Change in capital structure
On October 27, “Attijariwafa Bank†announced the disposal of 50% of its stake in “Wafa Assurance†to SNI to become co-shareholders of the insurance company.The deal will enable Attijariwafa bank to strengthen its solvency ratios in order to get regulatory approval for the acquisition of Barclays Egypt. According to Attijariwafa bank, the deal is expected to boost its «Core Tier 1» and ROE ratios by 166bp and 100bp respectively.
The value of “Omnium de Gestion Marocain†was determined on the basis of a P/Book ratio of 2.32x, which is slightly above our ratio used for valuation purpose.
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