1 BMCE Bank and its Governance
2 Board of Directors Othman BENJELLOUN Michel LUCAS Mario MOSQUEIRA DO AMARAL Roberto LOPEZ ABAD David SURATGAR Zouheir BENSAÏD Othman BENJELLOUN Chairman & Chief Executive Officer Group CREDIT MUTUEL - CIC Represented by Michel LUCAS BANCO ESPIRITO SANTO Represented by Mario MOSQUEIRA DO AMARAL CAJA MEDITERRANEO Represented by Roberto LOPEZ ABAD David SURATGAR FINANCECOM Represented by Zouheir BENSAÏD
3 Azeddine GUESSOUS Anass ALAMI Adil DOUIRI Amine BOUABID Jaloul AYED Mamoun BELGHITI Brahim BENJELLOUN- TOUIMI Mohamed BENNANI RMA WATANYA Represented by Azeddine GUESSOUS CAISSE DE DEPOT ET DE GESTION Represented by Anass ALAMI Adil DOUIRI Amine BOUABID Jaloul AYED Director & Delegate General Manager Mamoun BELGHITI Director & Delegate General Manager Brahim BENJELLOUN - TOUIMI Director & Delegate General Manager Mohamed BENNANI Director & Delegate General Manager
4 Board of Directors Activities The Board of Directors The Board of Directors is governed by Company rules and regulations which are conformant with the provisions of Bank Al-Maghrib, the Central Bank s Directive and with the best practices of good governance. It draws up a list of rules governing the composition and assignments of the Board of Directors, its operating mode, as well as its special mandates. The rules and regulations are complemented by a Charter for Directors, which specifies rights and obligations, in terms of assignments, independence, diligence, ethical rules pertaining to stock-exchange operations, observance of legal prescriptions, conflict of interest, professional secrecy, and loyalty. All Board members adhere de facto to these federating principles. Internal Regulation «The foremost duty of the Board of Directors is to maintain a balance between the interests of shareholders and growth prospects, long-term creation of wealth, and the protection of depositors. This duty is premised on two fundamental elements: decision-making and monitoring. The decision-making function consists in devising fundamental policies and setting strategic objectives, in consultation with General Management, as well as approving certain important decisions. The monitoring function consists in examining the decisions made by General Management, ensuring the conformity of the system, taking care of control, and implementing policies The Board of Directors thus fulfills a fourfold mission: it defines corporate strategy, appoints the representatives who would be entrusted with corporate management, controls management and looks after the quality of information transmitted to the shareholders and the market, by means of the account statement or in conjunction with major transactions. The Board of Directors is therefore responsible for the following tasks : Strategic Planning Process by the Bank, including the allocation of capital, spending and transactions whose amounts exceed the threshold set by the Board of Directors. Risk Identification and Management the Bank s main business activities ; risks ; regulations, companies, stocks and shares, and other legal obligations. Internal Control adherence of the entire organisation to a culture based on control and responsibility ; in the area of auditing, accounting, and presenting information ; Governance from the General Management ; members of the management or of the shareholding ; its role and discharge its duties ;
5 Composition of the Board of Directors According to the Bank s Statutes, the Board of Directors shall be composed of six members at least and of fifteen members at most, taken from among the shareholders and appointed by the General Meeting. Presently, out of the fifteen possible members of the Board, nine are non-executive directors, 5 are BMCE Bank executive directors and one seat is vacant. The Ordinary Annual General Meeting, which convened to decide on the accounts pertaining to the financial year ending on December 31, 2009 ratified the Board s co-optation of the CDG (or, Caisse de Dépôt et de Gestion), represented by its General Manager, Mr. Anass ALAMI for 6 financial years that is up until the holding of the Ordinary Annual General Meeting which will be deciding on the accounts pertaining to the financial year closed on December 31, Moreover, the General Meeting, which was held on May 26, 2010, renewed the mandates of the following Directors- Delegate General Managers: Mr. Abdeljelil AYED, Mr. Mamoun BELGHITI, Brahim Benjelloun TOUIMI, Mohammed BENNANI, and Mr. Adil DOUIRI for 6 financial years that is up until the holding of the Ordinary Annual General Meeting which will be deciding on the accounts pertaining to the financial year closed on December 31, The Board of Directors met twice in 2009 to debate and make decisions on the following issues : One of the major events which marked the activities of the Board of Directors during the year 2009 was the enhancement of governance within BMCE Bank Group with a view to following through on its development strategy at the national and internal scales with the appointment of the following persons : Chairman, in charge of coordinating all of the Group s entities ; between MediCapital Bank and Bank of Africa Group ; which is in the process of creation, dedicated to debt collection activity. The average attendance rate of the board members ers was 100%. 0%
6 Senior Management Jaloul AYED Director & Delegate General Manager Vice Executive Chairman & CEO of BMCE International London Mr. Jaloul AYED, Director & Delegate General Manager of BMCE Bank, was nominated Vice Executive Chairman & CEO of BMCE International London (MediCapital Bank plc) in June Before joining BMCE BANK Group in 1998, Mr. Jaloul AYED spent 18 years of his career at Citibank. From 1990 to 1995, he was managing director of Citibank Maghreb in Casablanca and Citicorp / Citibank Country Corporate Officer for Morocco. In 1996, he joined Citicorp International Ltd. In London in the Capital Markets Department. where he had responsibilities as Senior Banker in the financing division for Europe, Africa and the Middle East. Since he joined BMCE Group, Mr. AYED has strongly contributed to the set up of the Group s investment bank, BMCE Capital, and the launch in 2003 of the first activities of BMCE Capital in West and Central Africa by creating the first subsidiary in Dakar, and more recently in Cameroon. In 2006, BMCE Capital inaugurated AXIS Capital in Tunisia. Mr. Ayed conducted the project for the set up of a banking subsidiary of BMCE Bank in London under the name of MediCapital bank which obtained authorisation from the Financial Services Authority in May 2007 Mr. Jaloul AYED was nominated Director & General Manager of the Bank in March 2004, in charge of the Wholesale Bank, till March A graduate of the University of Maryland in the United States, where he earned his Masters in Economics in 1979, Mr. AYED is married and father of three children. 22 Mamoun BELGHITI Director & Delegate General Manager in charge of Remedial Management Mr. Mamoun BELGHITI is Director & Delegate General Manager in charge of Remedial Management. He has been designated to chair a new entity dedicated to debt collection, International Recovery Managment & Expertise, a Group s subsidiary in the process of creation. Mr. Mamoun BELGHITI began his career in 1972 in General Services, and later in the Inspection Division. He was appointed manager of the Credit and Treasury Division in 1981, and of the Investment and Credit Division in In this capacity, on behalf of the Bank Mr. BELGHITI negotiated several credit lines, in particular with the Word Bank, IFC, IMF, EIB and ADB. In early 1996, he became director of the Financial Affairs Division where he actively participated in the establishment of the development strategy plan and reorganisation of the Bank. The same year, alongside with the Chairman and other senior executives, he participated in the GDR issue enabling BMCE Bank to raise capital on international capital markets. In the same fiscal year, Mr. BELGHITI was promoted to Deputy General Manager. In February 1998 he was appointed General Manager in charge of the Financial Affairs Division as well as Retail Banking. In April 2002 he became the Main Advisor to the Chairman in charge of representation of the Bank to National and International Institutions as well as relations with monetary authorities. He occupies a seat in the organisations in which the Bank is a shareholder. In March 2004, Mr. BELGHITI was appointed Director and General Manager. Since that time, he has been in charge of the Remedial Management Group s. He has also participated in several seminars that he led in Morocco as well as abroad. Born in 1948, Mr. BELGHITI is married and father of two children.
7 Brahim BENJELLOUN-TOUIMI Director & Delegate General Manager to the Chairman Mr. Brahim BENJELLOUN-TOUIMI is Director & Delegate General Manager to the Chairman in charge of coordinating all BMCE Bank Group s activities since March He is also in charge of the Chairmanship of the General Management Committee, the Vice Chairmanship of the Senior Credit Committee and the Chairmanship of the Supervisory Board of BMCE Capital. Likewise, he is on the Board of the investment bank subsidiaries and the specialised financial services. After joining BMCE Bank in 1990, his career was marked by the creation of dedicated subsidiaries, the set up of stock brokerage and asset management activities, as well as the launch of the first mutual funds on the Casablanca Stock Exchange. In conjunction with his functions at the Bank, he is Director of Bank of Africa- Kenya as well as Chairman of the Supervisory Board of Eurafric Information, a joint venture specialised in IT created by BMCE Bank-RMA Watanya and the Credit Mutuel CIC Group. Board member of Euro Information in France, the IT subsidiary of Crédit Mutuel Group, Mr. Benjelloun-Touimi chairs the Board of Directors of several IT subsidiaries of BMCE Bank Group. Board member of BMCE Bank Foundation and other educational NGOs, he is Chairman of PlaNet.Finance Maroc, an international solidarity organisation dedicated to the development of micro finance, as well as Chairman of the National Association of Moroccan Business Corporations (ANMA). Mr. Brahim Benjelloun-Touimi holds a PhD in money, finance and banking at the University of Paris I/Pantheon-Sorbonne. During his PhD studies he was selected by the IMF to conduct research on the financial system of one of the member countries. He began his career on the French financial market and headed research on the trading floor of a large French investment bank Born in 1960, Mr. Benjelloun-Touimi is married and father of three children. Mohamed BENNANI Direcor & Delegate General Manager in charge of BOA Group s Network Mr. Mohamed BENNANI is Director & Delegate General Manager in charge of Bank Of Africa Group s Network. From 2002 to 2009, Mr. BENNANI had been in charge of the Retail Bank. BMCE Bank has reinforced during this period its proximity with customers, thanks to the reorganisation of the distribution network, the implementation of the branch expansion programme and the sustained enrichment of the portfolio of products and services. From 1993 to 1997 Mr. Bennani headed the management of BMCE International Madrid, established under the Spanish law in 1993 by BMCE Bank with local partners and in 1997 he was in charge of the Bank s international division In 1989, he was assigned to Banque de Développement du Mali to oversee its turnaround with the support of International and regional institutions. From 1976 to 1988, Mr. BENNANI was in charge of the international and Trade Finance in the Middle East and France, within BMCE International Department. From 1974 to 1976, he was in charge of the Bank s Representative office in Beirut for the Middle East and Gulf countries. He holds a bachelor s degree in economics from Mohammed V University in Casablanca. He was honored Knight of the National Order of Mali. Born in 1949, Mr. BENNANI is married and father of two children. 23
8 Senior Management Driss BENJELLOUN Delegate General Manager in charge of the Group s Risk & Finance Mr. Driss BENJELLOUN is Delegate General Manager in charge of BMCE Bank Group Finance & Risk. When he joined BMCE Bank Group in 1986, Mr. Driss BENJELLOUN was tasked with the project of creating a Management Control Unit for the purpose of improving the steering of activities. In 1990, he was entrusted with endowing the Bank with an Audit and Management Control Department. Following the privatisation of BMCE Bank, Mr. Driss BENJELLOUN was put in charge of the Banking Production Department, the Back Office of the Bank, and tasked with the mission of rationalizing the entities pertaining to it and providing them with the necessary tools and means in order to better serve customers. In 1998, Mr. Driss BENJELLOUN was appointed Deputy General Manager in charge of several department within the Bank which make up the Group Support Division notably, Banking Production; Information Systems; Organisation; General Means; and Security. Indeed the prime mission of the Division consisted in coordinating and harnessing these entities in such a way as to better meet the new challenges attendant upon the development of the bank both at the national and international levels. In 2003, Mr. Driss BENJELLOUN took the reins of the Group s Financial Division with a view to shoring up the integration of the various BMCE subsidiaries in Morocco, Europe, and Africa. In parallel to this, Mr. Driss Benjelloun was tasked with leading two major structuring projects: the adoption of IFRS standards for the Group s accounts and the implementation of the standards spelled out by Basel II. Moreover, he has steered the process of setting up several entities, such as: BMCE International Madrid; Maroc Factoring; Interbank Card-use Centre and Docuprint. In Africa, he participated in the restructuring of the BDM and steered the merger of the latter with the BMCD. Mr. Driss BENJELLOUN started his career as a consultant auditor in various renowned foreign firms and also served as an instructor at Picardie University. He holds a doctorate in Finance from Paris Dauphine University and a Diploma in Advanced Accounting Studies. Mr. BENJELLOUN, who was born in 1955, is married and a father of three children. 24 Mounir CHRAIBI Delegate General Manager in charge of the Group s IT & Finance Process Mr. Mounir CHRAIBI, a Delegate General Manager, has been in charge of the Group s Information Technology and Process since March Mr. Mounir CHRAIBI began his career back in 1987 as a project-manager in charge of the Crédit du Maroc Information Systems master-scheme. He then served as Head of Organisation and Information Systems at the Harbors Operating Office. During this period, he carried out missions designed to simplify foreign trade for the benefit of the Ministry in charge of Foreign Trade. In 1994, Mr. CHRAIBI was appointed General Manager of the Vocational Training and Employment Promotion Office. His term in the Office was marked by the development of on-going in-house training and the launch of programmes for the recruitment of young people, notably in IT areas. His action within the Office actually contributed to the creation of the National Agency for the Employment of Young People (ANAPEC). In 2001, Mr. CHRAIBI was appointed Manager General of the National Social Security Fund (CNSS). S). And during his term there, CNSS hd had had its management methods modernised, as seen for instance, in the setting up of tele-declaration of the employees on the payroll of private sector enterprises or the telepayment of social contributions. This period was likewise marked by the launch of Mandatory Health Insurance a new branch within the social security scheme. In 2005, Mr. CHRAIBI was appointed Wali (Governor) of the Marrakech, Tensift, Al-Haouz Region. During his term there, the region saw an upsurge in private investments as well as the implementation of major structuring public investments throughout the Marrakech region. Mr. Mounir CHRAIBI was graduated as an engineer from the Paris-based Ecole Polytechnique as well as an engineer graduated from the National Higher School of Telecommunications in Paris. He was awarded a Throne Medal (the Knights Order) by His Majesty the King. He was likewise awarded Leopold Knights Order Medal by the Belgian Kingdom. Mr. CHRAIBI, who was born in 1963, is married and the father of two children.
9 Management of Morocco based Subsidiaies BMCE BANK INVESTMENT BANKING ACTIVITIES SPECIALISED FINANCIAL SUBSIDIARIES BMCE CAPITAL Investment Bank Chairman of the Board Khalid NASR BMCE CAPITAL BOURSE Stock Brokerage Chairman of the Board Youssef BENKIRANE BMCE CAPITAL GESTION Asset Management Firm General Manager Amine AMOR CASABLANCA FINANCE MARKETS Investment Bank General Manager Younes BENJELLOUN SALAFIN Consumer Company Chairman of the Board Amine BOUABID MAGHREBAIL Leasing Company Chairman & CEO Azeddine GUESSOUS MAROC FACTORING Factoring Company General Manager Hicham DAOUK EULER HERMES ACMAR Credit Insurance Company General Manager Jean-christophe BATLLE OTHER ACTIVITIES EURAFRIC INFORMATION IT Services Chairman of the Board Younes KARKOURI LOCASOM Long Term Car Rental Services Chairman & CEO Amine ECHCHERKI 29 HANOUTY Distribution Chairman & CEO Jawad BENNIS
10 Corporate Governance The Audit and Internal Control Committee COMPOSITION PERIODICITY MISSION CHAIRMAN Azeddine GUESSOUS Intuitu personae EX-OFFICIO MEMBERS FinanceCom represented by M. Zouheir BENSAID, Vice President and General Manager; Credit Mutuel - CIC Group represented by Jean-Jacques TAMBURINI Member of CIC Board of Directors; Mario Mosqueira DO AMARAL Intuitu personae ASSOCIATE MEMBERS to the Chairman ; of the Group s Finances & Risks the General Management INVITED MEMBERS who is part of the managing staff and any executive whose function falls within the scope of its area of intervention for a hearing or for collaboration. SECRETARIAT M. Khalid LAABI Assistant General Manager and General Controller of BMCE Bank Group 3 times per year, as a minimum. The committee permanently ensures the continuation of all the missions and objectives mentioned hereafter : processing and conservation of accounting data; tion, both internally and externally; established control systems that are in place; proposed or implemented; coherence of internal control systems for each entity with a financial calling belonging to the Group; accounts before submittal for approval by the Board of Directors; report which is submitted to the Board of Directors for examination; activities in Group entities; progress of endeavors made in this area by each of the entities in the Group; rectors, of the status of outstanding debts, the outcome of out-of-court collection operations and recovery of debts, debt-restructuring and the status of reimbursements; disclosed to shareholders. The verification operations and internal procedures in addition must make it possible to ensure : with legal and regulatory specifications, as well as with professional and ethical standards currently in force; procedures as established by the competent bodies. The modes of carrying out operations must comprise as an integral part control procedures, as well as appropriate audit tracks. Periodic checks designed to ascertain full observance of the procedures must be undertaken. 30
11 The Bank s Audit and Internal Control Committee COMPOSITION MISSION CHAIRMAN Mario MOSQUEIRA DO AMARAL Intuitu personae EX-OFFICIO MEMBERS Groupe Credit Mutuel - CIC represented by Jean-Jacques TAMBURINI, Member of CIC Board FinanceCom represented by Mr. Zouheir BENSAID, Vice-President General Manager; represented by Mr. Azeddine GUESSOUS Intuitu personae ASSOCIATE MEMBERS: the Chairman ; the Group s Finances & Risks ; the General Management ; Finances Division ; Division. twice a year, as a minimum processing and conservation of accounting data; tion, both internally and externally; established control systems that are in place; proposed or implemented; coherence of internal control systems for each entity with a financial calling belonging to the Group; accounts before submittal for approval by the Board of Directors; report which is submitted to the Board of Directors for examination; rectors, of the status of outstanding debts, the outcome of out-of-court collection operations and recovery of debts, debt-restructuring and the status of reimbursements; disclosed to shareholders. INVITED MEMBERS are concerned by the items on the agenda of the Committee session may be invited to attend the meetings SECRETARIAT M. Khalid LAABI Assistant General Manager and General Controller of BMCE Bank Group BMCE Bank s Audit and Internal Control Committee met on three occasions in 2009 of the recommendations made by previous AICC; the progress achieved in technological partnership, the Bank s commitment portfolio; the performances of MediCapital; the main stakes involved in risk management at the level of Bank of Africa; the standing of BMCE Bank equity; and the validation of sector-based limits. of risks; and the implementation of the recommendations made by previous AICC. mation flow; the process of validating the business plan of subsidiaries; the implementation of the recommendations pertaining to General Control; reviewing the commitment portfolio and financial communication. 31
12 Corporate Governance Governance Committee COMPOSITION PERIODICITY CHAIRMAN Groupe Crédit Mutuel - CIC PERMANENT MEMBERS CAISSE DE DÉPÔT ET DE GESTION David SURATGAR Adil DOUIRI INVITED MEMBERS This committee can, at its own discretion, invite any person member or non-member of BMCE Bank or its Group, depending on the issues figuring on the day s agenda, in particular with regard to commissions dealing with certain points in connection with examination of agreements, appointments or remuneration. COMMITTEE SECRETARIAT: Mr. Director and Delegate General Manager to the Chairman Quarterly or any time required at the discretion of the commitee members. and to the legal and regulatory provisions in force and communicate with the shareholders on these points; composition, mission and proceedings of the Board of Directors and its Specialised Committees; the Board of Directors, in connection with operations and transactions bringing together the executives or shareholders; members of the General Management and formulate recommendations or advise on the appointment of a new member; bers of the General Management, in compliance with the criteria set beforehand by the Board of Directors. The Group Strategic Committee COMPOSITION PERIODICITY MISSION 32 CHAIRMAN Mr. Othman BENJELLOUN, VICE PRESIDENT M. Azeddine GUESSOUS, President of the AICC at BMCE Bank Group OTHER PERMANENT MEMBERS Mutuel Group CIC ASSOCIATE MEMBERS to the President; Group s major subsidiaries (Bank of Africa Group; MediCapital Bank; Maghrebail; and Salafin) ; the Group s Finances and Risks ; of the Group s Information Technology and Process Division ; General Management. SECRETARIAT Manager of the Group Finance Division Quarterly, or if necessary, upon the request of the Chairman or two standing members The strategic Committee is tasked with initiating and supervising strategic thinking within BMCE Bank Group, as well as with making recommendations to the Board of Directors, with regards to the strategy of the Group. Its mission then revolves around four major key areas : Reflection on and definition of BMCE Bank Group s main strategic orientation * Devise and formalize the Group s strategic plan; * Coordinate strategic thinking among the various Group entities; * Assess relevant growth scenarios for the Group, by examining the options available in Morocco and abroad. Initiation and execution of the strategy and the launch of major cross-cutting projects: * See to strategic alignment within the Group, both in Morocco and abroad; * Ascertain that the Group s strategic partnership agreements are smoothly implemented and followed-up on; * Identify and launch major transformation projects that have a structuring potential for the Bank. Evaluation of new operations for incorporation in the Group s strategy, on behalf of the Council * Opportunities for development, investment, taking out strategic stakes and synergy of BMCE Bank Group; * Opportunities for extending the activities of BMCE Bank s scope of activity (internal/external growth, transfers, diversification). Following up on the competition environment and its strategic development, at the national and international scales * Analysis of the strengths and weaknesses of the competitors; * Analysis of the main trends of the banking industry; * Benchmarking and adoption of the best practices in the banking business
13 General Management Committee COMPOSITION PERIODICITY MISSION CHAIRMAIN M. Brahim BENJELLOUN-TOUIMI PERMANENT MEMBERS in charge of Remedial Management; Finance & Risk of the Group s Information Technology and Process the Enterprise Bank; of the Bank for Private individuals and Professionals ; the Enterprises Network ; the General Management; ASSOCIATE MEMBERS assistant general managers of BMCE Bank SECRETARIAT Houda SBIHI, The General Group s Secretary On a weekly basis The General Management Committee is the operational relay of the Group s Strategic Committee within the Bank in the elaboration of development proposals and the implementation of the strategy, as validated by the Board of Directors. The Committee steers the Bank s activities and arbitrates on all operational or functional questions falling within the competence of internal management divisions and committees. Steering Activity tandem with the decisions taken by the Group s Strategic Committee and follows up on its implementation; deployment of the main cross-cutting projects which impact on the operation and the development of the Bank; objectives for the various Group s entities; allocation, and sees to the optimisation of the resources available to the various entities of the Bank; along with each of its entities, and sees to the undertaking of corrective measures in case of gaps; seeing to the profitability of all business lines; products, or services, and follows on implementation; divisions, departments, and internal committees and sets objectives for them; ting the necessary actions, pertaining to human resources, organisation, logistics, and security which contribute to the development of the Bank. WORKS OF THE GENERAL MANAGEMENT COMMITTEE Among the main themes dealt with during the 23 working sessions held by the General Management Committee in 2009 mention could be made of the implementation of the Bale requirements, through a review of the progress of the draft internal scoring project and the implementation of the Activity Continuation Plan. Similarly, the Committee has reviewed the progress of a project designed to enhance Steering Performance at the level of the Group. Moreover, the Committee regularly examined the realisation of commercial and financial performances. It, likewise, reviewed exposure to the risks attendant on credit portfolio and compromised claims. On another register, the Committee examined the launch mode of various products and services developed by the Bank, notably the Lilkoul product; BMCE Imtiaz ; and BMCE Moussanada. With regard to Human Resources matters, the Committee has taken note of the result of the survey on the social climate; the launch of the collective intelligence workshops; and the set up of the virtual university. Internal Control, Audit, and Risk Management risk policy is concerned, and sees to it that it is in line with the Group s risk policy; nagement, it sets and follows on the limits and levels of aggregate risks for each of the Bank s business-lines; the regulations in the area of risks are observed; and that Human resources training, mobility, and the recruitment of the Bank s personnel; recruitment and training policy; Other Prerogatives cial communication policy is coherent; resolved cases pertaining to the various Bank s entities and internal committees; Strategic Committee. 33
14 Corporate Governance The Operation Committee COMPOSITION PERIODICITY MISSION CHAIRMAIN Mr. Delegate General Manager in charge of the Information Technology and Process Division. PERMANENT MEMBERS ASSOCIATE MEMBERS Permanent members aside, all the executives in charge of divisions and directorates are considered associate members. As such they attend the sessions as full-fledged members in order to discuss all the topics they propose for deliberation by the Running Committee, at the time the topic are inscribed on the agenda. SECRETARIAT Group Quality On a weekly basis The Operation Committee is the entity in charge of gathering upstream information, and sharing it, as well as handling any technical, organisation, or logistical problem related to the running of the Bank s activities. The Committee thus brings a business-related/ technical expertise and makes recommendations to the General Management in order to enlighten and clarify its decisions on all of these aspects. computing project portfolio and the mutual use of the systems and tools in place; productivity, return on investments, and implementation time-limits; with the main strategic orientations; with impacts on the running and development of the Bank; lopment of product programme (products and services), by paying attention to the time to market dimension, through the resolution of any operational or functional problems pertaining thereto; service launches, once the product programmes have been validated; pertaining to the various Bank s entities and internal committees. 34
15 BMCE Bank and its Shareholders