The Crédit Agricole Group of Morocco (CAM) has raised 500 million dirhams (50 million euros) subordinated issue with institutional investors, reports the daily L’Economiste. The operation was subscribed 6.7 times, which shows a high level of confidence in the quality of the management and the business plan. The quality of the fundamentals is important for this successful release.
Indeed, the bank specializing in the financing of agriculture has achieved a 12% increase in its net profit (390 million dirhams or 39 million euros) at the end of the first half of 2018. In its strategic plan, the bank counts reach 5 million accounts by 2021.
Chaired by Tarik Sijilmassi, Crédit Agricole Maroc is Morocco’s seventh largest bank. A performance for this Moroccan bank with public capital created in 1961 and fallen into a delicate phase in the mid-90s.
