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Barid Al Maghrib launches banking subsidiary
A new bank has seen the light of day. The Moroccan mail company Barid Al Maghrib, which has long provided banking services, launched on Tuesday its banking subsidiary “Al Barid Bank”.

The launching ceremony saw the attendance of many Moroccan economic figures, including the minister of trade and industry and the president of the federation of Moroccan companies (CGEM), as well as the presidents many Moroccan leading banks.

The new bank has started with a capital base of MAD 200 million (USD 23.99 million), which would eventually be double, said the new banks' Managing Director, Amin Benjelloun Toumi, who noted that the aim is to increase the number clients.

"Al Barid Bank has the ambition of having 6 million clients by the year 2015 in order to raise the proportion of access to banking to 60%, said Toumi, adding that the bank would have market share of 26%.

Actually, before the launch of Al barid bank, the rate of access to banking services did not exceed 34%, bearing in mind that people who had accounts with Barid Al Maghrib were not taken into consideration in statistics.

But from Tuesday on this rate has jumped to 47%, as Al Barid Bank now has added the 4 million more accounts that were managed by Barid al Maghrib.

The bank will thus make use of the parent company's 1,700 agencies. It also intends to create some 50 new agencies a year.

Moreover, it is already equipped with 510 automated teller machines (ATM), which are already operational. They will be reinforced by some 100 new ones every year.
  By CMC
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