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

18

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

4

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

5

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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9

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

10

A LARGE PRESENCE IN AFRICA

12

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

12

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

13

http://www.fmo.nl/

http://www.fmo.nl/

http://www.afd.fr/jahia/Jahia/site/proparco/Accueil_PROPARCO

http://www.afd.fr/jahia/Jahia/site/proparco/Accueil_PROPARCO

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

14

15West Africa Central Africa East Africa Southern Africa North Africa

BOA-Benin

1989

Number of Branches: 49

BOA-Burkina Faso

1997


BOA-Côted’Ivoire

1996


BOA-Ghana

2011


BOA-Mali

1983


BOA-Niger

1994


BOA-Senegal

2001


BOA-Togo

2013


BOA Madagascar

1999


BOA-DRC

2010


BOA-Ethiopia

2014

Representative Office

BOA-Kenya

2004


BOA-Tanzania

2007


BOA-Uganda

2006


Burundi

Banque de Crédit du Bujumbura2008


BOA-Djibouti

2010


BOA-Rwanda

2015


DRC Congo

MaliNiger

Kenya

Uganda

Djibouti

Benin

Ghana

Côte d’Ivoire

Burkina Faso

Togo

Senegal

Ethiopia

Burundi

Rwanda

BDM SA-Mali

1983


LCB Bank

2009


BMCE Bank

1959


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

16

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

17

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

6

COMMUNITY INTEREST AND

DIALOGUE WITH STAKEHOLDERS

3

RESPONSIBLE EMPLOYER

4

CORPORATE GOVERNANCE

AND RISK MANAGEMENT

5

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

26

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

28

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

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 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

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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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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

33

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

35

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


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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


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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


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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


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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Documents

BMCE BANK OF AFRICA GROUP