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Morocco's BMCE Bank of Africa to set up Shanghai branch

Morocco's Banque Marocaine du Commerce Extérieur SA, also known as BMCE Bank of Africa, plans to open a branch in Shanghai, Xinhua News Agency reported March 28, citing Moroccan financial daily L'Economiste.

The bank's new Shanghai branch is expected to open in September. The lender currently has a representative bureau in China.

The Moroccan lender also signed a memorandum of understanding with China Development Bank on March 23 to enhance bilateral trade and investment.