Bank of Africa

Stock performance

History

Bank of Africa, historically known as BMCE (Banque Marocaine du Commerce Extérieur), was established shortly after Moroccan independence to finance the country's foreign trade, and grew into one of Morocco's largest banks before rebranding to Bank of Africa in 2018 to reflect its extensive expansion across more than twenty African countries.

Business model

Bank of Africa provides retail, corporate, and trade-finance banking services across Morocco and an extensive network spanning more than twenty other African countries, built through decades of acquisition, giving it one of the most geographically extensive African banking footprints of any single group.

Market position

Bank of Africa is one of the largest banks in Morocco and holds one of the most extensive pan-African banking networks by country count of any African-headquartered bank, competing with Attijariwafa Bank both domestically and across their overlapping African regional markets.

Country impact

Bank of Africa is one of the largest and most internationally extensive companies headquartered in Morocco, and its rebrand and continued African expansion reflect Morocco's deliberate broader economic strategy of positioning itself as a gateway for investment into the rest of the African continent.