Moroccan BAM Creates Postal Bank Subsidiary
Moroccan post office Barid al Maghrib (BAM), also known as Poste Maroc, has set a bank subsidiary, called Finaposte, Moroccan media reported on August 30, 2007.
Finaposte will be created after it spins off the national treasury (“Tresorerie Generale du Royaume” -TGR). The new bank will operate BAM’s postal checks accounts as well as its postal money orders, BAM CEO, Anass Alami, said.
The move is the first step in achieving BAM’s goal to become a postal bank. The spin-off is scheduled to occur on September 1, 2007.
The Moroccan postal office had 858,000 postal checks bearers and 2.3 million postal savings bearers.
BAM’s bank transition strategy follows the example of French postal group La Poste.
The Moroccan group expects to post a 12 pct year-on-year revenue increase for 2007 thanks to the acquisition of a 35 pct stake in Moroccan consumer credit firm Sofac Credit.
