BCP’s main shareholder are the Banque Populaires Regionales that collectively control 34.9% of the Bank. Other shareholders include: Government of Morocco (17.2%), Régime Collectif d’Allocation de Retraite (pension fund) (7.1%), Office Cherifien des Phosphates (5.6%), Caisse Interprofessionnelle Marocaine de Retraite (pension fund) (5.6%), Moroccan Institutional Investors (10.9%), BCP Group employees (5.4%) and 13.9% float on the Casablanca Stock Exchange.

The investment is expected to comprise up to US$200 million equivalent in Moroccan Dirhams in new equity.

62.04 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	62.04

* These investment figures are indicative

BCP is headquartered in Casablanca, Morocco. and has a 159 branch network. BCP also has several subsidiaries, including in Europe, Guinea, Central African Republic and Mauritania

The project is expected to achieve a significant development impact at two levels:

(a) Contribute to increasing access to finance to micro, small and medium enterprises: BCP''s strategy is to strengthen its positioning in the Casablanca region. By supporting BCP, IFC will enable the Bank to gain market share and consolidate its leadership in the MSME and retail segment and therefore support economic activity and job creation.
(b) Contribute to increasing banking penetration: Traditionally, BCP Group has played a key role in providing banking services to low-income market and therefore in increasing banking penetration in Morocco. The proposed project will contribute to further developing access to banking services for retail clients in Morocco.

IFC''s additionality in the proposed project will stem from the following:
(a) Opening the Bank''s shareholding to international investors: IFC''s equity investment will have a strong demonstration effect and will open the way for other institutional investors of international standards.
(b) Strengthening Corporate Governance: IFC is uniquely positioned to help shape the Bank''s corporate governance in line with international best practices.
(c) Supporting international expansion in Africa: the proposed partnership with IFC will contribute to the success of BCP''s international expansion in Sub-Saharan Africa, as: (i) IFC''s presence and local market knowledge can facilitate acquisitions and add value for the future operations in the region, and (ii) IFC''s involvement and its alignment with BCP''s strategy enhances the Bank''s brand and credibility.

This project has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure.

During appraisal, IFC analyzed BCP’s portfolio, risk management systems, financial and nonfinancial banking services provided by BCP and subsidiaries, and labor practices. On the basis of this analysis, IFC will work with BCP to determine the applicable social and environmental performance requirements, if any, that would include a combination of the IFC financial institutions exclusion list, applicable national social and environmental laws and regulations, and the IFC performance standards.

IFC will work with BCP to define requirements according to which BCP will:

(i) Identify responsible, qualified person(s) on group level and relevant subsidiaries to manage and implement the Environmental and Social Management System (ESMS);
(ii) Develop group level Environmental and Social Management System (ESMS;
(iii) Implement the ESMS to ensure that its investments/activities are in compliance with the Applicable Performance Requirements;
(iv) apply the labor standards established by the IFC Performance Standard 2: Labor and Working Conditions; and
(v) Submit a periodic report to IFC as per a pre-agreed format.