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Morocco’s richest banker Othman Benjelloun’s BOA Group has entered into a comprehensive collaboration agreement with Egypt’s Beltone Holding, aiming to strategically expand their presence in the Sub-Saharan African market.
The agreement, signed on Feb. 21, emphasizes Beltone’s commitment to brokerage, asset management, investment banking, and liquidity services within regional markets.
Under this multidimensional collaboration, Beltone will capitalize on BOA Group’s robust regional network and deep market knowledge, fostering its strategic expansion into Sub-Saharan Africa.
The partnership aims to facilitate product cross-selling opportunities and provide research and analysis services, further solidifying Beltone’s foothold in the diversified financial sector.
Strategic partnership to drive economic growth in sub-Saharan Africa
The collaboration between these financial behemoths not only signifies a strategic move towards regional integration in Africa’s financial landscape but also underlines the joint commitment to promoting financial inclusion across Sub-Saharan Africa.
The collaboration is expected to harness the collective efforts of both entities in contributing to economic development in the region. In tandem with this collaboration, Beltone Financial Holding, as of Feb. 1, has undergone a rebranding to Beltone Holding, as approved by shareholders.
The company’s consolidated net profits after tax in the first nine months of 2023 showed a remarkable turnaround, reaching EGP85.77 million ($2.78 million) from a net loss of EGP139.88 million ($4.52 million) recorded in the corresponding period.
Mastermind of Moroccan finance: Othman Benjelloun’s $1.4-billion net worth driven by BOA Group dominance
Benjelloun, a leading Moroccan billionaire and the driving force behind BOA Group, holds a significant 27.41-percent stake in the leading financial services holding company.
With a net worth of $1.4 billion, primarily stemming from his ownership in BOA Group, Benjelloun has played a pivotal role in the growth of the Moroccan financial services industry. The group operates in 18 African nations with representative offices in Europe and Asia.
This collaboration between BOA Group and Beltone Holding not only signifies a strategic move in the financial landscape but also holds the potential to shape the future of financial services in Sub-Saharan Africa.
