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Santander sells 10% stake of Attijariwafa

  1. Posted on Wednesday 6 January 2010 - 00:42
    Addou
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    Banco Santander, announced that it has sold to the Moroccan Société Nationale d'Investissement, or SNI, 10% of the share capital of Attijariwafa Bank, at a price of Dirhams 4,149.4 million, or approximately EUR 367 million at current exchange rate.

    In a statement , the three companies said this transaction, which is part of a programme to optimise the Spanish group's capital, raises The SNI's share in Attijariwafa Bank's capital to 13.49% and that After the sale, Santander maintains a 4.55 percent stake in the bank.

    Banco Santander, the major European financial institution, maintains its presence on Attijari's management board and confirms its commitment with regard to the bank through the pursuit of cooperation projects launched in particular in the areas of trade finance and also supportes foreign investors in Morocco, mainly Iberians and Latin Americans.

    The Spanish group also commits to open its markets to Moroccan operators and also provide them with technical assistance in various fields such as risk management. The group also, have partnered to support academic programs in Morocco in the areas of entrepreneurship and global management.

    Moreover, Santander has been trying to expand organically, In mid-December, the bank had announced its plan to launch in the U.S. a tender offer for the part of the capital of its affiliate in Puerto Rico Santander BanCorp not already controlled by it for US$12.25 per share in cash. This transaction amounts to a total of around US$50 million.

    Banco Santander, is the largest bank in the euro zone by market capitalization and seventh in the world by profit. Founded in 1857, Santander has EUR 885,603 million in assets and EUR 1,071,815 million in managed funds and 69 million customers.

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