Bank of Africa
A Moroccan international banking group with commercial banking and financial-services operations across Morocco and numerous African markets.
Last updated November 4, 2026
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Overview
Bank of Africa is a Moroccan international financial-services group headquartered in Casablanca. Its present identity combines the history of Banque Marocaine du Commerce Extérieur, commonly known as BMCE, with the pan-African Bank of Africa network that BMCE acquired and developed. The group is active in commercial banking and related financial services, serving retail customers, businesses, institutions and public-sector clients in Morocco and across a broad range of African countries. The group’s Moroccan history began in 1959, when Banque Marocaine du Commerce Extérieur was established as a government-owned commercial bank during the post-independence restructuring of Morocco’s financial system. The institution was intended to strengthen Moroccan control over banking activity that had previously been dominated by foreign and colonial-era banks. BMCE opened its capital to international strategic investors in 1962, expanded its domestic network, and progressively developed international capabilities. It took over much of Société de Banque du Maghreb in 1971, opened its first overseas branch in Paris in 1972, listed on the Casablanca Stock Exchange in 1974, and absorbed Banco Español en Marruecos in 1975. Its international presence later included Spain and other representative-office locations. BMCE’s African expansion preceded its full integration with the Bank of Africa network. In 1989, it acquired a minority stake in Mali’s public development bank, marking an early move by a Moroccan bank into sub-Saharan Africa. Bank of Africa itself had been founded in Bamako in 1982 by local businesspeople to address limited access to banking services for companies and individuals in Mali and other Francophone West African markets. In 1988, African Financial Holdings was created in Luxembourg to coordinate the network, support the creation and development of local banking subsidiaries, and attract development-finance and strategic investors. The network expanded organically and through acquisitions, moving from its Malian base into West, Central, East and Indian Ocean African markets. BMCE became involved in the Bank of Africa group in 2008, when it acquired a 35 percent stake in the Luxembourg-based holding company, which was renamed Bank of Africa Group. BMCE became the group’s majority owner in 2010, integrating the network into a larger Moroccan-led financial-services platform. In 2020, BMCE itself adopted the Bank of Africa - BMCE Group name, and its commercial banking activities were brought under the Bank of Africa brand. The BMCE designation remained visible in the group’s corporate identity and in related businesses such as BMCE Capital and BMCE Bank International. The group’s business model combines a Moroccan banking franchise with majority-owned or controlled banking subsidiaries in African markets. Its offerings include personal and business accounts, payments, lending, trade finance, international banking, investment and capital-markets services, leasing, brokerage and housing finance. Non-bank and specialist activities include equipment leasing, securities services, information technology and investment-related businesses. Bank of Africa also maintains representative offices outside its core operating markets, including locations in Europe, Asia, the Middle East and North America. At the end of 2023, international activities accounted for approximately 32 percent of consolidated group assets, while Burkina Faso, Ivory Coast and Benin were among the largest sub-Saharan African markets by assets. The group remained listed in Casablanca and was described in the reference material as Morocco’s third-largest bank in 2024. Its ownership structure includes RMA, an insurance company associated with Moroccan financier Othman Benjelloun, Crédit Mutuel Alliance Fédérale, institutional investors and public shareholders. Bank of Africa’s strategic positioning is that of a Moroccan-rooted, Africa-oriented universal banking group linking domestic financial services with cross-border trade, investment and development across the continent.
History
Bank of Africa’s institutional history has two connected strands: the development of Morocco’s Banque Marocaine du Commerce Extérieur and the creation of a separate African banking network founded in Mali. BMCE was established in 1959 as a government-owned Moroccan commercial bank during the country’s post-independence effort to reduce the dominance of foreign banking institutions. In 1962 it opened its capital to foreign strategic investors, including Banca Commerciale Italiana, while the Moroccan government remained the largest shareholder at that stage. The bank expanded domestically and absorbed much of Société de Banque du Maghreb in 1971. It opened a Paris branch in 1972, listed on the Casablanca Stock Exchange in 1974 and absorbed Banco Español en Marruecos in 1975. BMCE began building a wider international profile in the late twentieth century. It opened a Spanish operation in Madrid in 1989 and took a minority stake in Mali’s public development bank during the same year. In 1995, BMCE was privatized and taken over by Othman Benjelloun through his controlling interest in Royale Marocaine d’Assurance. This ownership change provided the platform for later expansion and diversification. The Bank of Africa network was founded in Bamako in 1982 by Malian businesspeople responding to limited access to banking services. African Financial Holdings was established in Luxembourg in 1988 as a holding and development structure for Bank of Africa Mali and future subsidiaries. Its model emphasized local participation, technical assistance, management support and equity investment. Development-finance institutions including Proparco and FMO, along with other investors, helped strengthen the network’s capital base. During the 1990s and 2000s, the network expanded through new establishments and acquisitions. It created or developed subsidiaries in Benin, Burkina Faso, Senegal, the Democratic Republic of the Congo, Togo and Ethiopia, and acquired or invested in banks in Niger, Ivory Coast, Madagascar, Kenya, Uganda, Tanzania, Burundi, Djibouti, Ghana and Rwanda. The network thereby moved beyond its original Francophone West African base into East Africa, Central Africa and the Indian Ocean. It also created a specialized housing bank in Benin and established a French subsidiary after an earlier Paris representative office. In 2008, BMCE acquired a 35 percent stake in the Luxembourg-based holding company, which adopted the Bank of Africa Group name. BMCE became majority owner in 2010 and held 72.6 percent of the group by 2013. This transaction connected BMCE’s Moroccan balance sheet, international banking expertise and capital resources with Bank of Africa’s locally rooted African subsidiary network. A further rebranding took place in 2020, when BMCE adopted the name Bank of Africa - BMCE Group. The commercial banking operations were placed under the Bank of Africa brand, although BMCE continued as part of the group’s corporate identity and remained associated with businesses such as BMCE Capital and BMCE Bank International. Crédit Mutuel Alliance Fédérale became a major shareholder, while Othman Benjelloun remained associated with the largest shareholder position through O Capital and RMA Watanya. By the end of 2023, the group retained direct control of its Moroccan operations and majority stakes in banking subsidiaries across a large number of African and European markets. International activities represented about 32 percent of consolidated assets. Burkina Faso, Ivory Coast and Benin were identified as the largest sub-Saharan African markets by assets. The group also maintained representative offices in countries including Ethiopia, Spain, the United Kingdom, China, Italy, Germany, the United Arab Emirates, Belgium, Canada and the Netherlands. Its continuing strategy is based on combining Moroccan banking operations with a geographically diversified African network and specialist financial-services subsidiaries.
- 2020
Group adopts the Bank of Africa - BMCE Group name
[1]BMCE changes its group identity and places commercial banking activities under the Bank of Africa brand.
- 2010
BMCE becomes majority owner of Bank of Africa
[1]BMCE takes majority control of the Bank of Africa group and begins integrating the network into its wider financial platform.
- 2008
BMCE acquires a stake in Bank of Africa Group
[1]BMCE acquires a 35 percent interest in the Luxembourg-based Bank of Africa holding company.
- 1995
BMCE is privatized
[1]BMCE is privatized and taken over by Othman Benjelloun through his ownership of Royale Marocaine d’Assurance.
- 1988
African Financial Holdings is created
[1]The Luxembourg holding company is formed to coordinate and finance the development of the Bank of Africa network.
- 1982
Bank of Africa is founded in Bamako
[1]Local Malian businesspeople establish Bank of Africa to serve underserved businesses and individuals.
- 1974
BMCE lists on the Casablanca Stock Exchange
[1]The bank becomes a publicly traded company in Morocco.
- 1972
First BMCE overseas branch opens in Paris
[1]BMCE begins direct overseas branch operations with a Paris location.
- 1971
BMCE takes over most of Société de Banque du Maghreb
[1]The transaction strengthens BMCE’s domestic Moroccan banking presence.
- 1962
BMCE opens its capital to foreign strategic investors
[1]BMCE brings in foreign banking investors while the Moroccan government retains a major ownership position.
Products and positioning
A Moroccan-led universal banking group positioned around pan-African reach, cross-border commerce and locally incorporated banking subsidiaries. The brand combines domestic Moroccan scale with a network spanning Francophone and Anglophone African markets.
Consumer banking
Retail banking
Bank of Africa’s retail operations provide everyday banking services for individuals through its Moroccan and African subsidiaries. The offering includes deposit accounts, payment facilities, personal credit and other branch- and digitally delivered services. Product details and naming vary by country because the group operates through locally incorporated banks subject to national regulation.
Commercial banking
Corporate and business banking
The group serves small businesses, larger companies and institutions with working-capital finance, investment lending, cash management, payments and relationship-banking services. Its multi-country network supports companies operating across African markets, particularly where local subsidiaries can combine domestic knowledge with the group’s broader banking platform.
Transaction banking
Trade finance and international banking
Trade-finance and international-banking services support importers, exporters and companies with cross-border activity. These services may include documentary trade instruments, international payments, foreign-exchange-related services and financing linked to commercial transactions. The offering reflects the group’s Moroccan base and its network across Francophone and Anglophone Africa.
Investment banking
Capital markets and investment services
Related group businesses provide capital-markets, brokerage, asset-management or investment-banking capabilities. BMCE Capital is identified as an affiliated group entity, while Actibourse is among the specialist businesses associated with the wider Bank of Africa structure.
Specialist finance
Leasing and equipment finance
The group operates equipment-leasing businesses in selected markets, including Benin, Mali and Madagascar. These specialist entities complement conventional lending by financing business equipment and productive assets through lease structures.
Mortgage and housing finance · 2004
Housing finance
Bank of Africa has participated in housing finance through Banque de l’Habitat du Bénin, a specialized mortgage bank created in Cotonou in partnership with the local government. The entity remained a minority-held investment in the group structure at the end of 2023.
Brand decisions
2020
Commercial banking operations are rebranded as Bank of AfricaStrategyBackground
The group had combined BMCE’s Moroccan banking heritage with the Bank of Africa network and needed a unified commercial identity for its multi-country operations.
Action taken
BMCE adopted the Bank of Africa - BMCE Group name and placed its commercial banking activities under the Bank of Africa brand.
Aftermath
The Bank of Africa name became the principal customer-facing banking brand, while BMCE remained in the corporate group identity and affiliated businesses.
2010
BMCE takes majority control of Bank of AfricaM&ABackground
The Bank of Africa network had expanded across multiple African markets and required a larger banking group capable of providing capital, management expertise and international coordination.
Action taken
BMCE became the majority owner of the Bank of Africa group and integrated the network into its broader financial-services strategy.
Aftermath
BMCE’s ownership increased to 72.6 percent by 2013, while the combined group continued expanding its African subsidiary network.
2008
BMCE invests in the Bank of Africa holding companyM&ABackground
BMCE sought to expand its African presence by joining the shareholder base of African Financial Holdings, the Luxembourg-based entity coordinating the Bank of Africa network.
Action taken
BMCE acquired a 35 percent shareholding, while the holding company adopted the Bank of Africa Group name.
Aftermath
The investment led to BMCE becoming the majority owner of the Bank of Africa group in 2010 and created the foundation for later brand integration.
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