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Allen & Overy Advises BMCE Bank Of Africa on a fund raising from CDC Group plc for USD200 million

 

BMCE Bank Of Africa.jpg

Casablanca – Allen & Overy (A&O) has advised BMCE Bank of Africa (BMCE), a Moroccan bank with a strong international presence, on a USD200 million fund raising from CDC Group plc (CDC), a UK’s development finance institution.

A&O advised BMCE in connection with the subscription through a share capital increase by CDC Group to approximately 5% of the capital of BMCE Bank of Africa for an amount in Moroccan dirhams equivalent to USD200 million. The transaction remains subject to the fulfillment of the incumbent conditions precedent in such matters.

Yassir Ghorbal, A&O Casablanca partner, shared: “This transaction represents a major investment led by CDC in the financial sector in Africa. Working alongside our client, BMCE Bank of Africa, to support its ambition to expand activity in the rest of the continent has been really exciting.”

BMCE Bank of Africa is a leading pan-African financial group that operates in diversified and multi-business areas. The group is present in 31 countries across Africa, Europe and Asia, employing more than 15,200 people worldwide with more than 1,675 branches serving nearly 6.6 million customers.

CDC Group invests in Africa and South Asia to foster economic development and job creation. It has invested in Africa since its creation in 1948, and has a portfolio of net assets totaling GBP5.1 billion on the continent. This partnership is its first direct equity investment in Morocco.

A&O's team was led by partner Yassir Ghorbal, and by Counsel Sylvain Aoust, assisted by Counsel Younes Maleh, and senior associate Lamya Kerroumi on capital markets matters and associates Zineb El Kouhen, Omar Zizi and Max Olivier N’Goran on corporate aspects.

The Norton Rose Fulbright team in charge of advising CDC Group on the operation in Paris and Casablanca was led by Alain Malek, assisted by Godefroy Le Mintier, Of Counsel, and Ismaël Sinaceur.

 
For further information please contact:

Amal Ounir, Marketing and Business Development Manager, Allen & Overy
Tel: +212 520 478 000
amal.ounir@allenovery.com 
 


 

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