BMCE Bank in Morocco. annual report 2009

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1 BMCE Bank in Morocco 49

2 The Individuals and Professionals Bank 50 SALES PERFORMANCE ON AN UPWARD SWING In 2009, BMCE Bank continued to strive for developing the spread of banking penetration, optimisation of resource costs and improvement of productivity. In this framework, several endeavors were undertaken including the prepaid card and Mobile Banking. Similarly, the range of products was In addition, 2009 was marked by strong mobilisation centered on the strategic Customer Relations Management project. Development of the Network A WINNING PROXIMITY STRATEGY Continuing its drive to strengthen coverage by the distribution system, in 2009 BMCE Bank expanded its network to 541 branches and more than 600 ATMs with the installation of 70 new units. Fifty new Individual and Professional branches including 17 satellite branches were opened in high development potential regions. Nineteen new branches reinforced the Casablanca network representing 38% of the 2009 programme, followed by the Oriental Region programme with 8 new branches representing 16 % of the total number. The result of investments in the internal growth plan, BMCE Bank saw its customer portfolio move ahead in the number of accounts opened growing by 7% at more than 2 million fuelled by upwards of new checking accounts, nearly savings accounts and more than current accounts. Real Estate Loans W WELL DEFINED PRESENCE IN DIFFICULT CONTEXT At the end of 2009, BMCE Bank remained among the leaders in housing loans with a slightly increase in market share by 13.90% vs % in The global outstanding amount of real estate loans grew by 15% at MAD 14.6 billion with predominance of Immo Plus Standard loans at 65%, followed by Salaf Imtilak and Salaf Al Baraka products at 11.3% and 10.4%, respectively. Consumer Loans PRODUCTION SYNERGY Driven by the growth of agreements via the synergy between the Individual and the Corporate Networks and branches customer equipment, the regulated immediate outstanding loans saw a sharp rise of 25% at 4.4 billion MAD at the end of December The outstanding amount of immediate unregulated loans reported similar performance levels with a rise of 26% at MAD 801 million. Registering the 2 nd best growth in outstanding amounts, BMCE Bank reported a gain in market share from 0.5% to 18.46%.

3 The Individuals and Professionals Bank These considerable achievements are the result of a sales and organisational policy reinvigorated by new products, a wide ranging communications campaign and the establishment of new processes. Electronic Banking A REACTIVATED ACTIVITY In a context of considerable performance levels in electronic banking in Morocco, BMCE Bank reported significant achievements. As shows the steady growth in outstanding cards from 12.3% to more than valid cards, the highest growth rate in four years. BMCE Bank came in 2 nd place in the sector in terms of card issuance with a market share of 17.4%. Healthy performances were also registered in terms of the withdrawal activity with 20.3 million operations, the national interoperability with an acquisition rate of 14.6%, and payment activity with a volume of approximately MAD 850 million, i.e. a market share of 16.7% represented a year of significant development of commercial activities, communications and optimisation of processes with the launch of a new range of individual and corporate prepaid cards, the introduction of 50 MAD and 20 MAD bank notes and the diversification of cards for Professional users. Finally, 2009 was marked by the winning of the innovation Trophy in Africa a prize for excellence consecrating the personality or institution that stood out due to his/its work and performance in the world of card technology in Africa. Bancassurance SUCCESSFUL SYNERGY Benefiting from a strong partnership with RMA Watanya, the leading insurance broker in Morocco, BMCE Bank continued to report good performance in bancassurance, with the contract portfolio up from 5.1 to more than net contracts. By way of information, BMCE Bank registered gains in market share of 1.5% at the end of 2008, rising by nearly 30% according to the most recent DAPS statistics presented an opportunity to improve the product range and services offered by bancassurance with the integration of insurance management for managing packaged projects in addition to renovate the BMCE Secours Monde and BMCE Sécuriloge products. BMCE BANK POSITION ON CURRENTLY EXPANDING MARKETS Moroccan Living Abroad Market GREEN INDICATORS In 2009, BMCE Bank intensified its sales and marketing efforts on the Moroccan Living Abroad market which allowed to mitigate the impact of the economic crisis in Europe and to spread out performances over a more bullish cycle in the year s second half. BMCE Bank therefore posted appreciable results with Moroccan Living Abroad deposits, up by +6.1% totaling MAD 12.5 billion. The development of the accounts portfolio also continued in 2009 with more than accounts opened, including 74.6% checking accounts. Similarly, outstanding Salaf Dari real estate loans grew by 28% reaching nearly MAD 2.3 billion as did the production of the Pack Dawli with more than packs marketed, i.e. growth of 184% compared to the end of December MOROCCANS LIVING ABROAD MARKET : FAVORABLE SALES DYNAMICS Conducting of several commercial and marketing endeavors registering positive fallout in terms of sales results : The introductory campaign of summer 2009, a flagship event promoting the attraction, proximity and gaining the loyalty of Moroccan Living Abroad clientele thanks to a customised welcome policy on boats, branch offices and foreign exchange offices. Strong presence of the sales force in regions of high Moroccan Living Abroad potential. Organisation of Open days attracting a substantial number of visitors. Intensification of direct marketing efforts with more than mailing operations and messages sent.. Product innovation : - Launch of BMCE Jisr Cash enabling Moroccan Living Abroad to make funds available to family and relatives in Morocco by means of a real time card. - BMCE MRE Invest, in partnership with the Central Guarantee Fund, to support investment projects of Moroccan Living Abroad through bank financing of up to 65% of the project and a State subsidy of maximum 10% with a ceiling of MAD 5 million. 51

4 The Individuals and Professionals Bank The electronic banking activity also saw noteworthy progress with excellent results for 2009 attributable to significant card sales, i.e. +68% for BMCE Jisr, +55% for BMCE Blue Card and +21% for Electron International Visa Cards. Elsewhere, the slight drop of 2.2% in money transfers going through BMCE Bank in 2009, must be estimated taking into consideration the significant fall of -5.3% in the global remittances from Moroccan Living Abroad, bearing witness to the pertinence of the determined actions implemented. The outstanding event of the year remains the setting up of a Financial Company in Italy expected to drive renewed impetus into the Moroccan Living Abroad activity in that country. Performances BUILT ON A SOLID FOUNDATION OF PARTNERSHIPS 2009 occurred under the sign of the strengthening of partnerships with top foreign shareholders of BMCE Bank and other well-known partners. Hence, new lines of joint collaboration were explored with the CM-CIC Group, Caja Mediterráneo and Dirham Express. The CM-CIC Group and BMCE Bank developed cross-synergies targeting the French residents in Morocco by signing a partnership concerning the processing of pensions paid by the social bodies to beneficiaries living in Morocco via Dirham Express. 52 Further, a new partnership was formed between Dirham Express and BMCE Bank dealing with the centralisation of all transfers and financial availability from Caja Mediterráneo via the Dirham Express platform enabling optimum management of transfers and exchange rates, as well as real time communications. Similarly, a partnership was developed with GWZ, thanks to which the Moroccan Living Abroad customers of BMCE Bank will henceforth be able to develop the possibility of making transfers from their bank in Germany to their account in Morocco at a lower cost. Emphasis was also placed on the strengthening of the establishment of BMCE Bank Moroccan Living Abroad Desks within CM-CIC and CAM networks. Professional Customer Market REINFORCED STRATEGY Due to its strategic development nature for BMCE Bank, the Professional customer market was basically marked by the launch of a new product offer dedicated to professional customers combining new conditions of eligibility, new concepts, as well as renewed credit processes It focuses on an adapted offer, particularly with regard to electronic banking, the package concept, a full range of depreciable operating and investment loans, in addition to bancassurance products. Making up a part of the orientations of the governmental Rawaj programme, BMCE Bank undertook in negotiations to finalize partnerships, in particular with a distribution chain and wellknown bottling company in order to support the modernisation and provision to grocers with banking products. Similarly, continuing an effective policy of keeping close watch on the regulatory situation in connection with the activity of the professional customers, BMCE Bank was proactive with the Kingdom of Morocco s bar associations by proposing an adapted offer to their new legal context in terms of management and handling of deposit accounts and the bar regulations of the Kingdom. Likewise in fiscal year 2009, BMCE Bank strengthened its relations with members of other professions such as pharmacists, notaries and grocers via participation in large scale events (Trade shows, Exhibitions, Seminars, etc.) and the organisation of Open Days.

5 The Individuals and Professionals Bank Low Income Market ADAPTATION AND CONFORMITY To better answer the requirements of low or irregular income customers, a global flat rate offer of products and services was set up with unique and attractive pricing fostering the spread of bank use. Innovative products having met with success on markets with a low rate of bank use and mobile technology were launched by BMCE Bank, in partnership with Meditel in the framework of Group synergy. The mobile banking offer BMCE Lilkoul was developed in 2009, given the possibility to the banked or unbanked customer to reload beneficiary prepaid cards. This low income banking product benefited from a targeted sales communication campaign, proximity efforts with the aim of awareness building and familiarisation of the prospective customers about banking practices, along with street marketing endeavors. BMCE LILKOUL BANKING INNOVATION The launch by BMCE Bank of a banking service offer linked to the use of a cell phone which enables to conduct various secured operations thanks to a confidential code entered there upon : Private Clientele Market GAIN IN LOYALTY AND INNOVATION In the framework of the development of this market, BMCE Bank organised several highly significant events pursuant to loyalty building, field studies and the launch of new products addressing the Private clientele Three types of package deals were launched, i.e. Elite package, Platinum package, and Gold package. These packages offer several advantages to customers in particular the package deal on commissions and access via just one contract to several Bank and Insurance products. Recharge of the prepaid card: money transfers from a bank account or the card (with ceiling or prepaid); Stop payment order at any time for bank cards; Modification at any time of the confidential code; Modification at any time of the beneficiaries by acquiring the prepaid card number; Request in branches for statement of operations carried out via BMCE Lilkoul. 53 The attraction and loyalty of private customers was promoted by significant events and challenges, particularly with regard to the Crescendo and Epargne Plus products and electronic banking, the latter having been supported by an additional loyalty-building endeavour. Indeed, on the occasion of the 50 th anniversary of the Bank, BMCE Bank awarded its best customers by granting a free-of-charge Platinum Visa card for one year. This action led to the subscription of 353 new Platinum cards, i.e. a conversion rate of 35%.

6 The Enterprise Bank 54 STRENGTHENED POSITION ION FOR ADVISORY TO CORPORATE ENTITIES AND SMALL AND MEDIUM SIZE ENTERPRISES BMCE Bank has taken up the challenge of transforming the constraints linked to the economic situation in 2009 into growth opportunities for the corporate customers via the establishment of an ingenious action plan in connection with the optimisation of the customer relationship via the expansion of product and service offerings and extension of Business Centers, the diversification of Corporate portfolios, as well as consolidation of BMCE Bank s position as an advisory bank specialised in Foreign trade. Development of Products and Services ADAPTED TO A LESS THAN FAVORABLE ECONOMIC SITUATION In 2009, BMCE Bank continued to assist its corporate customers in a heavily mixed economic climate impacted by the international financial context. The Bank devoted its activity to the development of promising partnerships with guarantee funds to offer customers services a way of getting over the hump of Three new financing products coupled with the guarantee of the Central Guarantee Fund were introduced, i.e. BMCE Croissance for investment financing, BMCE Appui Export for financing the INNOVATION AT THE HEART OF CUSTOMER RELATIONSHIP Broadening of the range of products and services by innovative solutions: New Information Technologies at the service of the customer: Improvement of BMCE e-messages addressing importers and exporters via the integration of new functionalities making it possible to optimize monitoring of foreign trade operations. Sharing of information, a key element in decision making: launch of the Rating service in partnership with COFACE providing access by enterprises to financial information (solvency, indebtedness, performance, etc.) concerning their Moroccan and foreign trade partners. operating needs of exporting firms in the textile, leather and automotive equipment sectors hit by the worldwide economic crisis, and BMCE Relancia for financing debt restructuring of the bank debts incurred by corporate entities. Similarly, BMCE BANK launched a new financing solution called BMCE IMTIAZ in the framework of a partnership with the (ANPME) or National Agency for Small and Medium Size Enterprises Promotion. This product which targets high growth potential businesses, deals with financing projects development of enterprises having benefited from the investment premium granted by ANPME that can amount to as much as 20% of the investment project.

7 The Enterprise Bank Further, BMCE Bank situated agricultural sector customers, and in doing so lent support to the Moroccan Green Plan (Plan Maroc Vert), among its centers of development proposing the BMCE AGRI Pack solution, i.e. a complete offer joining together financing solutions and information services. To better assist customers in developing their activities outside Morocco, BMCE Bank launched an expanded version of BMCE TRADE with a new design, new ergonomics, much enriched information and never-seen-before services allowing improved monitoring of the major world economic trends via a new dynamic card, access to exhaustive information on business opportunities across the world, a better management of operations thanks to details on customs issues and financing management. Along the same lines, BMCE Bank launched the project of the creation and development of a new business platform called TRADE MAROC for Moroccan enterprises in their transactions with the rest of the world. Strengthened Commercial DYNAMISM In 2009, BMCE Bank was able to intensify its sales strategy by encouraging a customer proximity culture with regard to expansion in terms of business centers with 3 new units, and prospecting efforts geared to new high potential customers and loyalty-building the part thereof. The dynamism of sales action was sustained by the strengthening of the communications system and motivation of the sales force. Consequently, several marketing efforts were carried out to build the image of a Bank at the service of corporate entities and small and medium size enterprises in the form of several active participations in a variety of trade shows, exhibits, and economic and commercial events, or direct marketing endeavors. Targeting the consolidation of relations with foreign chambers of commerce, several get-togethers were organised with the managers of the French, Spanish, Belgian, Italian, British and American chambers to look into the way to achieve collaboration in the strengthening of joint synergy. At the same time, BMCE Bank reinforced its presence and visibility as a Corporate advisory Bank resulting from its extensive participation in conferences, seminars, symposia and round tables organised by chambers of commerce and other well-known organisms, as well as national projects supported by the Foreign Exchange Office and the Foreign trade Ministry. Similarly, the sales force saw its sales performances enhanced by the organisation of contests and spotlight events, in particular with regard to the opening of import documentary credits, transfers received and BMCE e-message service. Appreciable Commercial PERFORMANCE The commercial dynamism is reflected in the accomplishments of the Business Center Network which witness the support provided by the Bank to its customers in a tense economic context and the confidence that the Bank continues to enjoy on the part of its customers. Among the leading indicators, note should be taken of the strong growth of 35% in outstanding investment loans at MAD 7.8 billion, i.e. a rise of 13% in current accounts of MAD 4.5 billion and MAD 157 billion of transaction movements entrusted to BMCE Bank. Furthermore, real estate development financing registered growth of +3% totaling nearly MAD 4 billion, due to the little favorable economic situation in the upscale market and the establishment of stricter sectoral limitations. In terms of foreign trade, BMCE Bank registered a drop in volume accounted for by imports and exports from -13% at MAD 17.6 billion and -12% at MAD 13.8 billion. However, these results remain satisfactory given the high depreciation of foreign trade, i.e. -15% and -19%, respectively. The organisation of contests and spotlight events also contributed to these achievements, in particular with regard to documentary credits, transfers received and the additional contribution of nearly 20% compared to the respective volumes reported for the same period in the previous year. Faithful to its original vocation of promoting foreign trade, BMCE Bank once again proved its expertise and ability to adapt to much less favorable contexts. Win-win Partnerships IN SUPPORT OF PROMISING SOURCES OF SY- NERGY To benefit from the opportunities offered due to fact of belonging to a banking group with multiple business lines and dimensions, BMCE Bank placed the development of synergy in contact with the Group entities and other well-known institutions at the heart of its sales strategy in the corporate and small and medium size business market. The joint actions with BMCE Capital and its subsidiaries were defined to offer customers high quality customised and integrated service answering the needs of the said clientele. This approach was adopted in collaboration with Maroc Factoring and Locasom with joint visits to targeted customers making it possible to build up business volumes. The business center network intensified the actions for the establishment of consumer and real estate consumer loans addressing the employees of customer enterprises by offering thereto particularly attractive conditions. In this framework, 130 new agreements were signed contributing to the growth in outstanding amounts by 26%. 55

8 The Enterprise Bank The synergy with specialised financial subsidiaries were reinforced with the launch of two new financial leasing products in cooperation with Maghrebail, BMCE Immo Bail Entreprise, for financing the acquisition of built up real estate for professional use and BMCE BTP Bail for financing the purchase of building, public works and handling equipment. Similarly, new collaboration opportunities were explored with wellknown partners, such as the Central Guarantee Fund for assistance to corporate entities in their pollution clean-up projects enabling them to benefit from a donation sometimes reaching as much and 40% of the project cost in the framework of the FODEP III Fund or the Caisse Marocaine des Marchés/Moroccan Market Fund) for improving service quality and speed of action in the processing of operations, BMCE Bank having been the first bank on the market to initiate a dematerialisation process of CMM eligible paper. CUSTOMISED ASSISTANCE TO MAJOR CORPORATE ENTITIES At the end of December 2009, deposits rose by +35% at 14.5 billion MAD, including 49% of non interest bearing deposits vs. 51% interest bearing deposits. In a context of a sharp slowdown in Morocco s foreign trade, the global volume of short term external financing in 2009 registered a drop of 8.3% at 6.7 billion MAD. Large-scale Financing PROJECTS SUPPORTING NATIONAL PRIORITY PROJECTS Benefiting from an economic situation sustained by global public investments in 2009, BMCE Bank partook in several financing projects, particularly in infrastructure, industry, telecommunications, tourism, real estate and building and public works sectors. The consolidation of relations with institutional customers was reflected in the allocation of large financing investments in the region of MAD 3 billion benefiting the subsidiaries of top public and private financial entities. In a context marked by, on one hand a dynamism in domestic demand in foreign direct investment, and a decline in exports and imports and scarcity of liquidities, major the Corporate Entity customers were forced nomic situation encountered in Permanent CUSTOMER SUPPORT In 2009, BMCE Bank continued to contribute to the financing of the economy while keeping close watch on risk selectivity and diversification of the asset portfolio. Commitments by disbursement moved ahead by 10.2% at MAD 29.1 billion, pursuant to bank lending in the framework of public investments, tourist and real estate projects and public/private partnerships. PROGRESS IN THE DEVELOPMENT OF FINANCIAL BANK FLOW AND REMOTE BANKING Deployment of BMCE Net service for all institutional customers. Revitalisation of marketing of the BMCE EDIFin and Cash Pooling service. In the infrastructure sector, several large-scale undertakings saw the participation of BMCE Bank in large-scale projects as leader or consortium member in the framework of (i) financing of investment programmes linked to the construction of port facilities and terminals as well as the operating equipment thereof, railway lines and (ii) debt restructuring. Making up a part of the national priorities focusing on the automotive industry, BMCE Bank participated in the partial financing of large investment programmes, giving a boost to vehicle production in Morocco. Along the same lines, BMCE Bank consolidated its role of key player in financing the economy, and granted substantial banking facilities to tourist and real estate projects with regard to upscale tourist complexes and residential projects.telecommunications consisted of one of the sectors having benefited from financial support by BMCE Bank, with a total amount of more than MAD 2.5 billion having been accorded thereto.

9 The Enterprise Bank Pooling of synergy In 2009, renewed impetus was injected into intra group synergy as can be seen by the extensive business volumes generated. Maghrebail was able to benefit from the tension in corporate cash positions together with wider risk selectivity by banks, by targeting large entities in granting more than 400 million MAD bringing the achievement rate of the synergy objectives to 160%. Similarly, in a context of rising risks incurred by companies, Maroc Factoring redeemed MAD 152 million of invoices in the Corporate market. With Locasom, the substantial support given to the Corporate sales force of BMCE Bank fostered the development of this subsidiary s activity with the provision of a fleet of some one hundred vehicles made available for the Corporate clientele. SOLID RELATIONS WITH TOP FOREIGN SHAREHOLDERS CM-CIC Group : documentary credits entrusted to CIC ket guarantees addressing Moroccan corporate entities bringing the outstanding amount to MAD 500 million. of synergy as illustrated by the support from the representative office of CIC in the granting of banking services (opening of accounts, project financing) to corporate entities and French nationals residing in Morocco. Banco Espirito Santo Group to the BES Group. market guarantees issued to the benefit of Moroccan enterprises under the counter guarantee of BES, at MAD 718 million. nd day of Morocco in Portugal which saw the participation of representatives of BMCE Bank alongside a large Moroccan economic delegation and more than 280 Portuguese enterprises of varying size. Elsewhere, nearly one fourth of the global outstanding amount of real estate and agreement consumer loans of BMCE Bank resulted from loans allocated to the employees of large corporate customers driven by a 27% rise in real estate loans, in line with the average BMCE Bank growth in this segment and 8% in consumer loans, in the framework of a determined policy of rationalisation to better control risks and keep household over indebtedness at bay. Strengthening of Activities ABROAD In a drive to strengthen relations with correspondent banking, several exchanges were conducted with foreign entities allowing BMCE Bank to negotiate favorable conditions. Furthermore, for the second consecutive year BMCE Bank was represented at SIBOS held in Hong Kong where about thirty banks were consulted to identify the possibilities of joint collaboration with regard to payments, trade, capital market activities and bank and country risk management. BMCE Bank Offshore In 2009, the activity of BMCE Bank Offshore branch was marked by growth of 17.4% in global commitments at MAD 3.3 billion and customer loans from the Tangier offshore branch office of 128% at MAD 783 million. Likewise, deposits grew by 6.8% at MAD 410 million. At the same time, a drop of 8.35% in the volume of external financing operations at the head office was observed in a context of a decline in customer transactions. Apart from provisions, earnings came to MAD 32 million, i.e. up by 8%. 57

10 The Investment Bank 58 POSITIVE PERFORMANCE IN 2009 In 2009, BMCE Capital managed to withstand the international and the financial crisis and the psychological fallout on the domestic economy as is shown by Morocco s decline in foreign trade and the unfavorable direction taken by the Moroccan domestic market. BMCE CAPITAL MARKETS, Good Performance in an Increasingly Difficult context The Trading Room was able to take advantage of the business opportunities generated by this context closing the financial year with extraordinary performances surpassing 66% of the forecasts for the year, and benefiting from the ever-growing expertise acquired by the various desks with regard to uninterrupted innovation. Improvement of quality of service to customers was the constant theme pursued by BMCE Capital Markets for the foreign exchange activity, thereby offering customers better quotes and more evenly spread out dissemination of publications. Regarding Treasury, BMCE Capital Markets took up the challenge of foreign currency liquidity management in a context of an international financial and economic crisis in conjunction with a winning strategy of full control over the currency liquidity risk via fixed and variable quotes for long term maturities and the continuous placement in the trading room of maturities of more than one year. STRONG INNOVATION CULTURE Finalisation of the dynamic sales quotation platform Diversification of exchange derivative offers via the launch 1- Frozen timeframe: a strategy allowing to relatively improve prices in a normal timeframe ; 2- Export Plus: strategy of the outperforming spot price ; 3- Break Forward: strategy providing the same in fine gain profile as plain vanilla options. Anticipation of investors needs via enlargement of the structured products offers: Launch of less conventional products (hybrid, CLN, etc.) of long maturity on varied underlying elements (Exchange, Gold, Stocks and Rates). Development of a new stock exchange index answering index management objectives, i.e. liquidity requirements representative of the market and in compliance with the prudential asset management regulations. The FX Offshore activity was also distinguished by the appreciable improvement of its margins in a context of stagnation of the volumes processed thanks to a dynamic management of the exchange position and to market making on the offshore MAD money market. This activity was able to take advantage of international market opportunities, especially in the MENA zone, via the launch of the new bond trading activity. The money and bond activities showed excellent dynamics in 2009, generating a business flow of MAD billion, i.e., strong growth standing at 24%.

11 The Investment Bank BMCE CAPITAL BOURSE Maintained Market Position By twofold reinforcement of its dynamism and sales aggressiveness, BMCE Capital Bourse managed to consolidate its standing as a top player on the Moroccan stock exchange, maintaining its market share at 16% in a context characterised by the loss of investor confidence, the lack of dynamism on the primary market further to the limited market listings, and the low levels of back and forth operations carried out at the end of the year. Driven by its notoriety and expertise, BMCE Capital Bourse was able to maintain a substantial deal flow throughout the year, primarily positioning itself on strategic operations, and on behalf of BMCE Bank Group and other well-known institutions on the market. TOWARD THE DEVELOPMENT OF SYNERGY AND REGIONAL POSI- TIONING Repositioning abroad Higher regional presence via the development of Capital Spaces Intensification of synergy with all Group entities. Among its large-scale operations were (i) the transfer of 4.9% of BMCE Bank capital to the Group Credit Mutuel - CIC, (ii) transfer in the framework of the repurchase programme concerning a part of the capital of CGI and (iii) the signing of a renewal assignment for management of ADDOHA repurchase programme, (iv) the signing of a new management assignment for conducting the SALAFIN repurchase programme pursuant to 5% of its capital. Elsewhere, capitalising on its flagship of on-line stock exchange service, in 2009 BMCE Capital Bourse was driven by the efforts put forth for the development of synergy with BMCE Capital entities and BMCE Bank Network via the deployment of real time stock exchange screens and branch office facilities. ASSET MANAGEMENT ACTIVITIES BMCE CAPITAL GESTION Outstanding Growth BMCE Capital Gestion ended the year under the emblem of performance with managed assets of nearly MAD 23 billion, strongly up by 34.5% placing it in 3 rd position among management firms with a market share up by 1.62 %, i.e., 12.6%. This dynamism results from the +50.7% increase in outstanding amount of OMLT mutual funds at MAD billion and +320% of the diversified assets thanks to the initiation of the dedicated Moustaqbal CRP fund with total assets amounting to MAD 570 million. 59

12 The Investment Bank In terms of sales performance, BMCE Capital Gestion, registered in 2009 the second largest collection in terms of assets amounting to MAD 5 billion and was chosen for the two tenders launched by Bank Al Maghrib for the management of a dedicated diversified fund and CIMR for management of a dedicated investment fund. In addition, the structure of the managed assets shows the predominance by upwards of more than 92% in monetary and bond mutual funds followed by share mutual funds by 5%, declining by 1.8% and diversified mutual funds at 2.9%, up by 2p% also saw the launch of major strategic and organisational projects including the acquisition of a management tool, the setting up of risk cartography, rewriting of procedures and the establishment of agreements for the distribution of BMCE Capital Gestion products by BMCE Bank network. START-UP OF INVESTMENTS ABROAD Custody activity driven by investments abroad accounted for by mutual funds in the region of MAD 222 million. Strong rise in custody funds in foreign institutional segments at MAD 12 billion. MANAGEMENT ACTIVITIES AND CUSTODY 60 PROVEN OVER PERFORMANCE OF SECTOR 26 funds out of the 29 managed posted gains above their respective benchmarks. The average over performance on share and diversified assets in the region of 159 base points with a total outstanding amount of MAD 1.2 billion amounting to a total of MAD 21.5 billion. BMCE CAPITAL GESTION PRIVÉE A Year for Reorganisation During the year 2009, a year marked by the markets reversal, BMCE Capital Gestion Privée managed to preserve its managed assets, representing growth of 2%. The performance of managed portfolios turned out to be sufficient as is shown by the median results obtained between the stock market and money and bond markets. In 2009, the difficult market context led BMCE Capital Gestion Privée to re-profile the portfolios of the majority of customers to adopt more defensive positions capable of allowing greater resistance in front of the slowdown occurring on the market. This situation also led to the shift in pricing to a variable system causing a drop in income, with the deduction of average commissions under mandated management declining by -0.13p%. With regard to quality, in 2009 BMCE Capital Gestion Privée entered into a restructuring and organisation process for the purpose of improving efficiency marked by the mutualisation of risk management with Risk Management / Middle Office / Quants of BMCE Capital and continuation of synergy with BMCE Bank. BMCE CAPITAL TITRES Growth Operating in less than promising market conditions, BMCE Capital continued to grow its asset custody, showing in 2009 a growth rate of nearly 11% totaling MAD 155 billion, capitalizing primarily on the positive behavior of mutual funds deposits. The mutual funds assets in custody reported high growth of 31% at MAD 46.4 billion, bringing the market share to 24%, signifying an appreciable improvement. These results are basically attributable to the synergy developed with Group entities, in particular RMA Capital, RMA Watanya, and BMCE Capital Gestion In a context of Central and Block market oversight, the transactions volume dealt with by BMCE Capital Titres in the framework of stock exchange operation finalisations surpassed a total of MAD 21 billion and market share of 18%. In addition the commercial actions carried out on the institutional segment made it possible to maintain the outstanding amounts under custody at nearly MAD 60 billion representing 39% of the global outstanding amount of assets. CORPORATE FINANCE BMCE CAPITAL CONSEIL Noticeable Results In 2009, the entry into a sustained development phase, the acivity of the Custody subsidiary showed strong growth born out by the signing of 17 consultancy operations successfuly provided throughout the year. The said operations were pursuant to the strategic segment in terms of mergers and acquisitions, concessions and structured financing schemes and transactions on capital markets.

13 The Investment Bank STRONG RISE IN TURNOVER Growth of 68% in turnover Surpassing by 55% in comparison to budget High contribution to tasks in connection to merger and acquisition activities followed by structured financing activities. Driven by well-proven expertise, BMCE Capital Conseil offred advisory for serveral corporate entities operating in the field of transportation or real estate development dealing with the opening up of capital and partial or total transfer of equity stakes, as well as for delegated marketing of the urban transportation system of Grand Agadir and participation in the invitation to tender for building and running of a recreational park. Out of the structured financing operations, BMCE Capital Conseil was selected for various debt raising missions for financing investment, strategic restructuring and debt refinancing projects. In addition, BMCE Capital Conseil showed dynamism on the private debt market, positioning itself as consultant and invesment advisor for serveral bond issue programme, treasury bills or financing company bills on behalf of well-known operators. TRANSVERSE ACTIVITIES COMMERCIAL PLATFORM Effective Resilience in a Crisis Period The commercial platform stood out due to its efforts devoted to the intensive marketing and promotional endeavors on various BMCE Capital business lines in a constrained context characterised by activity on financial markets, tightening customer confidence and tightening of loan conditions. However the Commercial Platform managed to take advantage of the improvement prospects in the economic activity of some of its customers and the volatility of financial markets thereby limiting the drop in foreign exchange by only 23%. With regard to investments, the outstanding amounts of the Commercial Platform showed a drop of 13% at MAD 1 million even though it experienced stable growth throughout the year (+3%). This decline is explainable due to the drop in cash availability in the Corporate segment, rising demand for the «Cash Pooling» solution, as well as the aggressive commercial policy of some of the competitors. The Commercial Platform concentrated its efforts on improvement of service quality, the change of organisation and keeping a constant eye on the optimisation of efficiency was marked by the development of the first signs of synergy with the Conseil subsidiary of BMCE Capital. In this respect no fewer than one hundred visits to customers were made resulting in two assignments being obtained. ANALYSIS & RESEARCH Analysis and Expertise Guaranteed Driven by its fame on the market, its well-known expertise including abroad, and the multiple disciplinary competencies of its work teams, throughout 2009 Analysis & Research provided a sustained level of dissemination publishing no fewer than twenty flash information sheets and institutional research notes without forgetting the steady output of monthly, quarterly and annual letters. At the same time as this burgeoning expansion of publications, the Analysis & research was also highly active in the area of presentations, assisting BMCE Capital Bourse and MediCapital Bank in their various commercial prospecting efforts addressing asset holders as well as national in institutional investors. At the regulatory level and in compliance with ethics of the circular letter of 04/08 of CDVM concerning the rules applicable to financial analysts, a code of ethics was developed and implemented, as well as a state-of-the-art procedures manual on best international practices. Apart from missions related to due diligence bond issue, and research on behalf of BMCE Bank Group, the analysis & Research unit continued its mission of detecting the opportunities and threats related to all BMCE Capital business lines. MARKETING AND COMMUNICATIONS A Strengthened Image In the framework of strengthening the image of BMCE Capital by more highly accentuated marketing event, in 2009 several actions were undertaken including the organisation of seminars on current subjects, the conduct of regional tours and visits to common customers of the various business lines and the launch of the institutional site of BMCE Capital. These endeavors have already contributed to the development of an institutional image of BMCE Capital and its positioning commensurate with the vision, ambitions and values of BMCE Bank. 61

14 Ressources at the Service of Developpement 62 HUMAN CAPITAL ATTENTIVE OVERSIGHT AT THE SERVICE OF HUMAN DEVELOPMENT Development of Co-workers A HUMAN RESOURCES PRIORITY To prepare for the take over of new positions at BMCE Bank, a second campaign for the identification of the Bank s high potential profiles was conducted. More than sixty high potential profiles were involved via evaluation programmes after which the needs in terms of competency development were identified. The areas concerned dealt with situational and transversal management, personal development and efficiency and individual aptitudes in communications, creativity and project management. The first class of high profile potentials partook in a development cycle on aspects dealing with team management, personal efficiency, public speaking ability and project management. To remain at the cutting edge of HR research and human capital development in the Group, several studies were undertaken to achieve better understanding of wage earner expectations and arrive at greater improvement in the social environment. BMCE BANK CERTIFIES ITS HUMAN RESOURCES ACTIVITY Recognition of the efforts put forth for the establishment of a quality management system via an entirely new kind of certification. The development of efficiency, the standardisation of processes, technical and operational mastery of HR activities, as well as the well proven professionalism of team work. Certification of activities related to recruitment, staff training, career development, management of potential of social issues and internal communications. The objective of guaranteeing and maintaining excellence in the Human Capital of BMCE Bank with a permanent view to non-stop improvement designed to meet the expectations of all co-workers. Further, several collective intelligence workshops were organised offering managers and future executives an opportunity to innovate and design corporate projects.

15 Ressources at the Service of Developpement BMCE Academy AT THE SERVICE OF PERSONAL DEVELOPMENT With an eye to broadening competency and development of knowledge, BMCE Academy signed a partnership with a major Business School in Paris enabling more than ten young talents from the Top Management of BMCE Bank to participate in an Executive Education Programme. A second class is expected to be launched in Further, 2009 was marked by the start-up of individual assistance via coaching. Moreover, BMCE Academy continued the curriculum for managers of the Individual and Professional bank branches with the launch of 4 classes, i.e. more than 90 co-workers. Group Managers were also offered management training called «Manager Coach», dealing with the acquisition of points of reference and techniques which enable to take on this new management role. Similarly, the Business Challenge programme continued with the participation of 180 co-workers. Upon completion thereof, managerial projects were introduced and supported by the various participants over a period of 100 days. The personal development programme is included among the flagship achievements of BMCE Academy, 3 classes having benefited there from. Increasingly Significant GROUP DIMENSION BMCE Bank has placed the first milestones of human resource management at the Group level, assisting its subsidiaries on HR issues. Further, by continuing its policy of transferring know-how, BMCE Bank organised a training programme dedicated to management of La Congolaise de Banque dealing with organisation, operational risk management, the need for oversight, guarantees, as well as managerial and commercial practices. BMCE Academy also imposed the Group dimension in its actions by proposing specific training to the various Group components with regard to the management of persons, conducting change, negotiations, inter personal communications, and the coach manager approach. An initial training endeavor on stress management was carried out by BMCE Capital. Heretofore, 65 of the Group s employees have benefited from this training. Internal Communication REMAINING CLOSE TO ITS CO-WORKERS Apart from covering the leading moment at BMCE Bank, internal communications went hand in hand with the launch of the virtual university in conjunction with the BMCE Non-Smoking programme. In addition, the publication of press releases and reviews was conducted in traditional form as well as over the Internet in conjunction with Newletters The Manager s Strategy, and The Managers. These new recruits were received under the colors of BMCE Bank, the accent being put on the leading values, the corporate culture as well as distribution of the welcome kit Outlook In terms of HR management, BMCE Bank will remain at the cutting edge of human development via the accelerated deployment of HR activity at the Group scale with the aim of bridge building and harmonisation between practices for better cultural alignment at the service of performance and wealth creation. From the mutualisation of services, to intelligence workshops and the creation of communities of experts, the trend points to collective action in all directions, and to the management thereof. Also, the excellence programme will be continued, in particular with regard to the Leadership Continuity Programme, the training programmes at BMCE Academy, in addition to the strategic intelligence workshops. Answering the needs of wage-earners and the creation of a vision, giving meaning to their careers, offering the means to reach their ambitions, assisting and coaching, monitoring and evaluating the social environment in order to make it better will constitute the priority objectives of HR development at BMCE Bank in

16 Ressources at the Service of Developpement BUSINESS INTELLIGENCE IN THE SERVICE OF COLLECTIVE PERFORMANCE The Widening OF THE GEOGRAPHICAL INFORMATION SYSTEM In the framework of BMCE Bank network expansion, an aid to decision-taking tool that is especially adapted to the elaboration of branch implementation strategy has been developed in order to follow through the branch extension programme. After Casablanca where such a system was developed in 2008, the Rabat region henceforth has a geographic information system which is designed to identify priority branch setting-up locations, while propping smart networking. A geographical orientation device at the level of ATM s has likewise been designed for the city Casablanca. In case of a breakdown of the ATM, the device is intended to provide BMCE customers with a geographical map featuring the exact location of other BMCE Bank ATMs which are located in the vicinity. The Deployment OF AN ECONOMIC INTELLIGENCE INFORMATION SYSTEM As a central element in the management of information within BMCE Bank Group, the Economic Intelligence Information System will enable any staff-member in the Bank and in the Group, over the medium term, to be informed in real time by means of informative alerts. A Better Coverage OF ECONOMIC AND FINANCIAL PROBLEMATICS Informative monitoring has reinforced recurrent activities, while proposing new services with a higher added value. Thus, daily monitoring works have been enriched by economic and financial monitoring which aims to establish exhaustive follow up of BMCE Bank Group s environment. Enhanced Analytical CONTRIBUTION 64 Several studies have been conducted in order to refine customerknowledge and thereby achieve a better definition of commercial and marketing actions. Accordingly, a study aimed at identifying the different characteristics of upscale clientele and at analyzing the expatriate market has been carried out. The study has made it possible to take stock of the main tendencies governing this market.

17 Ressources at the Service of Developpement The celebration of the fiftieth anniversary of the creation of BMCE Bank has been characterised by innovation in the area of institutional communication. Identifying codes have been devised so as to federate the general public, including staff-members, customers, and Group stockholders. An institutional communication strategy has underpinned the event. It has also served to set up the basis of communication for the years to come, be it commercial, financial, or institutional. MORE SHARPLY-FOCUSED COMMUNICATION namely: institutional (or, corporate) communication; commercial communication; and multi-channel communication. Enhancement OF THE BMCE BANK IMAGE Sustained by creative reflection and approach, the main institutional campaign of 2009 actually bespoke the main concerns of BMCE Bank in all of these areas: sustainable development throughout Africa; access to new technologies; respect for the environment; the promotion of education; and support of investments. In this connection, BMCE Bank has succeeded in capitalizing on its image as : A Bank that is prestigious, expert in its activities, powerful, and open to the world; A Bank with humane dimensions, close to realities, and readily accessible; A Bank embodying the nascent multinational thrust of the Group. In the framework of its engagement in cultural sponsoring and patronage, BMCE Bank has particularly marked its participation in the various year-long events by the deployment of a creative approach that is common to the cultural and sporting events which are sponsored by the Bank. Let s live! the main watchword of the approach, has been sustained by media and non-media based communication campaigns as specific to each event. In terms of merchandising aimed at following through the network s commercial growth and performance, the year 2009 witnessed the development of a strategy geared towards assisting agencies in the management of advertising materials, the development of business areas, and the installation of modern, dynamic, and attractive billposting within agencies. 65

18 Ressources at the Service of Developpement 66 Commercial PROXIMITY-CENTERED COMMUNICATION On the basis of strategic orientations, a mid-term business communication strategy has been implemented. It is centered on proximity and taking into account the specificities of each market, while upholding the coherence of the whole. In order to head towards the future on the strength of a sustainable, coherent, and recognizable approach, each particular market has been endowed with an identifying feature, a catch phrase, a specific graph, such as New Generation Bank, and My Country, My Bank. THE LAUNCH OF LOW INCOME BANKING Particular attention has been granted to Lilkoul (For Everyone) Campaign which aims to open access to banking services to low-income population. Accordingly, a dozen of films have been made and a score of radio messages have been recorded. The reception campaign of the Moroccan expatriates community has been launched again, along with a bridge-campaign spanning from Ramadan to December, so as to develop the Morrocans Living Abraod (MLA) business activity further in an admittedly difficult juncture. As for the corporate market, the creative federating concept which has been implemented to drive corporate communication highlights the Bank s expertise in the finance and advisory business-lines.. Interactive Communication All of the corporate and business communication campaigns have been launched by means of actions using direct channels. Accordingly, internet-based advertising has resulted in better visibility for BMCE Bank on the web, notably through campaigns linked to the celebration of the Fiftieth Anniversary of the Bank, Lilkoul (For Everybody) package, and the summer MLA campaigns. These actions have increased traffic on the corporate site by 10% with an average 40,000 monthly visits which accounts for roughly 470,000 visits in ATM based posting is naturally part of the communication devices that are in use. With regards to the mailing activity, more than 3 million mail items have been addressed to customers in 2009, with an average of 1.5 mail items per customer, per year. The mobile is likewise a very profitable mass-communication tool, providing that qualified customer or prospect data-bases are available. In this respect, 580,000 promotional SMS (or messages) were sent to customers during IMPROVEMENT OF PRO- CESSES AND CONSOLIDATION OF BANK PROJECTS For several years, BMCE Bank has been implementing organisatio- to gain better knowledge of customers, and to achieve more rigorous performances which, in turn, pave the way for optimised steering, enhanced risk management, improved productivity through the rationalisation of structures. Towards a Better KNOWLEDGE OF CUSTOMERS The Customer-Relations Management Project is part of the technological partnership with the CM-CIC Group and the consolidated Master-plan of BMCE Bank and RMA Watanya. The project comprises the set-up, through the building of a computer and technological platform, of a set of tools designed to reinforce the business efficiency of the sales-force, customer-knowledge, and risk-containment. Towards the Automation OF OPERATIONS PROCESSING A plan for the deployment of new services at the level of automatons has been devised which should be sustained by a follow-through and customer and network awareness policy with a view to automating certain administrative tasks which were previously performed at the level of Bank ATMs. In the framework of the project bearing on the automation of the management of stock-exchange orders, the acount managers will hitherto have direct access to financial information and the passing of stock-exchange orders in real time, as well as the follow-up of portfolios and direct visualisation of all operations.

19 Ressources at the Service of Developpement A Finer RISK MANAGEMENT BMCE Bank Group has endowed itself with a sophisticated Risks Information System which integrates tools for modeling, financial analysis, and the elaboration of grading grids. The Bank s operating systems are currently being upgraded in order to conciliate the systems in their entirety. Certification OF THE BANK S BUSINESS ACTIVITIES In the framework of the reinforcement of the Quality-management System, certified activities have been extended, notably Remedial Management activities and Trading Rooms activities. Moreover, the Human Capital activity has been distinguished by ISO 9001 Certification, which was earned with a zero-gap score as granted by Veritas Certification firm. A Reference IN THE AREA OF BRANCH SECURITY BMCE Bank has placed the beefing up of security at the center-stage of its concerns and has thus set up an efficient Security Management System. As a result, the BMCE Bank network has fully been protected by efficient safety devices, notably by fire detectors; prowler/intrusion detectors; tele-surveillance; tele-security; and video-protection. By fully complying with the Interior Ministry s directives concerning branch safety and security, no BMCE Bank branch has been compelled to close, at a time when 9% of the agencies belonging to the banking community had to interrupt business activity pending compliance with the aforementioned directives. Improvement OF CUSTOMER RECEPTION In 2009, a project aiming at improving reception within BMCE Bank has reached its operational stage with the set up of an important procedural, training, and communication apparatus so as to follow through the dynamics of development which has been triggered. A Better SERVICE QUALITY In order to enhance the quality of service offered to private customers, mystery customer surveys have been pursued with regard to BMCE Bank products and services. The results of the survey have thus been disseminated in the form of reports at the level of the branch network as well as at the level of central entities. Expansion OF THE NETWORK TO BETTER SERVE BANKING PENETRATION As part of the efforts expended to widen access to banking services all over the Kingdom, BMCE Bank has pursued its network extension and densification strategy, with the opening of 50 Private Persons/Professionals branches and of 3 business centers (Kénitra, Mohammedia, and Coastal Area). Similarly, sundry overhaul and refurbishing actions have been undertaken in all Bank premises (including branches and head offices). Furthermore, 2009 witnessed the launch of construction work on 3 prototype branches, within the framework of the New Architectural Concept. These three branches are based in Rabat, Fez, and Casablanca. 67

20 Remedial Management Group SUSTAINED RATE OF ACTIVITY ACHIEVEMENTS In spite of the economic situation, and negative environment prevailing recoveries to a level making it possible to consolidate a significant share of recoveries in the income and revenues of the Bank. Thanks to the high approach in accordance with the type of case managed, the recovery of capital amounted to 400 million MAD; as did the global close out of commitments by signature inventory which totaled 220 million MAD 2009 HIGHLIGHTS IGHTS external debt collection organisations Modernisation of litigation management procedures 68 Portfolio Management CONTROL & ISO CERTIFICATION With regard to quality, a solid control over portfolio management of compromised debts and extensive knowledge of the processes set up has enabled successes of the two quality audits for ISO 9001 certification (Version 2008) of the debt collection activity. This certification has allowed, for the first time, to broaden the perimeter of control to all the corporate services of this division. Granting the renewal of the ISO certification was driven by setting up the management tool PRM (Remedial Management) for continuing supervision of the administrative and accounting management of the various files. Among the modules developed and that have become operational in 2009, mention can be made in terms of (i) declarations of the discrepancies found in the cases transferred to compromise, (ii) management of the assignment of manager to the individual cases, lawyers and debt collectors, (iii) monitoring of the commitments received from notaries, (iv) monitoring of the due dates for the guaranties by the establishment of alarm systems, (v) reporting on compromised cases not transferred and (vi) archive management. Processing of Files EFFICIENCY AND DILIGENCE The quick and efficient processing of files was at the heart of the debt recovery system designed to increase the possibility of a positive outcome, to reduce the outstanding debts still pending, as well as to enable cancellation of the relevant provision. Likewise, files declassified before 2009 were also subjected to strict control which led to the recovery of nearly 100 million MAD.

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