Morocco’s Othman Benjelloun Suffers a $59 Million Loss on His BOA Stake

Othman Benjelloun, a leading Moroccan billionaire businessman and the country’s second-richest man, has just lost about $60 million on his share in Bank of Africa, formerly known as Banque Marocaine du Commerce Exterieur (BMCE).

Over the last 40 days, the market value of Benjelloun’s shareholding in Bank of Africa has declined by $59.14 million. The recent market value decline is related to recent bearish pressures on the Casablanca bourse.

Bank of Africa, founded in 1959, is a multinational pan-African banking conglomerate with operations in over 18 African nations and a representative office in Paris, providing financial services to retail, professional, private, SMEs, and major corporations.

Bank of Africa shares on the Casablanca stock exchange have fallen 5.56 percent since October 11, falling from $18.607 to $17.573 at the time of writing.

The 5.56-percentage-point drop in the biggest lender’s shares on the Casablanca bourse over the last 40 days has resulted in significant financial losses for owners, including Benjelloun, Morocco’s second-richest man.

Benjelloun owns a huge 27.41 percent interest in Bank of Africa, according to latest stock market data. This equates to 57,214,615 ordinary shares in the world’s largest financial services business.

Benjelloun’s stake in the bank’s market value has dropped by $59.14 million in recent months, from $1.06 billion on Oct. 11 to $1.00 billion.

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