BCM acquired WAFA group

Market agitation was caused in Morocco following the recent takeover of the group WAFA by “Banque Commerciale du Maroc” (BCM) on November 24, 2003. Wafa Insurance, the second company of the market with a premium turnover of 1 915.7 million Dirhams (194.35 million USD) in 2002, joins the ONA group, the leading shareholder (49%) of AXA Insurance Maroc. After the merger of RMA and Al-Wataniya, the Wafa Insurance takeover by BCM represents the second most important market operation in 2003.