Morocco's three largest banks planning to borrow from international capital markets in 2013, OBG
London - Attijariwafa Bank, Banque Centrale Populaire (BCP) and BMCE Bank are each preparing to float foreign-currency-denominated bonds this year, London-based Oxford Business Group (OBG) said . Tapping international debt markets should help to provide the capital necessary to boost banks' liquidity levels and support expansion projects in the short term, said OBG in a analysis.
Source : https://www.marocafrik.com/english/Morocco-s-three...
The largest lender, Attijariwafa Bank, was the first to announce that it will pursue a ê500m foreign debt issue to support future expansion. The bond was approved by the bank's general assembly in late May, but no date has been disclosed for its sale, it added.
BMCE Bank, the third-largest bank by assets, is also preparing a five-year, ê500m international bond issue and hired Barclays, Citibank and BNP Paribas as advisors, the issue was originally slated for late June but was postponed.
BCP, Morocco's second-largest bank, announced in July that it would consider a short-term foreign debt issue before the end of the year. According to bank officials, BCP does not have an immediate financing need but is seeking the foreign capital to support lending and diversify sources of revenue.
BMCE Bank, the third-largest bank by assets, is also preparing a five-year, ê500m international bond issue and hired Barclays, Citibank and BNP Paribas as advisors, the issue was originally slated for late June but was postponed.
BCP, Morocco's second-largest bank, announced in July that it would consider a short-term foreign debt issue before the end of the year. According to bank officials, BCP does not have an immediate financing need but is seeking the foreign capital to support lending and diversify sources of revenue.
Source : https://www.marocafrik.com/english/Morocco-s-three...