Rabat - Bank of China, one of the five largest state-owned commercial banks in China, inaugurated its Moroccan branch in Casablanca on March 15.

Rabat – Bank of China, one of the five largest state-owned commercial banks in China, inaugurated its Moroccan branch in Casablanca on March 15.

“It is an honor and a privilege for me to welcome to Casablanca Finance City a major financial institution of international repute, which represents the first Asian financial institution to join our ecosystem,” said Said Ibrahimi, CEO of Casablanca Finance City Authority (CFCA).

According to Chinese officials, the bank seeks to strengthen economic and investment relations with Morocco.

First, Bank of China will support the Chinese government’s enterprise development strategy in Francophone Africa. Second, the bank will offer Moroccan and African companies wishing to expand commercial relations with China expertise and in-depth knowledge of the Chinese market.

The bank’s newest branch will also participate in the financing of trade between Africa and China.

“Morocco and China should take advantage of their complementarity and transform the potential of the African continent into a driving force for the development of both peoples,” said Sun Shuzhong, the Chinese Ambassador of to Morocco.

Following the visit of a delegation led by Yue Yi, Bank of China’ Executive Vice-President, the bank was awarded the Casablanca Finance City (CFC) status label.

The CFC status, created by Law No. 44-10, as amended and supplemented by Law 68-12, is a label that gives financial companies access to multiple advantages, including many tax incentives and exchange facilities as well as various other facilities for conducting business.

Founded in 1912, Bank of China is the oldest bank in the Asian country, ranking fourth on Forbes’ list of the “World’s Biggest Public Companies in 2015.”

The bank has more than 600 branches worldwide, including those in Africa.