Othman Benjelloun, a leading Moroccan billionaire businessman, who ranks as the country’s second-richest man, has recorded substantial losses amounting to millions of dollars from his stake in Bank of Africa, previously known as Banque Marocaine du Commerce Exterieur (BMCE).
Data compiled by Billionaires.Africa unveils a concerning trend in the market value of Benjelloun’s share in Bank of Africa. Over the past 24 days, the market value of his stake in BOA has plunged by MAD537.82 million ($53.24 million). This recent downturn is directly correlated with bearish pressures impacting the Casablanca bourse.
Bank of Africa’s shares drop 5.18 percent on Casablanca Bourse, impacting shareholders
The multinational pan-African banking conglomerate, Bank of Africa, established in 1959, operates across 18 African countries with a Paris-based representative office, offering diverse banking services to various segments including retail, professional, private, SMEs, and large enterprises.
Since Nov. 20, Bank of Africa shares on the Casablanca bourse have declined by 5.18 percent, from MAD181.40 ($17.964) to MAD172.00 ($17.029), accruing losses amounting to millions of dollars to its shareholders, including Benjelloun, who owns a substantial stake in the Bank.
Othman Benjelloun’s Bank of Africa stake slips by $53.24 million in less than a month
Benjelloun, who ranks as Morocco’s second-richest individual, owns a significant 27.41-percent stake in Bank of Africa — this stake translates to 57,214,615 ordinary shares in the leading financial services conglomerate.
Over the past 24 days, the market value of Benjelloun’s stake in the bank has declined by MAD 537.82 million ($53.24 million) — from MAD10.38 billion ($1.03 billion) on Nov. 20 to MAD9.84 billion ($974.15 million).
Despite the financial setback, Benjelloun retains his position not only as Morocco’s second-richest individual after Moroccan Prime Minister Aziz Akhannouch, but also as one of the most affluent investors on the local bourse.
