Banque Marocaine Du Commerce Exteri
23 March 2007



                                Alliance Between
                        BMCE Bank & AFH/ Bank Of Africa


           BMCE Bank becomes the reference banking shareholder of the
                BANK OF AFRICA Group, whose network covers around
                             ten countries in Africa


Friday, March 16th, 2007 saw the signing, at the headquarters of BMCE Bank in
Casablanca, of an investment memorandum between Mr. Othman BENJELLOUN, President
of the BMCE Bank Group and Mr. Paul Derreumaux, President of the AFRICAN
FINANCIAL HOLDING/ BANK OF AFRICA. A delegation of the BANK OF AFRICA, alongside
the Senior Management of both Groups, partook in this ceremony.

According to the terms of this agreement, BMCE Bank becomes the reference
banking shareholder of this Group, along with renowned institutional investors
such as Proparco, the Netherlands Development Finance Company (FMO) ...-, by
acquiring 35% of the capital of AFH. Throughout the continent of Africa, this
holding company controls 10 credit institutions all federated under the name of
BANK OF AFRICA, as well as specialized subsidiaries.

The BANK OF AFRICA Group is the 3rd ranked banking group in the West African
Economic and Monetary unions in terms of total balance sheet; it is operating in
West and East Africa, particularly in the following countries: Mali, Benin,
Niger, Ivory Coast, Burkina-Faso, Madagascar, Senegal, Kenya, Uganda, and in the
process of setting up in Tanzania and Mauritius.

The BANK OF AFRICA Group's network consists of nearly 160 operational and
production sites, and participates in activities such as insurance, leasing,
stock exchange intermediation, investment firms and telecommunications. At the
end of the fiscal year 2006, the main consolidated activity provisional
indicators show million 21.7€ in net income, million 117.7€ in shareholder's
equity, and billion 1.35€ for the total balance sheet.

Beyond the stakes taken out in the share capital, subject to the approval by the
regulatory authorities, this agreement constitutes an industrial alliance
between the two Groups with a joint development ambition on the continent of
Africa, intended to combine commercial, investment and merchant banking
activities, with insurance and telecommunications.

This partnership has the objective of being exemplary with regard to the
creation of wealth, emanating from the commercial and operational synergies
between the constitutive entities of the two Groups, as well as the South/South
cooperation model it represents, thus leading to the multiplication and
diversification of trade and investment between Sub Saharan Africa, Morocco and
even beyond, throughout the Maghreb region.


                                 *************

Contact : General Secretariat of the Group- Phone: 022 49 80 10/11 
Fax : 022 26 46 55

Websites: bmcebank.co.ma ; bank-of-africa.net


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