(Adds confirmation from the bank)
By Clement Uwiringiyimana
KIGALI Oct 19 Attijariwafa Bank, one
of Morocco's biggest banks, has signed an agreement to buy
Rwandan bank Compagnie Générale de Banque Limited (Cogebanque),
the bank said on Wednesday.
Cogebanque is Rwanda's third largest bank by assets, which
totalled 167.5 billion Rwandan francs ($226 million) at the end
of the third quarter of 2015, according to the company.
"We have signed an memorandum of understanding to buy 75
percent stake in Cogebanque," Attijariwafa's chief executive
Mohammed Kettani said after signing the deal.
A statement from Rwanda's president's office said the deal
was worth around $41 million.
Like other large Moroccan companies, Attijariwafa Bank has
been expanding in Africa. It has subsidiaries in Tunisia, Ivory
Coast, Senegal, and Mali, among other countries, as well as
branches in Europe.
The Cogebanque deal was signed during a visit to Rwanda by
the Moroccan king, which began on Tuesday.
Attijarawafa Bank said the closing of the deal was
conditional on signing the sale contract and receiving
Attijariwafa said Cogebanque has 23 branches and had 166
million Moroccan dirhams ($16.85 million) in net banking income
and 34 million dirham in profit at end of 2015.
Earlier this month, Attijarwafa bought Egyptian business of
Britain's Barclays. The two banks did not give a price
for the transaction, although sources previously told Reuters
they valued the business at around $400 million.
($1 = 741.0000 Rwandan francs)
($1 = 9.8492 Moroccan dirham)
(Additional reporting by Aziz El Yaakoubi in Rabat, editing by
Louise Heavens and Jane Merriman)