Company: Bank of Africa
Country: Morocco
Sector: Major Banks
CEO: Not publicly listed
Website: https://www.bankofafrica.ma/
Careers Page: Not publicly listed
LinkedIn: Not publicly listed
Email: Not publicly listed
Headquarters: Casablanca, Morocco
Founded: 1959 (as BMCE); rebranded Bank of Africa in 2020
Valuation/Revenue: $1,951.1m revenue; $4,389.8m market value (African Business Top 250, rank 82); ranked 29th on Forbes Middle East’s 30 Most Valuable Banks 2025
Bank of Africa is a major Moroccan banking group headquartered in Casablanca, operating across dozens of African countries as one of the continent’s largest pan-African banking networks. It traces its roots to BMCE Bank, founded in 1959, and rebranded its commercial banking operations under the Bank of Africa name in 2020 after decades of pan-African expansion.
What Does Bank of Africa Do?
Bank of Africa (operating under the wider BOA Group / BMCE Group umbrella) provides retail, corporate, investment and international banking services, with a network that stretches well beyond Morocco into West, East and Central Africa, plus a presence in Europe and Asia to serve trade and diaspora banking needs. The group is one of the few Moroccan banks with a genuinely continent-spanning retail and corporate banking footprint, built up through a long series of acquisitions of African bank networks originally operating under the Bank of Africa brand founded in Mali in 1982.
How Big Is Bank of Africa?
African Business’s Top 250 ranking placed the group 82nd by revenue at roughly $1.95 billion, with a market value of about $4.39 billion, making it one of the largest listed banking groups in North Africa. Forbes Middle East ranked it 29th on its 2025 list of the region’s 30 Most Valuable Banks, reflecting its scale relative to peers across the wider Middle East and North Africa region.
Who Owns Bank of Africa?
As of the most recently available shareholder disclosures, Moroccan financier Othman Benjelloun is the largest shareholder, controlling roughly 27.4% of the group through his holding company O Capital and insurer RMA Watanya. French banking group Crédit Mutuel Alliance Fédérale holds around 25%, with the remainder held by institutional investors and free-float public shareholders on the Casablanca Stock Exchange.
Is Bank of Africa Publicly Traded?
Yes. The group is listed on the Casablanca Stock Exchange, where it is one of the most heavily weighted financial-sector constituents given its size relative to other Moroccan and North African banks.
Where Is Bank of Africa Headquartered?
The group’s headquarters is in Casablanca, Morocco, the country’s principal financial and commercial hub and home to most of Morocco’s major banks and corporations.
How Old Is Bank of Africa?
The predecessor institution, BMCE Bank, was established in 1959. The “Bank of Africa” name itself originates from a separate banking network founded in Mali in 1982, which BMCE acquired a controlling stake in during 2010; the merged group formally rebranded its commercial operations under the unified Bank of Africa name in 2020, while retaining “BMCE Group” within its broader corporate identity.
How Does Bank of Africa Compare to Its Competitors?
Within Morocco, Bank of Africa’s principal rivals are Attijariwafa Bank and Banque Populaire du Maroc, both of which are similarly large, pan-African-oriented banking groups competing for market share in Morocco and expansion across Francophone and Anglophone Africa. Bank of Africa is generally considered the third-largest of Morocco’s “big three” banking groups by most metrics, though it has one of the broadest sub-Saharan African footprints of any Moroccan lender.
Why Does Bank of Africa Operate Across So Many African Countries?
Bank of Africa’s pan-African footprint stems from a deliberate expansion strategy pursued by BMCE over more than two decades, in which the Moroccan parent progressively built stakes in and eventually took control of banking networks originally established under the “Bank of Africa” brand in Mali in 1982 and subsequently extended across West, East and Central Africa. This gave BMCE — and later the unified Bank of Africa group — a head start over several Moroccan and international rivals in reaching customers and corporates in markets where formal banking penetration remains relatively low, positioning the group as a specialist in African trade finance, correspondent banking and cross-border payments alongside its core Moroccan retail and corporate banking business.
What Has Bank of Africa Been in the News For Recently?
The group’s continued strong showing in Forbes Middle East’s 2025 bank valuation rankings reflects sustained profitability despite currency and macroeconomic volatility across several of its African markets. As with peer Moroccan banks, Bank of Africa has also been active in expanding digital banking services and trade-finance capacity to support growing intra-African trade, part of a broader trend among Morocco’s major banks to deepen sub-Saharan African integration.
How Do I Apply for a Job at Bank of Africa?
Bank of Africa recruits through country-level career portals across its Moroccan and pan-African network, along with graduate and internship programmes typical of large North African banking groups; a specific, verified careers-page URL was not confirmed during research for this profile, so applicants should check the bank’s main corporate website for current openings by country.
Links
Website: https://www.bankofafrica.ma/
Careers Page: Not found
LinkedIn: Not found
Email: Not publicly listed
FAQ
Is Bank of Africa legit?
Yes. It is a long-established, Casablanca Stock Exchange-listed banking group with a multi-decade operating history and disclosed institutional ownership.
How old is Bank of Africa?
Its predecessor BMCE Bank was founded in 1959; the group adopted the unified Bank of Africa brand for its commercial operations in 2020.
Who owns Bank of Africa?
Othman Benjelloun (via O Capital and RMA Watanya) is the largest shareholder at roughly 27.4%, with Crédit Mutuel Alliance Fédérale holding around 25%.
Is Bank of Africa publicly traded?
Yes, on the Casablanca Stock Exchange.
Where is Bank of Africa headquartered?
Casablanca, Morocco.
How does Bank of Africa compare to other Moroccan banks?
It ranks alongside Attijariwafa Bank and Banque Populaire as one of Morocco’s three largest banking groups, distinguished by an especially broad pan-African branch network.