VOL. XLI

No. 13

30-March-1998

MOROCCO

Morocco's BMCE Sets Up Investment Subsidiary

Morocco's Banque Maroccaine du Commerce Exterieur (BMCE) announced on 24 March that itwill set up a new investment bank to benefit from the liberalization of the Moroccaneconomy. The bank - BMCE Capital - will have an initial capital of Dh100mn ($10.2mn),although this will be raised "as the market calls for it" according to officialsat the bank, with the first injection of new funds expected within the next six...