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BMCE Bank Foundation Content Chairman’s Message ...................................................................................................................... 4 Presenting BMCE Bank Group A Member of FinanceCom Group ................................................................................6 Composition of the Board of Directors ...................................................................8 BMCE Bank Group around the World .................................................................... 10 Group Profile ............................................................................................................. 12 BMCE Bank’s Shareholders ...................................................................................... 13 BMCE Bank Group’s Strategy.................................................................................... 14 2016-2017 Highlights .................................................................................................. 15 Financial Performance ............................................................................................. 16 BMCE Bank in Morocco............................................................................................................. 18 Personal and Professional Banking ....................................................................... 18 Corporate Banking.....................................................................................................22 Investment Banking ....................................................................................................24 Resources and Means ................................................................................................28 Specialised Financial Subsidiaries ............................................................................32 BMCE Bank in Sub-Saharan Africa .......................................................................................34 Bank of Africa Group ................................................................................................34 Other African Subsidiaries .......................................................................................65 BMCE Bank in Europe ................................................................................................................68 BMCE Bank in Asia and in North America .........................................................................70 BMCE Bank and its Environment ......................................................................................... 72 Global economy ..........................................................................................................72 Moroccan economy .................................................................................................... 74 BMCE Bank and its Governance ...............................................................................77 Work of the Board of Directors .............................................................................78 Board of Directors ....................................................................................................82 Senior Management ...................................................................................................96 Management of Overseas Operations ................................................................... 100 Corporate Governance ........................................................................................... 102 BMCE Bank and its Shareholders ......................................................................................113 BMCE Bank Shares ....................................................................................................114 Investor Relations ....................................................................................................118 BMCE Bank’s rating ...................................................................................................119 Financial Communications Agenda 2017 ................................................................ 120 Risk Management Organisation ............................................................................... 121 Group Compliance ....................................................................................................................139 Social and Environmental Responsibility ....................................................................144 BMCE Bank Foundation ........................................................................................... 145 Sustainable Development........................................................................................ 147 Human Capital ........................................................................................................... 150 Public Relations ....................................................................................................... 152 African Entrepreneurship Award ......................................................................... 154 Financial Report........................................................................................................................155 Management Report ................................................................................................ 156 Resolutions ................................................................................................................161 Statutory Auditors’ Audit Report on the Consolidated Financial Statements ........................163 Consolidated Financial Statements ....................................................................... 164 Statutory Auditors’ General Report on the Parent Financial Statements ..... 196 Statutory Auditors’ Special Report ....................................................................... 197 Fundamental Accounting Principles ...................................................................... 211 Parent Financial Statements .................................................................................. 214 Moroccan Operations .............................................................................................234 BMCE Bank’s Overseas Network ........................................................................................238 BMCE Bank Group’s Subsidiaries ........................................................................................239 BMCE Bank’s History ............................................................................................................... 240 Chairman’s Message OUR WORLD IS CAPITAL 5 PAGE 4/ PAGE t Completing the first year of its Strategic Development With the backing of it 14,000-strong workforce and Plan 2016-2020, BMCE Bank of Africa Group’s net its diverse business lines, BMCE Bank of Africa Group income attributable to shareholders of the parent remains committed, as a pan-African financial insti- company breached the MAD 2 billion mark for the tution of Moroccan origin, to being a torch-bearer for first time, reaching another record high and highligh- Africa, a continent which is a genuine ‘new frontier’ of ting the Group’s strong growth dynamic both in its development for the world in this third millennium. domestic market and overseas. Another record was Our Group also continues to fly the flag for Morocco achieved in terms of the size of the balance sheet, as a bridge head and reliable agent for the continent’s which surpassed the MAD 305 billion threshold. development. Performance indicators registered double-digit growth such as consolidated net banking income (+10%) and gross operating income (+15%), demonstrating the underlining health of the Group’s core business. This performance was also due to the Group’s clear Othman Benjelloun willingness to play a supporting role in Africa’s deve- Chairman & Chief Executive Officer lopment; the Group, which has one of the most exten- sive branch networks, has forever shown its determi- nation to place Africa at the heart of its international strategy, promoting African development projects on behalf of Africans. The Group’s leadership can also be seen in its strategy of accelerating the development of inclusive and sustainable finance at the Group level. The recogni- tion bestowed on our institution, domestically and internationally, is derived from our resolute approach, adopted more than 20 years ago, culminating in our noteworthy presence at the COP22 held in Marrakesh. The pioneering and exemplary commitment shown by BMCE Bank of Africa Group and its Foundation is regularly recognised by renowned international chari- table organisations in their international rankings. B M C E B A N K O F A F R I C A A Member of FinanceCom Group CORE BUSINESS PRIVATE EQUITY INTERNATIONAL F BMCE Bank: A universal F Finatech: A group of F FinanceCom bank that is Morocco’s third companies specialising International: A subsidiary private sector bank with a in new information overseeing the Group’s 14.9% share of both the technologies structured asset management and real loan and deposit markets around two main business estate companies around lines: the Energy & the world F RMA: One of Morocco’s Infrastructure Division and leading insurance the Systems Technologies companies with a 16.7% Division total market share F Other investments: F RMA Capital Holding: CTM, Air Arabia Maroc, RMA’s asset management Casablanca Jeemo Cars and company Brico Invest GROWTH DRIVERS REAL ESTATE F Meditelecom-Orange: F CAP ESTATE: The Group’s Morocco’s second real estate subsidiary with telecommunications MAD 225 million of share
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