INCREASE IN THE SHARE CAPITAL OF BANK OF AFRICA BY THE EQUIVALENT IN DIRHAMS OF TWO HUNDRED MILLION US DOLLARS RESERVED FOR "CDC GROUP PLC" 19 June 2019

The Board of Directors of BANK OF AFRICA, meeting on June 18, 2019 at the Bank’s headquarters in Casablanca, under the chairmanship of Mr. Othman Benjelloun, Chairman and CEO, has authorized:  

(i)     the acquisition by CDC Group PLC of an equity interest of approximately 5% of the share capital of BANK OF AFRICA, in an amount equivalent in Dirhams to two hundred million US Dollars; and  

(ii)     the signature of the relevant legal documentation.  

In addition, an Extraordinary General Meeting will be held within the legal timeframe required to decide, in particular, on a capital increase reserved for CDC Group PLC that amounts to the equivalent in Dirhams of two hundred million US Dollars.  

The legal documentation relating to this transaction was then signed by the parties.

The participation of CDC Group PLC in the share capital of BANK OF AFRICA is not only part of the implementation of the financing plan accompanying the bank’s Strategic Development Plan 2019-2021, it also seals a strategic partnership between the two institutions. 

This partnership is the first direct equity investment by CDC in Morocco and one of the largest ever to be made in the Moroccan financial sector by a British institution. It also demonstrates the common vision that the two Groups have and their commitment to developing the economies of the African continent.