UK’s CDC acquires an equity stake of 5% in BMCE Bank of Africa

UK’s development finance institution CDC Group has acquired an equity stake of 5% in BMCE Bank of Africa, the Moroccan capital market authority (AMMC) has announced.

The British company now owns 5.37% of the capital of said bank, AMMC said in a statement released Thursday on its website.

CDC has over 70 years of experience investing in Africa and in Asia, with more than 700 businesses in its African portfolio.

The group invests in financial institutions to advance financial inclusion and bring better access to affordable finance for individuals and SMEs, helping them to strengthen their communities.

Partnership between BMCE and CDC represents one of the largest single investments by a British institution in the Moroccan financial sector.