RABAT (Reuters) – Bank of Africa, active in 12 sub-Saharan African countries, plans to raise its capital and that of some affiliates by 178 million euros before the end of 2012, its top shareholder said.
In its annual report, Morocco-based BMCE Bank said Bank of Africa “has expansion projects underway in several African countries”.
It did not elaborate.
Data from the report showed that Bank of Africa has a capital of 50.4 million euros. BMCE derived 19 percent of its 2010 net earnings in 2010 from its stake in Bank of Africa, which currently stands at 57 percent.
Bank of Africa has affiliates in some of the continent’s biggest countries, including Ivory Coast, Uganda and Madagascar.
http://af.reuters.com/article/investingNews/idAFJOE77S0FB20110829
