Mediterranean Bank Network News

Agreement with the Chinese Yangtse Industrial Ltd. and the Energy Investment Corporation for an amount of 1.2 billion dirhams

Monday, 16 May 2016

On the occasion of the royal visit to China, Banque Centrale Populaire has signed a major partnership agreement with the Chinese Yangtse Industrial Ltd. and the Energy Investment Corporation for an amount of 1.2 billion dirhams. This agreement is intended to finance an industrial unit of the latest generation of electric bus production in Morocco.

Through this agreement, the BCP Group aims to promote "Made in Morocco", and trade between Morocco and China.

In addition to this agreement, BCP and its partner ICBC [Industrial and Commercial Bank of China], the foremost bank in China , have agreed to expand their cooperation to finance Chinese investment projects in Morocco and sub-Saharan Africa. This agreement allows the first payment transactions denominated in Chinese currency, the Renminbi (RMB) for companies operating in China.

BCP and ICBC had already concluded an agreement to this effect during the Morocco-China Economic Forum held in November 2014 in Beijing. The agreements signed on that occasion relate to two other Chinese partners, Huawei operator and Bonna, a global supplier of tea, for a total of USD 225 million

Member banks
  • The Bank of Valletta Group is a leading financial services provider in Malta, providing retail banking, investment banking, private banking, fund management, bancassurance, stockbroking and trustee services.

  • Spain’s fourth largest private banking group, covering all areas of the financial business sector under a common denominator: professional performance and quality.

  • One of the leading banks in the Kingdom of Jordan. A bank that has distinctly adapted continuous development and improvement schemes in all of its activities.

  • BPCE Banques Populaires network has 8,500,000 clients and customers (including 3,900,000 members), more than 3,338 branches, and is part of the second largest French banking group – the BPCE Group.

  • With the largest network of banking, the Banque Populaire Group is the leading banking network in Morocco .By the end December 2012, its network was 1145 branches and over 1323 ATMs.