BMCE BANK OF AFRICA GROUP
Transcript of BMCE BANK OF AFRICA GROUP
BMCE BANK OF AFRICA GROUP
JUNE 2019
Content
BMCE BANK OF AFRICA GROUP OVERVIEW 3
A LARGE PRESENCE IN AFRICA 11
A COMMITTED GROUP TO SUSTAINABLE DEVELOPMENT AND POSITIVE IMPACT FINANCE
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GROUP GROWTH DRIVERS 32
INVESTMENT RATIONALE 34
FOCUS ON DIGITAL TRANSFORMATION 27
BMCE BANK OF AFRICA GROUP OVERVIEW
SpecialisedFinancialServices
BMCE Bank Parent
Company
Overseas operations
Investment banking
BMCE Capital Plc BMCE Capital BourseBMCE Capital Gestion
Bank Of Africa LCB Bank Banque de Développement du Mali BMCE International Holding –Madrid : Trade Finance ; London & Paris : Investment Banking & Corporate FinanceBMCE Euroservices – Banking for Moroccans Living AbroadBMCE Shanghai
Retail BankingCorporate Wholesale Banking
Salafin – Consumer creditMaghrebail - Leasing RM Experts – Debt Collection Maroc Factoring - FactoringEuler Hermes Acmar – Credit Insurance BTI Bank – Participatory Bank
Advisory & Financial Engineering, Asset Management, Private Banking, SecuritiesBrokerage, Capital Markets, Financial Research, Post-Trade Solutions, Securitisation
A Multi Brand Universal Banking Group
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5
+15,200
Employees
31
Countries
1,700
Branches
6.6 million
Customers
Cote d’IvoireDjiboutiEthiopiaGhanaKenya
RwandaSenegalTanzaniaTogoTunisia
MoroccoBeninBurkina FasoBurundiCongo Brazzaville
MaliMadagascarNigerUgandaD.R.C
NORTH AMERICA
AFRICA
EUROPE
ASIA
GermanyBelgiumSpainFrance
ItalyNetherlandsPortugalUnited Kingdom
China-ShanghaiCanadaUnited Arab Emirates
BMCE Bank of Africa Worldwide
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Net Income Attributable To Parent1.8 Bn MAD167 M EUR191 M USD
Net Banking Income
13.2 Bn MAD1.2 Bn EUR1,4 Bn USD
Equity Attributable To Parent
18.4 Bn MAD1.7 Bn EUR1.9 Bn USD
Total Assets
295.5 Bn MAD27 Bn EUR31 Bn USD
Customer Loans
179 Bn MAD16 Bn EUR19 Bn USD
Customer Deposits
193 Bn MAD18 Bn EUR20 Bn USD
BMCE Bank of Africa key figures - December 2018
Exchange Rate EUR / MAD: 10.9525 & USD / MAD: 9.5655 as of December 2018 6
Customer Loans
109.7 Bn MAD
10 Bn EUR
11.5 Bn USD
Customer Deposits
128.8 Bn MAD
11.8 Bn EUR
13.5 Bn USD
Net Income
1.3 M MAD
123 M EUR
141 M USD
Net Banking Income
6 Bn MAD
550 M EUR
629 M USD
Total Assets
188 Bn MAD
17.2 Bn EUR
19.7 Bn USD
Gross Operating Income
2.6 Bn MAD
241 M EUR
276 M USD
5,328EMPLOYEES
730BRANCHES
~2,5 Million
CUSTOMERS
BMCE Bank – Parent Company – Key Figures December 2018
Exchange Rate EUR / MAD: 10.9525 & USD / MAD: 9.5655 as of December 2018 7
BMCE Bank Rating
LT issuer rating : Ba1
Local currency deposits : Ba1
Foreign currency deposits : Ba2
Baseline Credit assessment : b1
Outlook : Stable
Moody’s – February 2019
Local currency deposits : BB+
Foreign currency deposits : BB+
Support rating floor : bb-
Viability Rating(*) : BB-
Support Rating : 3
Outlook : Stable
Fitch Ratings – February 2019
(*) Viability Rating : Upgraded on February 2019 from B+ to BB-
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60 years of Development
•1959: Bank established
•1972: Opens first overseas operations with Paris branch office
•1975: Listed on the Stock Exchange
•1995: Bank privatised
•2000: Representative offices opened in London and Beijing
•2004: First non-European bank in Morocco to be awarded a CSR rating
•2007: BBI London starts operations
•2008: Acquires a 35% stake in Bank Of Africa
•2013: USD 300 million Eurobond issue
•2015 : - New corporate name adopted, ‘BMCE Bank Of Africa’, underlining the Group’s African credentials
- Stakes raised in BOA to 75%, in Banque de Développementdu Mali to 32.4% and in LCB Bank to 37%
- African Entrepreneurship Award programme launched
• 2016: First bank to issue a green bond at COP 22
• 2019: BMCE Shanghai subsidiary starts operations
1959-1994From a state-owned bank…
1995-2006…to a universal bank
2007-2019…and now a multinational Group
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As of March 2019
RMA 29.89%
SFCM; 0.51%
EMPLOYEES 1.36%
FREE FLOAT18.01%
BFCMCM-CIC Group
26.21% FINA
NC
EC
OM
GR
OU
P3
6.3
6%
RMA
A leading player in the insurance market, with an expanded and solid
distribution network
BFCM - CM-CIC GROUP
One of the leading retail banks in France, providing financial services to more than 5.1 million clients, pioneer
in electronic banking and a major actor in the professional market
FINANCECOM
Private Moroccan group, leader in the country with a pan African impact. Present in different business areas
with a potential economic growth as banking, insurance, telecom, new technologies, asset management,
media…
CDG GROUP
Morocco’s largest institutional investor and key player in the national
economy. Its active include public financing of investment projects, saving management activities…
Stable & Diversified Shareholding Structure
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A LARGE PRESENCE IN AFRICA
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BMCE Bank of Africa : Large presence in Africa
~73%
37%
32.4%
59%
1989 : First Moroccan Bank to be established in sub-Saharan
Africa during the end of the 1980s, beyond a successfulrestructuration of La Banque de Développement du Mali. It isthe first Bank in the country in which BMCE Bank owns todaymore than 32%
2003 : Following a successful restructuring program, BMCE
acquired 25% of LCB Bank was made. BMCE Bank owns today37% of LCB, which the first bank in Congo Brazzaville..
2007 : Acquisition of 35% of Bank Of Africa, a major Pan
African banking group present in 18 countries in the Africancontinent. Nowadays, BMCE Bank owns 73% of its shares.
2006 : Launch in 2006 of Axis Capital in Tunisia,
specialized in asset management, stock brokerage and advisoryservices
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BMCE Bank
72.85%BIO
2.03%
FMO8.94%
Proparco3.73%
Private Sector African
Investors12.45%
As of March 2019•BMCE Bank Of Africa : FirstMoroccan bank to beestablishes in sub-Saharan’smarket
• A network of more than1,700 branches worldwidewith a footprint in more than30 countries
•FMO : Dutch development’sagency focused on privatesector’s financing projects,created in 1970 by the Dutchgovernment which holds 51%of its capital
•PROPARCO : a financialinstitution jointly owned byAgence Française deDéveloppement (AFD) andprivate shareholders fromdeveloped and developingcountries
•BIO : a Belgian institutionspecialized in developmentfinance in 2001 to promote thegrowth of the private sector inemerging and developingeconomies
Shareholding’ Structure of the Group BOA
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1Euro= 655.957 F CFA
18Countries
+ 6,300Employees
585Branches
~ 3.9Million
Accounts
NET BANKING INCOME
498.3 M EUR
CONSOLIDATED NET INCOME
82.6 M EUR
CUSTOMER LOANS
4.1 Bn EUR
CUSTOMER DEPOSITS
5.4 Bn EUR
TOTAL ASSETS
7.7 Bn EUR
SHAREHOLDERS EQUITY ATTRIBUTABLE
TO PARENT
567 M EUR
BOA Group’s consolidated figures - December 2018
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15West Africa Central Africa East Africa Southern Africa North Africa
BOA-Benin
1989
Number of Branches: 49
BOA-Burkina Faso
1997
Number of Branches: 52
BOA-Côted’Ivoire
1996
Number of Branches: 39
BOA-Ghana
2011
Number of Branches: 26
BOA-Mali
1983
Number of Branches: 65
BOA-Niger
1994
Number of Branches: 30
BOA-Senegal
2001
Number of Branches: 58
BOA-Togo
2013
Number of Branches: 13
BOA Madagascar
1999
Number of Branches: 92
BOA-DRC
2010
Number of Branches: 17
BOA-Ethiopia
2014
Representative Office
BOA-Kenya
2004
Number of Branches: 32
BOA-Tanzania
2007
Number of Branches: 26
BOA-Uganda
2006
Number of Branches: 35
Burundi
Banque de Crédit du Bujumbura2008
Number of Branches: 22
BOA-Djibouti
2010
Number of Branches: 10
BOA-Rwanda
2015
Number of Branches: 14
DRC Congo
MaliNiger
Kenya
Uganda
Djibouti
Benin
Ghana
Côte d’Ivoire
Burkina Faso
Togo
Senegal
Ethiopia
Burundi
Rwanda
BDM SA-Mali
1983
Number of Branches: 59
LCB Bank
2009
Number of Branches: 19
BMCE Bank
1959
Number of Branches: 730
Tunisia
2006
BMCE Capital Tunis
Tunisia
BMCE Bank of Africa, the second largest Pan African Group
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BOA - BMCE Bank of Africa
Development of synergies in many areas : Finance, Risk Management, General Control, Compliance, IT …
BOA - SALAFIN
Implementation of a complete platform for automobile financing
Implementation of a management tool for debt collection
BOA - BMCE Euroservices
Development of synergies between BMCE
EuroServices and BOA-France in the money
transfer activities
BOA - RM EXPERT
Implementation of a management tool for
debt collection
BOA - BMCE Capital
Joint-venture with BMCE Capital covering activities of advisory, stock brokerage and asset management
BOA - BMCE Bank International Holding
(London, Paris, Madrid)
Development in Africa as a specialist of Corporate & Investment banking
BMCE Shanghai
Promotion of Chinese investments on the
continent through Trade Finance and Project
Finance
Intra-Group synergies for Africa Development
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European operations : a mixed performance
6%
BMCE Bank International Holding
BIH, the Group’s European platform which brings together theoperations of its two European subsidiaries, BBI London and BBIMadrid, contributed 6% or MAD 113 million to net incomeattributable to shareholders of the parent company at 31 December2018
Contribution to net incomeAttributable to shareholders of the parent company
BMCE Bank International Plc London posted a mixed set of resultsat 31 December 2018: the subsidiary was impacted by (i) interestrate hikes which impacted its funding costs (ii) exceptional capitalgains on fixed income instruments in the previous year and (iii) adecline in net interest income on international markets
BBI London & Paris
BBI MadridBMCE Bank International Madrid (BBI Madrid) saw its net incomegrow by 47% to EUR 7.9 million in 2018 as a result of a 10.5%increase in net banking income and a 7% decline in expenses
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A COMMITTED GROUP TO SUSTAINABLE DEVELOPMENT AND POSITIVE IMPACT FINANCE
BMCE Bank Foundation in figures
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Nearly 200 units built and fully-equipped, specialising in pre-school and primary education, coveringMorocco’s 16 regions
500 teachers, 48% of whom are female, supervised and managed
22,000 pupils schooled, 50% of whom are girls and high school diplomas awarded to 1,465 students since2012
230 hours/year of in-house training for teachers in a variety of disciplines (languages/sciences/pre-school)
62 schools providing a pre-school and primary education to approximately 10,400 pupils from socially disadvantaged backgrounds
More Medersat.com schools awarded the Eco-School label from the Mohammed VI Foundation for
Environmental Protection, taking the total number of Medersat.com schools designated as Eco-Schools to 25
BMCE Bank Foundation’s operations in sub-Saharan Africa bolstered, taking the total number of schools to 6,in Senegal (2), Congo-Brazzaville, Mali, Rwanda, Djibouti and 1 socio-educational centre in Senegal
6 undertakings underpinned by best practices to foster a CSRculture across the entire Group
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2
SUSTAINABLE FINANCE
1BUSINESS ETHICS
AND RESPONSIBLE CUSTOMER RELATIONS
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COMMUNITY INTEREST AND
DIALOGUE WITH STAKEHOLDERS
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RESPONSIBLE EMPLOYER
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CORPORATE GOVERNANCE
AND RISK MANAGEMENT
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ENVIRONMENT
Generating value for shareholders and
partners
CSR Charter meeting sustainable development goals
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Accountability
Transparency
Ethical behaviour
Acknowledging stakeholders’ interests
Respect for the Rule of Law
Incorporating international standards of behaviour
Respect for human rights
… while adhering to Corporate Social Responsibility principles
A responsible business and an array of undertakings
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CapValoris ‘green’ funding line, a comprehensive solution for financing solid waste recoveryprojects
EUR 20 million ‘blue’ funding line for Morocco-based water and sanitation projects
‘Women in Business’ funding line specifically for women, arranged in partnership with the EBRD
through the WIB facility, aimed at promoting women’s entrepreneurship
Subscribed to the ‘Mainstreaming Climate Action within Financial Institutions’ initiative in
conjunction with the EBRD, the AFD, Yes Bank, HSBC, the IsDB and BOAD
BMCE Bank of Africa is the 1st African bank to support the recommendations of the G20’s
Taskforce on Climate-related Financial Disclosures (TCFD) regarding financial communication
United Nations Global Compact – BMCE Bank of Africa is the leading partner to the GlobalCompact’s Morocco Network, established in March 2018, as part of an alliance with theGCEM, which brings together ten or so companies that are committed to ensuring that social andenvironmental impacts are incorporated fully in their strategies
Key indicators – Impacts from funding lines
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CAP ENERGIE – MorSEFF
65 M€
CAP VALORIS – Green Line
20 M€
CAP HYDRA – Water Line
20 M€
Women In Business
20 M€
Key Impact indicators in 2018
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*Estimated quantity of greenhouse gas emitted
CARBON FOOTPRINT*(TONNES EST. CO2/EMPLOYEE)
5.06
SHARE OF EQUIPMENT LOANS TO
COMPANIES CONTRIBUTING TO
THE UNITED NATIONS’ SUSTAINABLE DEVELOPMENT
GOALS BEING REACHED
5%
PERCENTAGE OF WOMEN
EMPLOYED BY THE BANK
39%
PERCENTAGE OF LOCAL
COMPANIES USED IN ALL
OUTSOURCED PROJECTS
95%
GREENHOUSE GAS EMISSIONS
AVOIDED (MORSEFF + GREEN
BOND) (T CO2/YEAR)
+212,850
ENERGY SAVINGS IN 2018(ISO 50001 PROJECT)
14%
African Entrepreneurship Award – A programme whichcontributes positively to the African continent’s development
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1. Composante Technologique, créatrice de valeur
2. Potentiel à adapter et à reproduire au niveau panafricain
3. Impact durable et social
More than 17,000 entrepreneurs from 120 countries, including all54 African countries, since the Award was launched in 2015
+ 2300Jobs created
+264,000 new customers
Annual Sales
X4
The prize money and support provided in the form of consulting and mentoring for the 46 Award-winning entrepreneurs over the
past 4 years have enabled them to invest in growing their businesses, creating jobs and launching products and services
with a high social impact
46 award-winners from 18 African countries (South Africa, Cameroon, Egypt, Ethiopia, Ghana, Uganda, Kenya, Liberia, Morocco, Mozambique, Namibia, Nigeria, Senegal, Tanzania, Rwanda, Côte d’Ivoire, Republic of the Congo and Democratic Republic of Congo
More than 500 partner-mentors from about fifty countries fromAfrica, Europe, Asia, North America, South America and Oceania
In its first four years, 142 entrepreneurs from 35 countriesparticipating in the AEA boot-camp
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National and international awards
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BMCE Bank of Africa an award-winner in Dubai in 2018 at the CSR Arabia Awards in both the ‘Financial Services’ and‘Partnerships and Collaborations’ categories
‘Top Employer 2019’ global certification awarded by the Top Employers Institute, a global certification institution, inrecognition of excellence in HR practices
‘Socially Responsible Bank of the Year 2018’ for the second time at the African Banker Awards 2018 ceremony
Top Performer CSR 2018’, awarded by Vigeo-Eiris, an international non-financial ratings agency, for the 5th consecutiveyear in 7 corporate social responsibility categories
First bank in Morocco to be OHSAS 18001-certified in occupational health, safety and well-being after obtaining ISO14001 certification in 2011 and ISO 50001 certification for energy in 2016
Purchasing Management activity obtains ISO 9001:2015 certification in recognition of efforts made to establish a well-structured, high-quality management system
Awarded the Bronze medal at the Moroccan Digital Awards 2018 in recognition of its ‘Connected Bank’ campaign, aimed
at promoting its entire range of innovative services
BMCE Bank of Africa obtains the ’Golden Award – Best Bank in Africa 2018’ at the Africa Investments Forum & Awards
For the second consecutive year, BMCE Bank Of Africa wins the prestigious ‘Best Customer Service Award in Morocco
2019’ in the Banks category
First Moroccan bank and the second in Africa to be awarded High Environmental Quality (HEQ) certification fromCerway International Certification for the new BMCE Bank Of Africa Academy head office – design and implementationphases
The '' Connected Banking '' Campaign wins the 1st prize in the Best Advertising Creations of the Year 2018 awarded by publicitor.ma
FOCUS ON DIGITAL TRANSFORMATION
Digital Programme – BMCE Bank’s digital transformation on-track
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The Digital Transformation Program pursue 3 strategic objectives implemented in 13 ambitious
projects (1/2)
Make BMCE Bank as the leading
player in digital and innovation
Improve the customer experience
across all the bank's channels while
developing new revenue sources
Digitize front-to-back business
processes to improve our operational
efficiency
Invest significantly in social media to
build loyalty and attract new customers
Use new communication channels to be
close to an increasingly well-connected
customer
Strengthen BMCE Bank's technological
and digital image through a
differentiating external communication
Be the leader in the implementation of
technological innovations
Develop the new customers acquisition,
particularly through the Direct Agency
Establish the branch network as a
channel supporting the Digital
Develop distance selling via remote
channels (using the electronic
signature,...) in order to meet the new
customer's behaviors
Developing new sources of revenue
through digital channels
Homogenize the user experience across
all channels
Re-engineering of front-to-back
business processes using digital tools
and technological innovations
(robotization, artificial intelligence) to
improve operational efficiency
Develop a Paperless approach by
developing end-to-end workflows,
particularly for all decision-making
organizations
Use the Digital in order to create value and develop business opportunities
1 2 3
Strategic Ambition
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Digital Programme – BMCE Bank’s digital transformation on-track
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Digital
Transformation
Program
Fintech Cooperation11
Corporate Portfolio2
Change Management Portfolio
5
Big Data Project6
Digital Communication Project
7Artificial Intelligence Project8
Digitalization of business processes Portfolio
3
Digital Think Tank & Intrapreneurship Strategy
10
Mobile Payment Project4
EAI Digital Empowerment9
Retail Portfolio1
Blockchain Project12
Bancassurance Portfolio13
The Digital Transformation Program pursue 3 strategic objectives implemented in 13 ambitious
projects (2/2)
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Digital Programme – BMCE Bank’s digital transformation on-track
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Digital Transformation Program
Main achievements - 2018 (1/2)
Ma
in a
ch
ieve
me
nts
BMCE Direct Web: launch of
new invoicing agents
(ADM...); redesign of the
email alert service following
the operations initiated on
BMCE Direct, ongoing
remodeling of BMCE Direct
V2.0
BMCE Direct Mobile :
implementation of the ADM
invoicing agent and services
for check order, recharging
prepaid cards and card
opposition
Retail
BMCE Business Online:
implementation of the Trade
module of the portal allowing
customers to initiate their
foreign trade operations
remotely.
Corporate
Reengineering of the new
client Relationship process:
ongoing approval of the
solution allowing customers to
sign electronically via the
dedicated mobile application
DabaPay: publication in iOS
and Android stores of the
DabaPay mobile application
and the various releases
(SMS code signature, demo,
forgotten password). The
services offered are money
transfer, ATM withdrawal
without card, bill payment and
telephone top-up.
Interoperability with CIH
began on December 2018.
Ma
in a
ch
ieve
me
nts
Holding the 1st Edition of
the Change Management
Days in the presence of the
sales representatives of the
Individuals and Professional
Network
Launch of the scoping work
for the new e-learning
solution for headquarters and
network collaborators.
Change Management
The modeling, enrichment
and implementation on the
target platform of the Churn
use case model was
performed.
The first round of iterations of
the model have good
performance.
Big Data
Launch of Part 2 and Part 3
of the multichannel
communication campaign
on (1) DabaPay services, (2)
the Innovative Network
(flexible hours, 0 inter-agency
commission) and (3) BMCE
Direct Web and Mobile and
the (4) Customer Relations
Centre.
Digital Communication
Smart Search tool:
deployment of a cognitive and
machine learning tool for the
sales network for thematic
and procedural research.
Electronic payment and
international trade expertise
has been developed in Smart
Search Tool.
Artificial Intelligence
Mobile PaymentDigitalization of business processes
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Digital Programme – BMCE Bank’s digital transformation on-track
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Ma
in a
ch
ieve
me
nts
Setting up and launching of
the Digital Think Tank
dedicated to the brainstorming
and prototyping of new
initiatives, products and
processes
Organization of the first three
sessions, including one
dedicated to prototyping new
product and services (crowd
funding platform, Chabot
services, an e-learning tool
with gamification).
Digital Think Tank & Intrapreneurship
Launch of the
implementation of financial
account aggregation
solution for BMCE Bank
customers from BMCE Direct
in partnership with a Fintech
Fintech Cooperation
Launch of a Proof of
Concept on instant transfer
issuance with CH Bank
Launch of the
Bancassurance project
which aims to enable
customers to initiate remote
transactions (remote sales,
after-sales service, contract
consultation, simulation, etc.)
on all the bank's channels for
Bancassurances products
BancassuranceBlockchain
Digital Transformation Program
Main achievements - 2018 (2/2)
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Our future developmental priorities…BMCE Bank of Africa Growth Drivers
Growth drivers and future developmental priorities
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Continue to grow the core banking business for the benefit of the Moroccan economy
Bolster the Retail and Corporate Banking businesses with a specific focus on SMEs
Generate additional intra-Group synergies and promote financial inclusion
The Group’s international operations in North America, Europe, Africa and Asia
Strongly committed to digitalisation
Leadership in sustainable development and CSR and develop Green Business
INVESTMENT RATIONALE
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BMCE Bank Of Africa: Investment Rationale (1/5)
High 'reputation capital’ and a very strong brand image in Morocco and
overseas
A charismatic Chairman whose reputation as a visionary and leader isunparalleled
Several awards and certificates obtained (HR, Financial Communications,Bank of the Year Morocco by The Banker Magazine, EMEA Finance, CSR,service quality)
Stable and solid shareholder base
Stable shareholder base with longstanding institutional shareholders(FinanceCom, CDG, CM-CIC, CIMR)
Institutional shareholders (CM-CIC/CDG/FinanceCom) clearly determined todevelop strong synergies between the Bank and their respective groupentities in areas such as IT and banking-related businesses
Confidence shown by reference shareholders in BMCE Bank’s growthprospects as illustrated by their participation in the two most recent capitalincreases in 2010 and 2012
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Morocco’s 3rd banking group with market shares of just under 15%
A universal bank with convincing results on home soil – BMCE Bank ofAfrica is a strong performer in retail banking, corporate and investmentbanking and market operations…
…as well as in leasing, consumer loans, bank insurance and factoring…
BMCE Bank of Africa, one of Morocco’s
leading banking groups
Ambitious Africa-centric international expansion
strategy benefiting Africa
A pioneering bank in Morocco with operations in 31 countries around theworld including twenty or so African countries since acquiring Bank ofAfrica Group
The Group aspires to become a leading bank on the African continent…
…as well as bolstering its international operations in Europe, China, theMiddle East and North America in support of it African business
BMCE Bank Of Africa: Investment Rationale (2/5)
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Geographically well-positioned, a well-governed bank…
A solid financial institution comprising a network of banks based in North,West, East and Southern Africa, meeting the highest international standards interms of risk management, audit, control and finance
Well-managed in governance terms with internationally-reputed activeinstitutional shareholders and independent directors
A major institution comprising three complementary business lines andgeographical zones, providing investors with a significant investmentopportunity; the investment will be value-accretive for any strategic investor.
…providing investors with a significant
investment opportunity
BMCE Bank Of Africa: Investment Rationale (3/5)
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Improving growth and optimisation drivers
Stock of loan-loss provisions at Group level as a buffer against creditlosses, providing the potential for write-backs over the medium-term due to increased debt recovery efforts
Diversifying revenue sources by leveraging high value-added growthdrivers such as digital banking and green products
Optimising opportunities that are likely to enhance the value of theBank’s portfolio of long-term investments
Optimising the Bank’s non-operating property portfolio
Optimising general operating expenses by resizing HR andoperational aspects
Reallocating capital to assets that offer a higher return on equity
BMCE Bank Of Africa: Investment Rationale (4/5)
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Investor confidence high and positive market perception
High level of confidence shown by institutional investors (leadingMoroccan institutions, IFC, Proparco) as illustrated by thesubordinated debt and Eurobond issues
Morocco’s first Eurobond issue (USD 300 million) a resoundingsuccess on international markets, highlighting the confidence shownin the Group’s fundamentals by highly reputed overseas investorsfrom Europe, Asia, the Middle East and the United States (EBRD,HSBC, QNB, BNP AM, BTG, Natixis, Bank of Singapore)
The market perceives BMCE Bank as a growth stock rather than anincome stock
P/E in line with that of the market
BMCE Bank Of Africa: Investment Rationale (5/5)
Bank’s price earnings ratio increasingly attractive after contractingfrom 54 in 2010 to less than 17 in 2018, now in line with that of themarket
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