Press Release

BMCE Bank of Africa and CDC Group seal a strategic

partnership with Africa at its core: CDC Group to
invest US$ 200 million in BMCE Bank of Africa

Casablanca – London, 19th June 2019

BMCE Bank of Africa (“BMCE”, the “Bank”), one of the leading financial
services pan-African groups, has announced a strategic partnership with
CDC Group (“CDC”), the UK’s development finance institution. CDC will
acquire an equity stake of c. 5% in the Bank through a primary capital
injection of US$ 200 million.

CDC’s investment will help accelerate BMCE’s expansion across Africa

while also allowing the Bank to leverage CDC’s wide in-country networks.

As one of the seven major pan-African groups, BMCE has established an

outstanding track record in sub-Saharan Africa. Back in the late 1980s,
BMCE successfully turned around the state-owned bank la Banque de
Développement du Mali and, in 2003, it restructured La Congolaise de
Banque, the first commercial bank in Congo Brazzaville. In 2008, the
acquisition of Bank of Africa, a banking group present in 17 sub-Saharan
African countries, and in which BMCE owns a controlling stake of 73%, has
spurred international growth. Today, sub-Saharan Africa operations
account for nearly half of BMCE’s net earnings. By leveraging on its
extensive footprint, the Bank aims to create value for the continent by
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routing international investments from its hubs in Morocco, Europe and
Asia, and by bringing innovative retail banking solutions to Africa.

CDC has over 70 years of experience investing in Africa and in Asia, with
more than 700 businesses in its African portfolio. CDC is strongly
committed to the continent and plans to invest up to US$ 4.5 billion in
Africa by 2022, across different sectors and through various investment
solutions. CDC invests in financial institutions to advance financial
inclusion and bring better access to affordable finance for individuals and
SMEs, helping them to strengthen their communities.

This strategic partnership between BMCE and CDC represents one of the
largest single investments by a British institution in the Moroccan
financial sector and it is a testimony to their joint vision and commitment
to strengthening Africa’s economy and improving people’s lives. The access
to affordable and innovative finance, financial education and business
advice is essential to ensure economic development, especially for SMEs,
which constitute the backbone of Africa’s economy and are a key driver of
economic growth. As these businesses grow, they create jobs and wealth in
their communities.

The promotion of environmentally sustainable development is an

important component of the partnership. BMCE and CDC recognize that
sustainable development can serve as a driver to enhance economic growth
in African economies and empower African societies. As part of their work
in this area, BMCE and CDC seek to ensure environmental and social risks
are taken into consideration at the transaction level and

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work with companies to help them incorporate sustainable practices in
their business operations. The partnership between BMCE and CDC will
help to further these endeavours throughout the continent.

“The ultimate goal of our agreement goes beyond the US$ 200 million
investment.” said Mr. Othman Benjelloun, Chairman and CEO of BMCE
Bank of Africa. “Rather, it is an alliance aimed at developing Morocco and
Africa and ensuring that Africa’s human capital achieves a sense of
fulfilment”.

“Investing in financial institutions is a powerful mechanism through which

we can deliver impact at scale.” said Nick O’Donohoe, CEO of CDC Group.
“The capital markets in countries such as Morocco are integrated across
Africa and are critical to the success of more economically challenged
environments in the region. We see these countries as regional hubs, strong
platforms from which to provide affordable finance, goods and services to
millions more people. Our support will allow the Bank to grow its offering,
especially in the SME segment, deepen penetration of banking services and
promote financial inclusion for all.”

Completion of the transaction is subject to customary conditions.

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About BMCE Bank of Africa Group

Among the leading pan-African financial groups, BMCE Bank of Africa is

a universal banking group with diversified and multi-business focus areas
namely commercial banking and investment banking as well as specialized
financial services such as leasing, factoring, consumer credit and debt
collection. BMCE Bank of Africa is today the most internationally oriented
Moroccan banking group with a presence in 31 countries throughout Africa,
Europe, Asia and North America, employing more than 15,200 employees
around the world, with more than 1,675 branches serving nearly 6.6 million
customers. The Bank is also a major player strongly involved in
environmental, 14 001 certified, and social responsibility matters, namely
through its Medersat.Com program that promotes education and
community development in rural areas in Morocco and Sub-Saharan
Africa, as well as through the offer of innovative sustainable financing
programs and products in partnership with major international financial
institutions.

About CDC Group plc

CDC Group plc is the UK’s development finance institution. Wholly owned
by the UK Government, it invests in Africa and South Asia with the aim of
supporting economic development to create jobs. CDC Group plc has
invested in Africa since its establishment in 1948 and has net assets of £5.1
billion. CDC takes a flexible approach and provides capital in all its forms,
including equity, debt, mezzanine and guarantees, to meet businesses’
needs and achieve development impact.