ABG to open new bank in Morocco
Manama : The central Bank of Morocco, Bank Al Maghrib, has given nod to Bahrain-based Al Baraka Banking Group (ABG) to establish a new bank in Morocco.
The group has already obtained approval of the Central Bank of Bahrain to establish this bank.
The new bank will carry the name of Al Baraka Bank Morocco, in partnership with the Moroccan Bank for Foreign Commerce of Africa (BMCE Bank).
BMCE Bank is one of the oldest and largest private Moroccan banks, which was founded in 1959 and located in 22 countries.
The new bank will be under the management of Al Baraka Banking Group and will operate within its network of subsidiary banking units, which are currently located in 15 countries and in turn own more than 700 branches.
The group now owns banking subsidiaries in in Algeria, Tunisia, Libya and Morocco, as well as the African continent in Egypt, Sudan and South Africa.
On this occasion, Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group said, “By this we accomplished an important strategic step in the implementation of our future program to cover all major countries in the Maghreb by our presence and banking services, and at the same time to expand in the African continent. “
For his part, Adnan Ahmed Yousif, Member of the Board and President and Chief Executive of Al Baraka Banking Group said that entering the Moroccan market is a very important achievement, which is considered one of the major markets in the Maghreb and Africa, and will achieve greater diversity in building assets portfolios and revenue sources for the Group.
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