CASABLANCA, Morocco--(BUSINESS WIRE)--Bank of China has established a representative office in Casablanca
Finance City as a regional hub to develop its African activities.
Bank of China, one of the oldest Chinese financial institutions, today announced the establishment of an african representative office in Morocco, operating under the Casablanca Finance City status.
Bank of China’s office in Casablanca will carry out a threefold mission. On the one hand, it will accompany and support Chinese firms’ growth strategy in French-speaking Africa. On the other hand, it will offer its expertise, network and thorough understanding of the Chinese market to Moroccan and African companies wishing to build up business relationships with China. Finally and from a strategic point of view, the new undertaking will participate in funding bilateral trades between Africa and China.
Bank of China, ranked the 4th biggest bank globally in terms of capital, intends to develop the african markets and plans to become, by way of its Moroccan platform, an important financial player in the continent.
M. Kang Xiaolong, Chief Representative of Bank of China in Morocco said ̈ Morocco has a very important geographic and strategic position in African continent, it’s very stable politically during long time, enjoys an attractive and competitive investment environment, Bank of China will take advantages of CFC privileges to reinforce our networks in Africa and render the efficient services to our customers ̈.
M. Said Ibrahimi, CEO of Casablanca Finance City Authority, stated that he is ”very happy and proud to welcome in Casablanca Finance City (CFC) a global and world- renowned institution like Bank of China Ltd, which is also the first Asian financial institution to set up in CFC”, adding that he is “convinced that Bank of China’s presence in Casablanca will play a significant role in boosting Sino-African economic and trade relations, and will open up new opportunities for the development of Chinese companies in Africa”.
About Bank of China
Bank of China was formally established in February 1912, and served consecutively as the country’s central bank, international exchange bank and specialized international trade bank. The Bank is listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange, is the first Chinese commercial bank to launch an initial public offering and achieves a dual listing in both markets. In 2014, Bank of China was designated again as a Global Systemically Important Bank, becoming the sole financial institution from emerging economies to be designated as a Global Systemically Important Bank for four consecutive years. As China’s most internationalized and diversified bank, Bank of China provides a comprehensive range of financial services to customers across the Chinese mainland as well as 46 countries and regions, including commercial banking, investment banking, Insurance, fund management and aircraft leasing business.
About Casablanca Finance City Authority
Casablanca Financial City Authority (CFCA), a private limited company established in 2010 as a public-private partnership, is responsible by law for managing and promoting Casablanca Finance City (CFC). CFC is a regional economic and financial hub serving as a gateway to countries of North, West and Central Africa.