Mr. Nizar Baraka, Minister of Economy and Finance, and the chairman of the board of executive directors ofthe Popular Central Bank (BCP), Mr. Mohamed Benchaâboune, signed Friday, September 21st2012, an agreement relating to the sale by the State of 10% of its stake in BCP`s capitalfor the benefit of the popular regional banks.
As a result of this transaction, the third of its kind after those of 2002 and 2011, the State remains the holder of 6.34% of the BCP capital. This operation is part of the strategy adopted by the government to consolidate thepopular credit institution in Morocco through greater involvement of regional popular banksin the BCP`s capital and at the level of the governance bodies of the aforementioned bank.
This transaction will also allow the group to comply with the standards and criteria adopted by the international mutual groups and ensure strong regional focus ofpopular banks in Morocco to better support the economic development of regions in the Kingdom within the framework of the regionalization policy. This operation should also bring a new impetus to the stock market and have a positive impact on the transactions relating to the transfer of equity interests and the stock exchange.