Banco Santander had sold its 10% stake in Morocco-based lender Attijariwafa Bank to Moroccan royal family holding company Société Nationale d’Investissement (SNI) for about EUR367m. In a statement to the Spanish stock exchange regulator, Santander said it had made capital gains of about EUR223m by selling the stake to SNI.
After the completion of the deal Santander’s stake in the north Africa’s private lender by assets reduces to 4.55% , while SNI’s holdng increases to 13.49%.
In a statement, Attijariwafa Bank said: “Grupo Santander maintains its presence on the bank’s management board and confirms its commitment to Attijariwafa Bank through the pursuit of cooperation projects already begun,” reported the news agency.
