Morocco's Banque Centrale Populaire to Further Expand in Africa

The general manager of Morocco's Banque Centrale Populaire (BCP), Kamal Mokdad, has told Reuters that the Moroccan banking group is open to new acquisitions in Africa.

Fez – The general manager of Morocco’s Banque Centrale Populaire (BCP), Kamal Mokdad, has told Reuters that the Moroccan banking group is open to new acquisitions in Africa.

Mokdad said that BCP is keeping an eye on the market “ready to seize any external growth or partnership opportunity that meets our criteria and development strategy on the continent.”

BCP’s general manager recalled that the last deal of the Moroccan banking group dates back to 2019. BCP acquired three banks in the Democratic Republic of Congo (DRC), Mauritius and Madagascar, bringing the Moroccan bank’s African presence to 18 countries.

Talking about the pandemic’s repercussions on the bank, Mokdad said that the bank’s “expansion plans on the continent have not been altered by the outbreak of the health crisis.”

The BCP chief said that foreign branches appear to have contributed more than the intended 30% of the bank’s income, exceeding expectations. These positive results come amid “ambitions to enlarge our geographic footprint,” without providing a timeframe.

COVID-19 has slowed down the bank’s expansion, he said, noting that recovery is promising and the BCP group remains confident in the years to come.

Furthermore, BCP has expanded its presence in Africa in line with the kingdom’s economic vision. This presence facilitates the operation of Moroccan businesses throughout the continent.

The Banque Centrale Populaire is Morocco’s second-largest bank, with annual revenues of more than $20 billion (MAD 180 billion).

BCP offices can be found in Spain, England, Germany, France, Gibraltar, the Netherlands, Canada, and Belgium.

Morocco’s Banque Centrale Populaire (BCP) was named the best Moroccan bank in trade finance at the “2022 World’s Best Trade Finance and Supply Chain Finance Providers” Awards.

The prize, which is sponsored by the international magazine “Global Finance,” honors banks that excel in foreign trade finance in their own nations