The Moroccan group BMCE Bank of Africa will soon be established in 5 new African countries before the end of this year 2018, according to its chairman, Othman Benjelloun. This expansion, which is on the horizon in South Africa, will be a great first for a Moroccan banking establishment in southern Africa.
“We are also negotiating the opening of new banks in Southern Africa and should, at the end of 2018, plant our flag in five new countries, including South Africa and Zimbabwe,” Othman Benjelloun said.
This is a major challenge as BMCE Bank of Africa currently has no representation in southern African countries. Also, the group will have to evolve in a highly competitive environment as South African banks dominate the African banking sector, with Standard Bank Group, First Rand and NedBank Group recognized as the three largest groups on the continent.
It also remains for the Moroccan bank, already active in some twenty African countries, to define what type of presence will be discussed in these markets.
