With total assets of MD 90,000 million ($9,810 million), the new entity will be Morocco’s largest bank . The acquisition of Wafa Assurancewill also provide it with a strong foothold in the local insurance market.

There had previously been speculation that BCM had intended to merge with Banque Marocaine du Commerce Exterieur (BMCE) after the authorities rejected a bid in October by France’s CaisseNationaledesCaissed’Epargne(CNCE)to take a 20 per cent stake in BCM (MEED 7:11:03).