Bank of Africa (BOA)
One of Morocco's most internationally-oriented banking groups, with one of the widest African branch networks of any Moroccan institution.
Headquarters
CasablancaFounded
Rebranded from BMCE Bank; group roots trace to Morocco's 1959 external-trade bank
Regulator
Bank Al-Maghrib
Parent / Group
Groupe BOA / RMA (Othman Benjelloun)
Overview
Bank of Africa (formerly BMCE Bank, rebranded across the group) was built from Morocco's original external-trade bank, and that trade-finance DNA still shows: it's a natural fit for investors whose Morocco thesis depends on import/export flows or a wider African footprint.
History
Originally established as Morocco's external trade bank in 1959, later privatized and rebranded as BMCE Bank, then unified under the Bank of Africa brand as its African subsidiary network grew to roughly 20 countries. Controlled by RMA, the insurance group led by Othman Benjelloun.
Key Figures
African footprint
Present in roughly 20 African countries
Origin
Built from Morocco's original external-trade bank (est. 1959)
Group
Controlled by RMA (Othman Benjelloun)
Listing
Casablanca Stock Exchange
Services & Investor Support
Foreign Investor Support
A long-standing trade-finance specialization makes this a strong choice for investors with real import/export flows underlying their Morocco investment, not just domestic operations.
International Presence
- Sub-Saharan Africa (~20 countries)
- Europe
- Asia representative offices
Languages Supported
Industries Financed
ESG Financing
Available — Green bond issuances and renewable energy project finance are an established part of the group's activity.
Advantages for International Investors
- Historic trade-finance specialization — a genuine strength, not a marketing label
- Wide African branch network second only to Attijariwafa among Moroccan banks
- Track record in green bond issuance and renewable energy financing
- Established Asia-facing representative offices, useful for tri-continental structuring
Required Documents
- Valid passport (all beneficial owners and signatories)
- Proof of address (home country, less than 3 months old)
- Company incorporation documents, if opening a corporate account
- Foreign investment declaration filed with the intermediary bank (Office des Changes regime)
- Source-of-funds documentation
- Morocco tax ID (Identifiant Fiscal), once available
Document requirements vary by account type and bank — confirm the current checklist directly with the institution, or use the Banking Guide for the general process.