Abdul Basit
BMCE Bank of Africa, which recently opened its branch in the Dubai International Financial Centre (DIFC), aims to facilitate $200 million in trade finance and investment transactions through its new presence in Dubai in the first year of operations and expected to double on annual basis over the next three years.
BMCE Bank of Africa is the second-largest pan-African group / BMCE BANK International Plc, has received the Category 4 Licence in the DIFC. The new Dubai branch will enhance the bank’s partners and customers services throughout the Middle East & Africa.
A grand ceremony was held recently in Dubai to announce the launch of the DIFC branch of BMCE Bank of Africa. Speaking at the opening of the DIFC branch, Mr Mohammed Agoumi, Delegate general manager of the Moroccan Pan African Bank – Bank of Africa, said, “The bank, which focuses on financing trade transactions between Africa and Asia, with special focus on China, aims to facilitate $200 million trade finance and investment transactions through their new presence in Dubai in the first year, expected to double on an annual basis over the next three years.”
DUBAI branch will operate under the umbrella of BBI Plc UK, which is the Group’s investment arm for dealing with Africa, using best practices. BBI Plc UK has also its presence in Paris, Zurich and recently in Dubai, to expand its capacity to cover Africa.
Mr Agoumi ruled out any cut in the supply chains of trade between China and Africa due to the breakout of the Covid-19, but he expected some kind of delay in the delivery of goods and imports to Africa.
“We will be very complacent with our customers in terms of facilities and payments because we know about the challenges and hardships they face at present. This will be part of our response to support our partners in times of crisis,” he added.
Mr Agoumi proposed postponing payments by about 4 weeks, as they were able to secure the necessary liquidity for the continuation of their operations. It is expected that the channels of trade between China and the rest of the world will recover during the next month where trade flows may return to normal. He hoped China overcome 70% of the Covid-19 outbreak consequences by the end of April.
He said, “Investments in Africa is of increasing importance for the Gulf investors. We have presence in more than 34 countries as well as a keynote presence in more than 20 African nations, which enhances our ability to facilitate the access of Gulf investors and banks to African markets. Our branch in Dubai will work under the umbrella of our subsidiary branch in London as we are keen on applying the English standards in our dealings in Dubai, which was approved by the Dubai Financial Services Authority. We will also finance trade and projects in Africa in all sectors, including energy, infrastructure, hospitals and other service projects that belong to the oil industry and serve the local communities in Africa.”
BMCE Bank of Africa is one of the largest investment banks operating in the continent. The bank offer services to customers in the Kingdom of Morocco, Nigeria, Ivory Coast, Benin, Ghana, Burkina Faso, Mali, Senegal, Congo Brazzaville, People’s Congo, Burundi, Ethiopia, Kenya, Uganda, Tanzania, Rwanda, Madagascar and Togo Ivory Coast.
The bank operates under the Bank of Africa Group umbrella through its subsidiary in London, and branch in Paris, Zurich and Dubai. They provide financing services for infrastructure projects, syndicated loans, subsidized asset financing and acquisition deals. They focus investments in leading sectors such as energy, infrastructure, media, minerals, mines, oil, gas and shipping. Their specialized teams offer valuable investment support in emerging markets and sovereign bonds through an active and extensive Financial institution network worldwide.
The opening ceremony was also attended by Mr. Houssam BARAKAT, CEO of BBI Plc Uk, Zineb TAMTAOUI, General Manager of the DIFC Branch, Mr. Wassia Mushi, Deputy Managing Director, BOA TANZANIA et de Mr. Claver SERUMAGA, Deputy Managing Director, BOA KENYA.
The latter confirmed that The BMCE Dubai office is very timely for the Region, given that UAE- Dubai is the Head Office for most of our Regional Customers who use it as the Logistics, Treasury and Procurement centre. It opens up the region to the annual $4Bn (Export/Import Trade) corridor.” – abdulbasit@theuaenews.com
