The "Banque Commerciale du Maroc" (BCM) and Wafabank, owned by the Kettani family, have decided to merge and form a major financial group, executives of the Kettani group and of the BCM announced Monday.
According to MAP, the merger is to become effective next January, said the executives who also announced that a takeover bid for 100% of Wafabank capital will be launched next March.
BCM CEO, Khalid Oudghiri, said the merger will not entail any layoff at Wafabank.
