Moroccan bank BMCE Bank of Africa has obtained permission from the Chinese authorities to open a subsidiary in Shanghai, making it the first bank of the Kingdom of Morocco to settle in the People’s Republic of China
The authorization obtained on July 4, from the Chinese Regulator for Banking Supervision, China Banking Regulatory Commission, will allow the BMCE Bank of Africa to strengthen the existing economic relations between Morocco and China. And also to actively participate in Trade Finance and Project Finance operations between China and the African continent.
The bank’s authorities have decided to entrust the management Said ADREN, previously DGA BOA Ghana and should open its doors to customers in the last quarter of this year 2018.
It should be noted that as of November 30, 2017, a preliminary agreement had been notified to BMCE Bank of Africa, following the filing of its application for approval with the Chinese Regulator.
