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Morocco's BMCE bank gets IFC loan

Mon May 12, 2008 3:20pm EDT

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RABAT, May 12 (Reuters) - Morocco's second-biggest private bank, BMCE (BMCE.CS), said on Monday it had won a 70 million euro ($108 million) loan from International Finance Corp, the World Bank's financial arm for private sector.

"This (loan) will help financing the bank's expansion overseas, namely in the Sub-Sahara African region," BMCE said in a statement.

The bank gave no details on the loan conditions but it said the money will help finance BMCE's acquisition of a 35-percent stake in Mali-based Bank of Africa.

In March, BMCE reported its 2007 net profit rose 55 percent mainly due to assets sales and growth in client deposits and loans that enlarged its market share.

BMCE has said it would step up an expansion in Africa through Bank of Africa as it pushes for more business abroad.

It plans to take control of Bank of Africa's network and expand the group's presence to include "the 55 countries of the African continent" within 10 years. (Reporting by Lamine Ghanmi; editing by Tom Hals)



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