(Ecofin Agency) – The Moroccan bank continues the execution of its 2021-2025 strategic plan which aims to accelerate the transformation of the group in a rapidly changing environment.
The Moroccan Capital Market Authority (AMMC) has given the green light to the issuance, by Attijariwafa Bank, of a subordinated bond loan of 1.5 billion dirhams ($150.08 million), as indicates the policeman of the Casablanca Stock Exchange in a note made public on Friday, December 13.
Scheduled for December 20 to 24, 2024, this operation involves the issue of 15,000 subordinated bonds with a nominal value of 100,000 dirhams each, with a maturity of 7 years. It will take place in two tranches not listed on the Casablanca Stock Exchange. The first at a fixed rate and the second at a variable rate.
According to the information note, this fundraising aims to “strengthen the current regulatory capital and, consequently, strengthen the solvency ratio of Attijariwafa Bank, finance the organic development of the bank in Morocco and internationally, and anticipate the various regulatory developments in the countries of presence”.
Reserved for investors qualified under Moroccan law, this operation is part of a broader strategy, authorized by the ordinary general meeting of June 11, 2024 of the bank. This authorization allows it to issue subordinated and non-subordinated bonds, for a maximum amount of 10 billion dirhams over four years.
This operation takes place in a context where the Moroccan banking group is posting positive results, as indicated in its reference document relating to the 2023 financial year. Thus, the group’s net banking income increased by 16.6% in the first half of the year. 2024 compared to the same period the previous year, while the net profit group share recorded an increase of 35.7% year-on-year.
These performances demonstrate the financial solidity of the group, which is established in 26 countries around the world, mainly in Africa, the Middle East and Europe.
Sandrine Gainne
Edited by Mahoudjro F. Vahid Codjia
