investment will help accelerate BMCE's expansion across Africa while also allowing the Bank to leverage CDC's wide in-country networks, it added. CDC has over 70 years of experience investing in Africa and in Asia, with more than 700 businesses in its African portfolio. The group invests in financial institutions to advance financial inclusion and bring better access to affordable finance for individuals and SMEs, helping them to strengthen their communities. Partnership between BMCE and CDC represents one of the largest single investments by a British institution in the Moroccan financial sector. «The ultimate goal of our agreement goes beyond the US$ 200 million investment», said Othman Benjelloun, Chairman and CEO of BMCE Bank of Africa. «Rather, it is an alliance aimed at developing Morocco and Africa and ensuring that Africa's human capital achieves a sense of fulfilment». «Investing in financial institutions is a powerful mechanism through which we can deliver impact at scale», said Nick O'Donohoe, CEO of CDC Group. BMCE Bank of Africa is today the most internationally oriented Moroccan banking group with a presence in 31 countries throughout Africa, Europe, Asia and North America, employing more than 15,200 employees around the world, with more than 1,675 branches serving nearly 6.6 million customers.
