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  • ContentChairmans Message ......................................................................................................................4

    Presenting BMCE Bank GroupA Member of FinanceCom Group ................................................................................6Composition of the Board of Directors ...................................................................8BMCE Bank Group around the World .................................................................... 10Group Profile ............................................................................................................. 12BMCE Banks Shareholders ...................................................................................... 13BMCE Bank Groups Strategy.................................................................................... 142016-2017 Highlights .................................................................................................. 15Financial Performance ............................................................................................. 16

    BMCE Bank in Morocco............................................................................................................. 18Personal and Professional Banking ....................................................................... 18Corporate Banking.....................................................................................................22Investment Banking ....................................................................................................24Resources and Means ................................................................................................28Specialised Financial Subsidiaries ............................................................................32

    BMCE Bank in Sub-Saharan Africa .......................................................................................34Bank of Africa Group ................................................................................................34Other African Subsidiaries .......................................................................................65

    BMCE Bank in Europe ................................................................................................................68BMCE Bank in Asia and in North America .........................................................................70

    BMCE Bank and its Environment .........................................................................................72Global economy ..........................................................................................................72Moroccan economy ....................................................................................................74

    BMCE Bank and its Governance ...............................................................................77Work of the Board of Directors .............................................................................78Board of Directors ....................................................................................................82Senior Management ...................................................................................................96Management of Overseas Operations ................................................................... 100Corporate Governance ........................................................................................... 102

    BMCE Bank and its Shareholders ......................................................................................113BMCE Bank Shares ....................................................................................................114Investor Relations ....................................................................................................118BMCE Banks rating ...................................................................................................119Financial Communications Agenda 2017 ................................................................ 120

    Risk Management Organisation ...............................................................................121

    Group Compliance ....................................................................................................................139

    Social and Environmental Responsibility ....................................................................144BMCE Bank Foundation ........................................................................................... 145Sustainable Development........................................................................................ 147Human Capital ........................................................................................................... 150Public Relations ....................................................................................................... 152African Entrepreneurship Award ......................................................................... 154

    Financial Report........................................................................................................................155Management Report ................................................................................................ 156Resolutions ................................................................................................................161Statutory Auditors Audit Report on the Consolidated Financial Statements ........................163 Consolidated Financial Statements ....................................................................... 164Statutory Auditors General Report on the Parent Financial Statements ..... 196Statutory Auditors Special Report ....................................................................... 197Fundamental Accounting Principles ......................................................................211Parent Financial Statements .................................................................................. 214Moroccan Operations .............................................................................................234

    BMCE Banks Overseas Network ........................................................................................238BMCE Bank Groups Subsidiaries ........................................................................................239BMCE Banks History ............................................................................................................... 240

  • Chairmans Message

    O U R W O R L D I S C A P I TA L

  • PAGE

    4/5

    Completing the first year of its Strategic Development Plan 2016-2020, BMCE Bank of Africa Groups net income attributable to shareholders of the parent company breached the MAD 2 billion mark for the first time, reaching another record high and highligh-ting the Groups strong growth dynamic both in its domestic market and overseas. Another record was achieved in terms of the size of the balance sheet, which surpassed the MAD 305 billion threshold.

    Performance indicators registered double-digit growth such as consolidated net banking income (+10%) and gross operating income (+15%), demonstrating the underlining health of the Groups core business.

    This performance was also due to the Groups clear willingness to play a supporting role in Africas deve-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 Groups 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.

    With the backing of it 14,000-strong workforce and its diverse business lines, BMCE Bank of Africa Group remains committed, as a pan-African financial insti-tution of Moroccan origin, to being a torch-bearer for Africa, a continent which is a genuine new frontier of development for the world in this third millennium. Our Group also continues to fly the flag for Morocco as a bridge head and reliable agent for the continents development.

    Othman BenjellounChairman & Chief Executive Officer

    t

    BMCE

    BANK

    OF

    AFRICA

  • CORE BUSINESS

    F BMCE Bank: A universal bank that is Moroccos third private sector bank with a 14.9% share of both the loan and deposit markets

    F RMA: One of Moroccos leading insurance companies with a 16.7% total market share

    F RMA Capital Holding: RMAs asset management company

    GROWTH DRIVERS

    F Meditelecom-Orange: Moroccos second telecommunications operator with 13.7 million subscribers

    F Agribusiness: Adarouch Ranch, Africas largest bovine and organic beef producer and Moroccos largest red meat slaughtering, cutting and processing operation

    REAL ESTATE F CAP ESTATE: The Groups real estate subsidiary with MAD 225 million of share capital

    F REVLYS: A joint venture between FinanceCom Group and Aman Resort, specialising in financing tourism projects

    F Argan Capital: A real estate investment management company

    INTERNATIONAL

    F FinanceCom International: A subsidiary overseeing the Groups asset management and real estate companies around the world

    PRIVATE EQUITY

    F Finatech: A group of companies specialising in new information technologies structured around two main business li

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