Banque Marocain de Credit Exterieur (BMCE), Morocco’s second largest lender, has announced plans to buy back 15 million of its shares in an effort to prop up the price of its shares.
The 15 million shares are equivalent to a 9.45 per cent stake in the bank. The bank has set a minimum share price of MD265 ($30.78) and a maximum of MD400 for any shares it buys.
The buy-back scheme will be launched on 1 December and will run until 31 May, costing up to MD6bn.
The plan will be submitted to the bank’s general assembly for approval on 20 November.
At the end of September, BMCE reported a 23 per cent increase in first-half profits on the back of increased lending.
BMCE's net income in the six months up to 30 June grew to MD469.1m, up from MD379.9m for the same period in the previous year. Revenues increased by 54 per cent to MD3.06bn (MEED 30:9:08).
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