The Banque Centrale Populaire (BCP) in Morocco recently obtained approval from the AMMX for an issue of subordinated bonds with a total value of 1 billion dirhams as part of its growth strategy and strengthening of its equity.
This operation, approved by the resolutions of the Ordinary General Meeting of June 2021, constitutes an important step for the bank in achieving its long-term objectives. In detail of the operation, Banque Centrale Populaire plans to issue 10,000 subordinated bonds, each with a nominal value of 100,000 dirhams, divided into two distinct tranches.
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Banque Centrale Populaire will give the money in two tranches
The first tranche, “A”, has a maturity of 10 years with a rate that can be revised annually, and it will not be listed on the Casablanca Stock Exchange. The second tranche, “B”, shares the same 10-year maturity but with a fixed rate, and it will also be unlisted on the Casablanca Stock Exchange.
The total amount awarded for the two tranches will not exceed 1 billion dirhams, in accordance with the authorizations granted by the Board of Directors, capped at 10 billion dirhams according to the resolutions of the Ordinary General Meeting. The issue aims to finance Banque Centrale Populaire’s development projects while preserving its current regulatory capital.
It will also contribute to strengthening the group’s solvency ratio, without having an impact on the bank’s share capital. In anticipation of its centenary in 2026, the bank has developed a new strategic vision focused on six main axes. These areas include the desire to win the battle for alternative models by offering innovative solutions and distribution systems integrated into the bank.
In addition, Banque Centrale Populaire is committed to accelerating its digital transformation to ensure an optimal customer experience, to professionalizing its various operational components and to establishing strategic partnerships.
#Emphasis is also placed on the industrialization of partnerships with financial and non-financial players, the establishment of a robust management system aligned with the new dimensions of the group, and the reaffirmation of its vocation by mobilizing the skills and necessary resources for greater efficiency. This transformation positions BCP as a leader while actively preparing it for future challenges in the financial sector.
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First published in LES ECO.ma. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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