<article>Casablanca-based BMCE Bank of Africa wants to set up a bank in China by mid-November, its chairman told Reuters on Thursday, making it the first Moroccan lender to launch a banking presence in the world&#8217;s second largest economy.</article>

Casablanca-based BMCE Bank of Africa wants to set up a bank in China by mid-November, its chairman told Reuters on Thursday, making it the first Moroccan lender to launch a banking presence in the world&#8217;s second largest economy.
BMCE  is one of several Moroccan banks that have launched operations across Africa. It now plans further expansion outside its home market after receiving a licence to operate in China.
Group Executive Managing Director and Chairman Brahim Benjelloun-Touimi said its planned Shanghai-based lender would focus on facilitating trade and corporate financing between China and Africa.
&#8220;We will be doing trade finance and corporate finance,&#8221; he said in an interview in his office. &#8220;Anything that could promote African-Chinese trade through the network of BMCE Bank of Africa&#8230;. Africa is the future for growth.&#8221;
He added that BMCE wanted to deepen its presence in East African countries to become a bigger player, before expanding into new countries on the continent.
The bank has branches in Benin, Burkina Faso, Congo Republic, Democratic Republic of Congo, Djibouti, Ethiopia, Ghana, Kenya, Madagascar, Mali, Niger, Rwanda, Senegal, Tanzania, Togo, Tunisia and Uganda.
&#8220;We are focusing on strengthening (our) presence in countries such as Kenya, Uganda, Tanzania and Rwanda before considering further expansion in other countries,&#8221; he said.
&#8220;Size matters,&#8221; he added. &#8220;Southern Africa is very competitive and we have to find more modern ways to set foothold there.&#8221;
The bank wants to boost financing of green environmental projects in Africa, he said.
&#8220;Green economy finance, notably in renewable energies and water management, opens an avenue of opportunities for us,&#8221; Benjelloun-Touimi said.
He dismissed local media reports that a planned technology park in northern Morocco called &#8220;Tangier Tech&#8221;, which is being part financed by the bank, had stalled due to lack of interest from Chinese firms.
The project was meant to be long-term, with investment flows of 11 billion Moroccan dirham ($1.16 billion) over ten years, he said
&#8220;We want to channel investment to Africa via the hub of Morocco,&#8221; he added. &#8220;In this respect, Tangier Tech represents a platform for a deeper expansion in Africa.&#8221;
In the first quarter of 2018, the bank&#8217;s net profit rose around 0.75 percent to 441.128 million dirhams, compared to 437.865 million dirhams in the same period last year.
Benjelloun-Touimi said the lender, like other Moroccan banks, had to make provisions for tighter regulations at home and in some African countries such as Ghana and Kenya.
In addition, it had used the accounting norm IFRS-9 for the first time.
&#8220;In my guess it (the quarterly result) is not representative for what would be the results of the year,&#8221; he said, without giving a concrete full-year forecast.
<h4>Reuters</h4>

Casablanca-based BMCE Bank of Africa wants to set up a bank in China by mid-November, its chairman told Reuters on Thursday, making it the first Moroccan lender to launch a banking presence in the world's second largest economy.

Morocco's BMCE Bank of Africa plans to have presence in Shanghai

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