Tangier – Moroccan lender BMCE Bank plans to expand its presence to all countries in Africa through its subsidiary Bank of Africa, its chairman said on Thursday.
“We aim to cover all African countries within 10 to 15 years, from the 21 countries where we are currently active, through Bank of Africa,” Othmane Benjelloun told Reuters in Tangier.
Benjelloun did not elaborate on how Bank of Africa, in which BMCE holds 60 percent, plans to go about the expansion plan.
“Bank of Africa is doing well: its contribution to BMCE’s (consolidated) earnings rose to around 25 percent in 2011 from 17 percent in 2010,” he said.
Benjelloun declined to say if BMCE, Morocco’s second-biggest private lender, posted stronger net earnings growth in 2011 compared to 2010.
“Our earnings growth in 2011 will be excellent. Last year was good not just for our main operations in Morocco but also in Africa as well,” said Benjelloun, a major shareholder in BMCE
