BMCE Bank Of Africa opens its subsidiary in Shanghai

By proceeding this Tuesday, April 23, the opening of its branch in Shanghai, BMCE Bank Of Africa becomes the first Moroccan banking institution to hold a subsidiary.

« After nearly two decades of presence in Beijing, in the form of a Representative Office, the group has the privilege of being counted, henceforth, among the financial community of Shanghai, as a Chinese bank, of Moroccan origin and of African vocation « declared the president of the BMCE Bank of Africa group, Othmane Benjelloun during the inauguration.

The bank has been present in China since 2000 through its representative office and has officially announced its branch in 2019 to further materialize its activities in China.

« By wagering on China for several decades and by exercising today in Shanghai, we wanted to illustrate the real role that financiers and bankers must play, that of working to build trust between economic agents. even say, help to establish or reinforce it between the states « added Othmane Benjelloun.

In a statement issued on April 24, BMCE Bank of Africa says it intends to « make available to its branch in Shanghai, its entire international network, more than 1650 agencies around the world to bring all its expertise and support investors in both Africa and China « .

BMCE Bank International Shanghai also aims to support Chinese institutions in their investments in Africa through deals offered by all subsidiaries working for Africa or by participating directly in financing.

With this branch, the group intends to become one of the major compensators of the Renminbi (RMB) currency in Africa and, after agreement with the Chinese authority, which will allow it to become the starting point to support foreign currency financing. foreign and in RMB.

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