In Morocco, the capital markets authority (AMMC in French) has enabled BMCE Bank of Africa and Attijariwafa Bank to issue a total 3 billion dirham of bonds (around $310 million).

In a note published on June 10, the AMMC green-lit the issuance by BMCE Bank of Africa group of a 2 billion dirham subordinated bond ($206 million). The bond will be used to “increase the bank’s secondary level complementary funds” and “finance its development plan, not only in Morocco but also in Europe and the whole Sub-Saharan African region”.

On June 8, AMMC published another note indicating that Attijariwafa Bank could issue a subordinated bond of one billion dirham ($103 million). In return, Attijariwafa, in a statement, said proceeds of this bond would serve to boost its regulatory capital and finance its domestic and global expansion.

The period for subscriptions to the bonds that will be issued by the two banks starts on June 16 and ends on June 20.