BMCE’S trans­for­ma­tion

The Africa Report - - QUARTER -

BMCE Bank of Africa, one of Morocco’s largest banks, has crafted its con­ti­nen­tal am­bi­tion and plans to grow its oper­a­tions and ex­pand rapidly in Africa out­side of Morocco be­tween now and 2021. To mark the change, BMCE is go­ing to be­come simply Bank of Africa in Septem­ber. It be­came the ma­jor­ity share­holder of BOA in 2010. While BMCE has not been pop­u­lar with stock-mar­ket in­vestors due to its slow growth in sub-sa­ha­ran Africa, it is rais­ing funds to change that. Its three-year fundrais­ing tar­get is about $658m, some of which pres­i­dent Oth­man Ben­jel­loun says is soon to come from a new strate­gic for­eign in­vestor.

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