Moroccan bank opens branch in London

Moroccan BMCE bank (Banque Marocaine de Commerce Exterieur) opened a branch here, in a move described by Moroccan finance and economy minister, Fathallah Oualalou, as "an important working tool" to promote permanent links between the two countries' economies.

For the Moroccan minister, who attended the branch's dedication ceremony, it will also help promote British investments in Morocco and create conditions for the development of bilateral trade and exchanges.

Head of the newly-privatized BMCE banking group, Othmane Benjelloun, said BMCE seeks to come in contact with major multinational firms in Britain and become the main contact for headoffices of companies settled in Morocco.

The new branch will also extend to Moroccans living in Britain services of money transfer, personal loans, real-estate loans, and services of intermediation and assets management.

London hosted this week a conference for potential British investors, moderated by a group of Moroccan officials and Britain's ambassador in Morocco, Anthony Layden.

During his stay in London, the Moroccan finance and economy minister also held a series of work sessions with British officials and economic operators.