Groupe BPCE transfers its equity interest in Crédit Immobilier et Hôtelier to Morocco’s Caisse de Dépôt et de Gestion

Since July 2006, Groupe BPCE, through BPCE International et Outre-mer, has held an indirect equity interest in CIH via Massira Capital Management (MCM), a subsidiary jointly owned by the French group and Morocco’s Caisse de Dépôt et de Gestion.

A memorandum of understanding was signed on December 20, 2011 between CDG and Groupe BPCE for the transfer of BPCE’s indirect equity interest in CIH Morocco to CDG. When this transaction has been completed, CDG will own 67.9% of the capital of CIH – a percentage that does not take account of the new equity issue currently in progress – via MCM.

CDG and Groupe BPCE express their satisfaction with the quality of their partnership between 2006 and 2011, which enabled them to turn CIH around and to give it the means it required to adopt a universal banking model. Now, however, the two groups want to change their relationship as joint shareholders. Groupe BPCE will continue to pursue its commercial relations with CIH.

CDG is confident in the future potential of CIH and fully intends to inject new momentum into the bank while continuing to provide all the resources required for the ongoing development of the financial institution, thereby helping to support the economic and social development of the Kingdom.

The transaction should be completed without delay, as soon as the necessary approvals and authorizations have been obtained from the relevant authorities.