• BOA boosts capital by $115.9M via free share issuance
• 4.5M new shares distributed; stock price remains stable
• Group operates in 18 African nations, Europe, Asia, and U.S.

Bank of Africa (BOA) announced on Monday, November 3, that it has completed a capital increase of 1.078 billion Moroccan dirhams (approximately $115.9 million) to strengthen its financial position.

The move, which was authorized by an extraordinary general assembly held in June at the group’s headquarters in Casablanca, was executed by capitalizing reserves and issuing free shares to existing shareholders.

According to the group’s financial statement, a total of 4,495,548 new shares were distributed as a stock dividend, at a ratio of one new free share for every 48 shares held. The Casablanca Stock Exchange had adjusted the price of BOA shares on Monday, October 20, to 40 dirhams per unit, based on the previous day’s closing price. The share price remained unchanged following the distribution of the new stock.

Beyond its Moroccan home market, BOA operates a substantial international footprint. The group is present in 18 African countries, including eight in West Africa, eight in East Africa and the Indian Ocean region, and two in Central Africa. Specifically, its African operations span Benin, Burkina Faso, Ivory Coast, Ghana, Mali, Niger, Togo, Senegal, Burundi, Djibouti, Ethiopia, Kenya, Madagascar, Uganda, Rwanda, Tanzania, the Republic of Congo, and the Democratic Republic of Congo.

BOA also has a presence in Europe through its investment and financing holding companies in Spain, the United Kingdom, France, and Switzerland. It maintains an investment presence in Asia via a representative office opened in China in 2019, as well as in North America.

In 2024, the banking group reported a consolidated net profit of $338.9 million and a total balance sheet of $12.86 billion.

Walid Kéfi