Insurer Sanlam prioritises Kenya, Egypt and Nigeria
Counting on its partnership with German firm Allianz, the financial services specialist Sanlam is continuing to expand its presence on the African continent. Its first target is East Africa.
Othman Benjelloun, chairman and CEO of BMCE Bank of Africa, has completed the reorganisation of his holding company O Capital, with its twin head offices in Morocco and Luxembourg. The handover of his fortune to his heirs has been settled but the future of his bank, the group's flagship, remains uncertain.
The king's private secretary, who owns GSM Al-Maghrib, Maroc Télécom mobile services exclusive distributor, is gunning for the business services market. He has also taken control of Sahatel, a dealer for the royal operator Inwi.
Faced with the worst economic crisis of his reign, the king plans to refinance his private holding company Al Mada via a $500m bond issue. The main subscriber is likely to be mutual smallholders' insurance group MAMDA-MCMA, which has already got him out of difficulty on several occasions in the past.
Adil Douiri's private CFG Bank has hit turbulence. The RCAR pension fund's share purchase may offer a lifeline after its unsuccessful conversion into universal hybrid bank. This is without counting on internal divisions as director Souad Benbachir leaves her administrative seat.
The succession of Othman Benjelloun as boss of BMCE Bank has been decided. The leading stakeholder in BMCE through his insurance company RMA-Watanya, the "king's banker" finally opted in favour of the former regional governor of Marrakech, Mounir Chraibi, to