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A N N U a L R E P O A N R N E U P A O L R T CONTENTS Chairman’s message .................................................................................................................................................................................................................................4 60 years of history, timeline of a success story .................................................................................................................................................6 BMCE Bank of Africa today ...........................................................................................................................................................................................................8 Key figures .................................................................................................................................................................................................................................9 A member of FinanceCom Group .................................................................................................................................................................... 10 A multi-business, multi-brand banking group .......................................................................................................................................... 12 An unrivalled global presence and pan-African market leader ................................................................................................. 14 A solid, well-diversified and stable shareholder base ....................................................................................................................... 16 Corporate governance meeting the highest international standards ................................................................................... 19 Business transformation driving sustainable growth ...........................................................................................................................24 1995, a visionary group is born ........................................................................................................................................................................... 25 Strategic Development Plan 2012-2015, an unmitigated success ........................................................................................ 26 2016-2018, a period in which the Group has consolidated and sustained its gains .............................................. 28 Strategic Development Plan 2019-2021, a new growth era ........................................................................................................ 29 2018, a pivotal year in the Group’s transition towards a new development era ..............................................30 Extending Morocco’s relations with the rest of the world............................................................................................................. 31 Accelerating digitalisation across businesses to deliver a better customer experience .................................... 40 Engaging with customers to best meet their needs .......................................................................................................................... 42 Profitable growth underpinned by an ability to generate synergies .................................................................................... 53 Anticipating and supporting Morocco’s economic transformation ..................................................................................... 54 BMCE Bank of Africa, deeply committed to society and the environment ..............................................................................56 Developing a revolutionary model for education in rural areas ............................................................................................. 57 Developing Positive Impact Finance ..............................................................................................................................................................60 A commitment to entrepreneurship ............................................................................................................................................................... 62 Risk Management Organisation ..........................................................................................................................................................................................64 Group Compliance .................................................................................................................................................................................................................................84 Corporate Governance System ............................................................................................................................................................................................. 90 Financial Report ......................................................................................................................................................................................................................................117 CHAIRMAN’S MESSAGE BMCE Bank of Africa Group’s achievements in 2018 continue to demonstrate its diverse expertise, its extensive geographical footprint, the sound choices made in relation to its international strategy and its deep-seated interest in the many communities that are impacted by its every action. The benefits of focusing to a large extent on the African continent can be seen in the latter’s growing contribution to its operational and financial performance. The Group has also bolstered its Othman BENJELLOUN European operations to serve the needs of Africa’s Chairman & Chief Executive Officer economies and the diaspora more effectively. Since being privatised almost 25 years ago, BMCE Bank of Africa Group is embracing the future with a sense of optimism, buoyed by the success of a series of strategic plans that have enabled it to become one of the leading pan-African banking groups. BMCE Bank of Africa Group's achievements in 2018 should be seen in a context of balance sheet optimisation, enabling it to bolster its capital adequacy ratios. The new Strategic Development Plan for the period 2019-2021 is consistent with the Group's desire to continue to bolster, over the long term, its international coverage and its multi-business expertise. PAGE 4/5 BMCE Bank of Africa has had a presence in Beijing The future Mohammed VI Tower, a symbol of for nearly two decades. In 2018, it underlined its Morocco’s and Africa’s growing stature, is another longstanding affinity for China by opening the BMCE flagship project. With its inspirational and original Bank of Africa Shanghaï Branch, becoming the first design, it is part of an ongoing process that aims to African bank to open a branch in Shanghaï. enhance Morocco’s urban environment and promote the country’s image at home and abroad. This new branch will enable BMCE Bank of Africa Group to play a part in China's ‘One Belt, One Now more than ever, BMCE Bank of Africa stands Road’ initiative, which aims to foster a new form of out as a multi-dimensional Group that is able to globalisation that is mutually beneficial, as well as generate not only economic value year after year contributing to Sino-African trade. but social value also. Its commitment to corporate social responsibility is now integral to its corporate BMCE Bank of Africa's forward-looking vision aims to culture. Responsibility for the Group’s initiatives in serve the Kingdom’s best interests. Forever inspired promoting Positive Impact Finance and its efforts by a desire to contribute to the development of the at encouraging entrepreneurship as a catalyst for Moroccan economy, it has partnered large-scale economic and human development lies in this A projects such as the Tangier Med Port, which multi-dimensional approach. It is also inspired by N R have comprehensively transformed Morocco. In the work of the BMCE Bank Foundation, whose N E U P 2016, in Beijing, BMCE Bank of Africa Group also achievements in rural education in Morocco and A O played an active role as catalyst to the signing of Africa are often held up as a role model. L R T a ‘strategic partnership’ between His Majesty King Mohammed VI and His Excellency the President of On the eve of its 60th anniversary, BMCE Bank of 20 1 8 the People's Republic of China, Xi Jinping, the upshot Africa is steadfastly determined that the African of which has been one of Africa’s large-scale projects, continent will become a major component of the the Mohammed VI Tangier Tech Industrial City. global economy and Morocco a platform and talent pool within Africa, the cradle of humankind. 60 years of history Timeline of a success story In 1959, Banque Marocaine du Commerce Extérieur was founded at the instigation of His Majesty the late King Mohammed V. Its vocation, to develop Morocco’s international trade, has remained its driving force throughout its 60-year history. It has now acquired a reputation for being a multinational Moroccan banking group and provider of banking services across the entire continent. Throughout its entire 60-year existence, BMCE Bank of Africa has evolved to be able to support the country’s economic development and adapt to the challenges posed by globalisation and its effects on the global economy. As a result, in the 1970s, the first overseas operations were established with the opening of a branch office in Paris and the setting up of the Bank’s international subsidiary
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