Moroccan bank opens branch in Madrid

Morocco's BCM bank opened on Friday its representation in Spain with a head office in Madrid.

The bank will be operating through the network of Banco Central Hispano's 2,500 agencies.

The initiative means to extend to Moroccan nationals settled in Spain banking services like money transfer, loans and insurance.

Banco Central Hispano owns 24% of BCM capital while another Spanish bank Caja Madrid owns another 2.5%.

Three other banks have offices in Madrid.