The Ministry of Economy and Finance and the Popular Bank Group agreed, April 17th, 2014 to transfer the remains of the State whose rate is 6,0187 % for the benefit of the Regional Popular Banks, while keeping a share for the State as well as its position in the Board of directors of the aforementioned bank and in the Executive committee of Credit Populaire of Morocco.
This transaction, which is part of the implementation of the law 12-96, reforming the Credit Populaire of Morocco, pursuant to three other similar operations realized in 2002, 2011 and 2012,allowing the Regional Popular Banks to become the majority shareholder of the Popular Central Bank with about 50,46 % of its capital. The aim is to follow the same example as the international large groups where the regional banks hold the totality or at least the majority of the capital of their central bank.
The Ministry of Economy and Finance and the Popular Bank Group believe that the present transfer will contribute to strengthen the coherence of the Popular Credit of Morocco and adjust it to international standards of the large mutual groups. It will also allow strengthening the action of the Popular Bank Group at the levels of mobilizing savings and financing economy, as well as strengthening its contribution to the acceleration of structural projects of the Kingdom and in the regional dynamism.