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BMCE Bank of Africa has just received the definitive approval for its Shanghai branch on July 4th, announces a press release issued today
The bank has obtained the final agreement from the Regulator Chinese in charge of supervision of banks, China Banking Regulatory Commission. BMCE BoA becomes the first Moroccan bank to establish itself in the People's Republic of China
It is recalled that a preliminary agreement was notified to BMCE Bank of Africa on November 30, 2017, following the filing of its application from the Chinese Regulator.
"The BMCE Bank of Africa branch in Shanghai plans to play a catalytic role in the economic relations between China and Morocco, as well as to participate actively in Trade Finance and Project Finance between China and the African continent, "the statement said.
The same source adds that this new branch will be headed by Said Adren, previously DGA of BOA Ghana. It should open its doors to customers in the last quarter of this year.
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