BMCE Bank of Africa obtains its approval to settle in Shanghai

The BMCE Bank of Africa "becomes the first Moroccan bank to establish itself in the People's Republic of China" . According to a statement, the Moroccan banking company has just obtained the final approval of the Chinese authorities to settle in Shanghai. "BMCE Bank of Africa has just received the final agreement, dated July 4, from the Chinese Regulator in charge of Banking Supervision, China Banking Regulatory Commission, for the opening of a Branch of BMCE Bank Of Africa in Shanghai " notes the document. The Shanghai branch will be headed by Said Adren, formerly managing director of Bank of Africa Ghana, and is expected to open to customers in the last quarter of 2018, the company said in a statement.

Boosting economic relations between Beijing and Rabat

As much as obtaining this definitive approval is historic, it is very important for the Kingdom of Morocco. This is because of the expectations placed in the new branch. "The BMCE Bank of Africa branch in Shanghai is expected to play a catalytic role in the economic relations between China and Morocco" the statement of the Moroccan giant of the Bank said. It also counts "to participate actively in the operations of Trade Finance and Project Finance between China and the African continent" added the text.

A nice initiative of the BMCE Bank of Africa seen the current context. Chinese financial flows to Morocco have increased sharply in recent years. According to various banking sources, Chinese Foreign Direct Investment (FDI) flows in Morocco reached nearly 33 million euros, or around 362.5 million dirhams in 2016. In the first half of last year, they rose to nearly 53 million euros, about 582.4 million dirhams, which is almost double the flow achieved in 2016. And these figures are still likely to increase while in early May, Casablanca Finance City ( CFC), the Moroccan financial center has announced that it has signed a memorandum of understanding with the Xicheng District Financial Development Promotion Center (XDFDPC, Center for the Promotion of Financial Development of Xicheng District) with the aim of "promoting opportunities of investment " between the Middle Kingdom, the Sherifian Kingdom and the African continent.