Casablanca (ADV) – Morocco’s BMCE Bank of Africa said on Friday that China has approved its request for opening a branch in Shanghai, China’s most populous city.
As the first Moroccan bank to be opened in China, it will act as a catalyst for economic relations between the two countries, the bank said in a statement.
The bank also intends to actively participate in trade and finance projects between China and the African continent, the statement added.
The branch is expected to open to customers in the last quarter of this year.
The Moroccan bank has been involved in projects with Chinese institutions and firms, including the establishment of a one-billion-U.S.-dollar industrial park in northern Morocco and the building of the tallest skyscraper in Africa in the capital Rabat.
The bank inked a Memorandum of Understanding with the China Development Bank in March to enhance bilateral trade and investment.
Morocco and China are old and strong allies. The two brotherly countries enjoy great understanding, mutual respect and esteem.
© Bur-csa – ADV