If the rights issue is successful, the bank will increase its market capitalisation by 6.6 per cent to some MD16.2bn.

The bank is issuing 4.4 million shares at MD228.5 per share. The shares closed at MD246.40 on the Bourse de Casablanca on 13 February.

Banque Centrale Populaire has appointed local stockbroker Upline Securities to oversee the share registration.

Morocco's stockmarket regulator, the Conseil Deontologique des Valeurs Mobilieres, approved the rights issue on 12 February.

Banque Centrale Populaire has yet to reveal its 2008 financial results. It generated MD652.5m of net profits from MD4.6bn of revenues in 2007.

The rights issue will increase the number of shares from 61.7 million to 66.1 million. The nominal value of the shares is MD10.