June 19, 2019 / 8:56 PM / a month ago

Britain's CDC acquires 5% stake in Morocco's BMCE Bank of Africa

RABAT (Reuters) - British development finance agency CDC Group acquired nearly 5% stake in Morocco’s BMCE Bank of Africa after a $200 million (£157 million) capital injection, the two groups said in a statement on Wednesday.

The new cash will help BMCE Bank of Africa expand in the continent, the source said.

African branches accounted for 46 percent of the bank’s profits in 2018, while Morocco and Europe represented 48 percent and 6 percent, respectively.

CDC group said last November it plans to invest up to $4.5 billion across Africa over the next four years to boost ties with the continent.

Reporting by Ahmed Eljechtimi; editing by Jonathan Oatis

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