Tuesday, August 11, 2015 11.35AM / LSE
London Stock Exchange Group (LSEG) Oon Thursday, July 30, 2015 announced that it has signed an agreement with Casablanca Stock Exchange (CSE) to support the launch of LSEG’s successful business development programme, ELITE, in Morocco.
A dedicated LSEG ELITE support team will share their knowledge of the programme with CSE representatives, guiding them on how best to implement the programme and promote the ELITE programme and brand locally. Moroccan companies will start their ELITE journey with a view to eventually joining the full pan-European ELITE community, where they will be able to share news, expertise and to create a network of contacts with over 270 existing ELITE participants, 180 advisors and 80 investors.
This partnership builds on the strategic agreement signed between LSEG and CSE last year, before His Majesty the King, Mohammed VI, King of Morocco, to help position Casablanca’s capital markets as a regional hub. Most recently, Maroclear, the Moroccan Central Securities Depository (CSD) selected LSEG’s UnaVista to provide trade repository technology. This follows Maroclear’s earlier partnership with LSEG for the allocation of Legal Entity Identifiers (LEIs) and with LSEG’s CSD, Monte Titoli, to provide access to European securities settlement infrastructure.
Xavier Rolet, Chief Executive, London Stock Exchange Group:
“Today’s agreement is testament to Casablanca Stock Exchange’s commitment to developing its capital market offering and the strength of the economic partnership between the UK and Morocco.
“ELITE is already a highly successful European programme and I’m delighted that we have the opportunity to expand the programme in Morocco. As well as helping accelerate the growth and opportunities of individual Moroccan businesses, ELITE has the power to help drive the country’s economic prosperity. High growth dynamic SMEs have a unique capacity to innovate and create new jobs, they are the lifeblood of any economy and it is essential that we create rich entrepreneurial ecosystems in which they can thrive.”
Karim Hajji, CEO of Casablanca Stock Exchange, said:
“We are delighted to sign this agreement, which reinforces our cooperation with our strategic partner, London Stock Exchange Group. We believe that the ELITE programme, already a success in Italy and the UK, will allow us to build an efficient ecosystem to support the financing of Moroccan SMEs. It will also allow us to support the financing of not only the Moroccan economy, but North and West Africa more broadly.”
The Casablanca Stock Exchange is one of the most developed markets in Africa with a market capitalization of 486 billion Dh (at the end of June) which represents 54 per cent of Morocco's GDP. More than 31 per cent of the capitalization is owned by foreign investors. 75 listed companies achieve a turnover of 250 billion Dh, which is 27 per cent of the GDP, and generate nearly 23 billion Dh net income.
ELITE is designed to help businesses prepare and structure for their next stage of growth. The programme facilitates company access to a full range of funding options, increases company profile and visibility, promotes relationships and opportunities with potential investors, and supports management best practice and entrepreneurship.
ELITE offers businesses a full programme to help them grow, including, education training and direct contact with financial and advisory communities, through a unique online portal. Management teams are guided on how best to fast-track their development and capital raising processes, how to access the most suitable funding for their needs, whether private equity, venture capital or the bond or equity markets, and given advice on building their profile and reach.
ELITE also allows its vibrant international advisor and investor community the opportunity to engage with a pool of high quality, dynamic companies and entrepreneurs, all of whom are open to the advice, opportunities and connections that the ELITE programme offers.
Since the launch of ELITE in Italy in 2012, 271 companies have joined the programme, from across 17 countries. The programme is supported by over 180 advisors and 80 investors.
For further information on the programme, companies and the full list of partners, please go to www.elite-growth.com