History
An international wholesale bank focusing on Africa
Bank of Africa United Kingdom Plc was launched in 2007 under the name Medicapital Bank PLC as a specialist bank linking international finance with the growing opportunities in Africa. On 1st September 2010, the Bank’s name was changed to BMCE Bank International Plc, and then on 1st November 2021 to Bank of Africa United Kingdom Plc. The Bank is headquartered in London and has a branch in Paris France.
We have a strong African heritage through our affiliation to our parent BANK OF AFRICA – BMCE Group which has an extensive presence across Africa. The Bank of Africa Group has a network of banking subsidiaries in 18 African countries.
The combination of a presence both in international financial centres and African countries means that Bank of Africa United Kingdom is expertly placed to identify new opportunities and forge partnerships to capitalise on them. Our team of specialists ensures a world-class standard of deal structuring and distribution while our extensive distribution network helps sell and place debt or equity raised by African institutions through established financial hubs.
Corporate Identity
We have a passion for Africa. Our key asset is our people who combine expertise, integrity and teamwork. Our team of specialists operate at the heart of international financial centres and across Africa, offering the highest levels of expertise and integrity.
Our Values
Bank of Africa United Kingdom is an international bank with a passion for Africa. We were set up with the belief that Africa is open for a new kind of business that is modern and African-driven. Our passion for Africa drives our work. As a result of many years of working on the continent, we have detailed experience of business there. We understand the modern cultural and commercial realities of investing in Africa and how best to structure deals and distribute the continent’s opportunities to the wider world.
We believe that successful investment is underscored by ethical principles. All of our work is executed with integrity and transparency to ensure both the highest quality of service and commercial success. We ensure a strong level of corporate governance to provide robust checks on internal systems.
Our staff are key to the success of our business. Their expertise, teamwork and professionalism are the cornerstones of Bank of Africa United Kingdom's ability to deliver to the highest international standards. To ensure they can flourish, we have an inclusive approach, respecting all our team members and contacts. This teamwork extends to each of our international offices. We encourage open cooperation between regional offices and our headquarters, creating an environment in which ideas and experience are respected in order to make the best of our teams’ expertise.
We aim to provide efficient and high quality services that respond to our clients’ needs. This requires us to have a close and reliable relationship with our clients.
We have confidence in Africa’s future and a firm belief that the continent provides a wealth of opportunities with decreasing and manageable risks. Opportunities on the continent are increasing due to a combination of sustained economic growth, strengthened political and corporate governance, and macroeconomic reform.
Social Responsability
Anti Bribery Policy and Corruption Statement
This is the Anti-Bribery Policy Statement of Bank of Africa United Kingdom:
Anti Bribery Policy Statement:
Bank of Africa United Kingdom expects its employees to demonstrate honesty, integrity and fairness in all aspects of their business dealings and exercise appropriate standards of professionalism and ethical conduct in all their activities. Bank of Africa United Kingdom also expects the same approach to doing business from its business partners, contractors and suppliers.
Pursuant to this Bank of Africa United Kingdom will not tolerate bribery or corruption in any form and has a “zero tolerance” approach to any breach of this policy.
Application:
This means that Bank of Africa United Kingdom and its employees will never seek, accept or give a bribe, facilitation payment, kickback or other improper payment. We must also always ensure that we operate with appropriate transparency in all our business dealings.
Bank of Africa United Kingdom Policy:
- We will carry on our business fairly, honestly and openly;
- We will not make bribes so as to gain a business advantage nor will we condone the offering of bribes on our behalf;
- We will not accept bribes to influence business nor will we agree to bribes being accepted on our behalf;
- We will avoid doing business with others who do not accept our values and who may harm our reputation;
- We will maintain processes, procedures and records that limit the risk of direct or indirect bribery;
- As far as possible we will ensure that all our business partners are aware of our bribery policy;
- We promote employee awareness of, and compliance with, company policies and disciplinary actions against bribery and corruption through appropriate dissemination of our own procedures and training programs on an ongoing basis;
- We do not make illegal or inappropriate contributions to candidates for public office or to political parties or organisations;
- We will review this policy regularly and update it when necessary.
Anti Money Laundering Policy Statement
Bank of Africa United Kingdom Plc (the Bank) has established and continues to maintain its Financial Crime Prevention Policy which is designed to ensure that all its business lines are in compliance with all applicable laws, rules and regulations related to anti-money laundering (“AML”) anti-terrorist financing initiatives (“CTF”) and all other forms of financial or economic crime.
The Bank recognizes the fact that money laundering and terrorist financing is a major threat to the international financial services community. The United Kingdom has passed legislation designed to prevent money laundering and terrorist financing. This legislation, together with regulations, rules and industry guidance, forms the cornerstone of AML/CTF obligations for UK firms, including offences and penalties for failing to comply.
The following are the main elements of the policy: Internal Controls and Communication of Policies:
The Bank has instituted internal systems and controls which comply fully with all applicable anti-money laundering laws and regulations. Senior management will undertake money laundering risk assessment of the Bank’s services and customer base and apply the appropriate policies and procedures to manage the risk.
Money Laundering Reporting Officer:
The appointment of a Money Laundering Reporting Officer, of sufficient seniority who has responsibility for oversight of the Bank’s compliance with the relevant legislation, rules and regulations industry guidance. The MLRO has the oversight of all aspects of the Bank’s AML/CFT activities, policies and procedures and is the focal point for all activity within the Bank relating to anti-money laundering.
Risk Based Approach:
The Money Laundering Regulations 2007 to 2017 allow the Bank to adopt a carefully calibrated risk-based approach to money laundering/ terrorist financing by assessing where the risks of money laundering may arise in the Bank and allowing the Bank's senior management to decide how they will address and manage those risks. The Bank carries out such an exercise or a review annually to establish and maintain an updated Risk Based Approach towards assessing and managing the money laundering and terrorist financing risks to the Bank.
Customer Due diligence:
Before establishing business relationship with any prospective customer, appropriate customer due diligence (CDD) is required to be undertaken and recorded. The CDD/KYC process comprises: 1) the identification and verification of identity of the customer (and, where different, beneficial owner) and any other relevant parties; 2) additional and appropriate Know Your Customer (KYC) information, applying a risk based approach; 3) obtain basic background information about the customer identified as PEP i.e. customer’s business and source of income, extensive research will also be carried out accessing available press pronouncements to gauge the credentials of the PEPs; 4) enhanced due diligence will be carried out for higher-risk customers, knowledge of the customer will be updated on a regular basis in our internal system which will enable our AML software tool automatically make necessary changes for performing accurate customer activity/transaction monitoring exercise against expectations; 5) identification of ultimate beneficial owner of all companies with which the bank conducts business and the beneficial ownership of all funds or other assets that are handled by the bank;
Financial Sanctions and Ongoing Screening:
The Bank endeavours to take reasonable steps to ensure that it is not breaching EU, UK and UN financial sanctions. We recognize the fact that financial sanctions regimes change in the light of national and international political developments and names are therefore added (and removed from) the HM Treasury sanctions list maintained in their website, hence we have put in place systems and controls in respect of ongoing screening of our customer base against sanctions list. We ensure that our client base is screened automatically following direct notification of such changes from HM Treasury. In addition to that Bank also implemented automated periodic checking against up-to-date sanctions list.
Identification of Suspicious Transactions/ Activity:
It is a requirement that our Systems and Controls ensure that appropriate scrutiny and monitoring of transactions, account activity of customers is undertaken in order to identify unusual and potentially suspicious activity.
Reporting of Suspicious Transaction:
We have procedures in place whereby every transactions and activities which are believed to be suspicious are reported to the Money Laundering Reporting Officer where the suspicion will be validated, and decision will be made as to whether a report should be made to NCA (National Crime Agency).
Record Keeping:
Records are required to be maintained and ongoing KYC/CDD procedures have been followed. Records are required to be maintained for 5 years after the relationship has ended.
Politically Exposed Person:
The Bank have systems and controls in place to identify PEPs as part of client take on and thereafter on an ongoing basis (e.g. account review, information received during the continuing relationship). For such accounts it is a requirement to identify the source of wealth and source of funds. All relationships involving PEPs are subject to approval by the senior management. The accounts concerned will be kept under close review by AML/KYC Analysis. Any suspicion that accounts are being used to launder the proceeds of crime or to assist the financing of terrorism will be reported to the MLRO.
Counterparties:
The Bank maintains procedures in relation to the relationships with the counterparties including banks in line with the UK JMLSG (Joint Money Laundering Steering Group Guidance) Guidance for the Financial Sector. Where necessary, this comprises enhanced due diligence (EDD) by obtaining information on a counterparty or client's ownership and management, noting any PEP involvement in the operation of the counterparty or client, obtaining information to fully understand the nature of its business, verifying the standard of anti-money laundering and terrorist financing controls as well as measures designed to prevent relationships being maintained, directly or indirectly, with shell banks.
Awareness and Training:
Ongoing annual training provided to all existing staff members to ensure that they understand Bank’s approach to money laundering deterrence.
Disciplinary Procedures:
Failure to abide by the policies and procedures set by the Bank to prevent money laundering will be treated as a disciplinary issue. Any deliberate breach will be viewed a gross misconduct. This could lead to termination of employment and could also in criminal prosecution for the member of staff concerned.
Modern Slavery Statement
This statement outlines the steps that Bank of Africa United Kingdom Plc (the "Bank") is undertaking to ensure that modern slavery or human trafficking is not occurring within our business or supply chain.
Bank of Africa United Kingdom Plc has a zero-tolerance approach to modern slavery. We are committed to acting ethically, with integrity and transparency in all business dealings.
We are committed to creating effective systems and controls in place to safeguard against any form of modern slavery taking place within the business or our supply chain and impose those same high standards on our contractors, suppliers, and other business partners.
Post - COVID-19 Pandemic
Bank of Africa United Kingdom Plc has continued to monitor the risk of modern slavery in its operations and supply chains. While travel and entertainment are considered high-risk sectors in our supply chain concerning modern slavery, activity in travel and entertainment has been minimal when Covid-related restrictions were in place. As day-to-day activity has returned to normal, this area remains below what was seen pre-Covid. Centralised processes are in place to ensure that any action in this area is monitored and that, where appropriate, any activity is booked using the approved providers.
Our customers and counterparties
How we do business is as important as what we do. We want to build trust with our Bank of Africa United Kingdom Plc stakeholders. Part of that trust stems from our duty of confidentiality to our clients, subject only to regulatory or legal disclosure obligations.
Slavery and human trafficking are crimes. The criminals responsible will seek to hide the proceeds of their crimes in the financial system to legitimise them. Effectively, money laundering and banks are responsible for deterring, detecting, and preventing criminals' illicit use of the financial system. We must be alert to the presence and activities of those who would otherwise abuse our banking facilities.
We recognise the need to manage social and environmental aspects in our business dealings. Accordingly, we apply human rights and modern slavery considerations in our due diligence processes relating to our lending and financing activities. We shall continue to enhance and strengthen these processes not only at the bank level but also at the group level.
The commitments in this statement apply to all who work for the Bank of Africa United Kingdom Plc, regardless of where they are located. In our business dealings, we strive to raise awareness of human rights and act as an example of good practice through our business conduct.
Within Bank of Africa United Kingdom Plc
Bank of Africa United Kingdom Plc applies human rights considerations directly as they affect all employees, treating them with dignity and respect in an environment free from discrimination and harassment.
We are committed to operating by the International Bill of Human Rights and consider the UN Guiding Principles on Business and Human Rights and other internationally accepted standards, including the International Labour Organization Declaration on Fundamental Principles and Rights at Work.
These commitments are reflected in our policies, which set the standard of expected business behaviour for all employees and include our staff handbook, which aims to foster a workplace environment that is fair, open, and respectful and one that promotes and protects the rights and dignity of all employees as well as our whistleblowing policy which encourages staff to report any concerns about illegal activity. In addition, we keep our policies under constant review and, where required, strengthen them to embed further our commitment to combatting modern slavery and other related issues.
Bank of Africa United Kingdom Plc staff know their rights through various channels, including written contracts, policies, and staff handbooks. In addition, staff receive training on various human rights-related issues, including but not limited to diversity, money laundering, supplier management, terrorism financing, bribery, and corruption.
Our Supply Chains / Outsourcing
The most considerable risk of directly encountering modern slavery for Bank of Africa United Kingdom Plc lies where the Bank does not have direct management control. In particular, this may include suppliers who provide support staff, for example, catering, cleaning or/ security posts.
Bank of Africa United Kingdom Plc has a Code of Conduct for Suppliers. As articulated in this Code, Bank of Africa United Kingdom Plc requires suppliers to respect the human rights of their employees and the communities in which they operate, as well as to comply with all relevant legislation, regulations and directives in the countries and communities in which they operate. Suppliers must prohibit the use of forced and child labour, respect labour rights, including non-discrimination and the right to freedom of association, and give workers, whether local or migrant, the right and the ability to leave employment when they choose to the extent possible under local law.
Whenever possible, Bank of Africa United Kingdom Plc will include an obligation to comply with the Code of Conduct for Suppliers in contracts with suppliers.
Protecting the financial system
Bank of Africa United Kingdom Plc is committed to maintaining adequate financial crime controls. As stated above, slavery and human trafficking are crimes, and those responsible will seek to hide the proceeds in the financial system to legitimise them – effectively, money laundering. Therefore, as well as seeking to identify modern slavery and human trafficking in our operations and supply chains, the Bank have a responsibility to deter, detect and prevent the illicit use of the financial system by criminals seeking to conceal themselves in many guises.
Bank of Africa United Kingdom Plc see the risk of directly employing victims of modern slavery as low. However, we are committed to ensuring our supply chain is free from these practices. Of our leading suppliers, most do business in the UK or Europe or offer low-risk products or services. Some suppliers are located in higher-risk countries or offer higher-risk services such as security, cleaning and catering. Bank of Africa United Kingdom Plc only use reputable recruitment agencies that provide the necessary assurances and checks on candidates. Bank of Africa United Kingdom Plc further undertakes reviews, including document checks, ensuring all candidates are 16 or above. We pay our staff appropriate market salaries, rewards, and other benefits, including health and welfare options.
Training, awareness, and development section on modern slavery is included in the Bank's financial crime training programme, which is mandatory for all staff. We have also provided additional guidance to staff directly involved in procurement to help them reduce the risks of modern slavery in our business and supply chain.
Governance
Our Modern Slavery and Human Trafficking Statement and Supplier Code of Conduct are updated and reported annually to the Board of Directors.
Corporate Governance
Our Approach
At Bank of Africa United Kingdom, we are committed to good corporate governance and recognise that it is fundamental to our success. Our corporate governance framework is supported by a comprehensive set of policies, procedures and systems to ensure effective oversight and strong accountability throughout our business.
Effective oversight and strong accountability
Three committees at the Board level :
- Risk Committee
- Audit Committee
- Remuneration and Governance Committee
coupled with seven committees at the Executive level:
- Management Committee
- Asset-Liability Committee
- Compliance Committee
- Credit Committee
- New Product Committee
- Provisions Committee
- Large Exposures Committee
and newly added committees:
- Operational Risk Committee
- Outsourcing Committee
that meet regularly to ensure effective oversight and strong accountability. Read more
Our Organization
Management Organization Chart
Ownership Chart
Board of Directors
The Board of directors of the Bank of Africa United Kingdom controls the operations of the bank in the UK and France. The Board meets quarterly, or as frequently as it is required to carry out its responsibilities.
Walter Siouffi
ChairmanBrahim Benjelloun-Touimi
Non-Executive DirectorKhalid Nasr
Non-Executive-DirectorSaïd Adren
Chief Executive OfficerGeorge Timothy Plews
Independent Non-Executive DirectorOmar Lahbabi
Non-Executive DirectorFabienne Baker-Menetrey
Independent Non-Executive DirectorRichard Groves
Independent Non-Executive DirectorWalter Siouffi
Chairman
Biography
Walter Siouffi joined the board of Bank of Africa United Kingdom in May 2022, with an extensive background in banking. He began his career with the Royal Bank of Canada, holding senior positions in credit risk management, structured finance, treasury, and corporate banking, in Canada and the Far East. He then transitioned to the MENA region spending the greater part of his career with Citibank in country management in Lebanon and Morocco and cluster head for several North African countries. In 2017, he joined the Millennium Challenge Corporation for three years as Resident Country Director and Attaché based at the U.S. Embassy in Rabat to oversee the implementation of a $450 million grant to the Moroccan government, aimed at unblocking constraints to economic growth. Walter has served on several boards in banking, business chambers, and non-profit organizations. He is a graduate from Concordia University in Montreal and is fluent in French and Arabic.
Said Adren
Chief Executive Officer
Biography
Said Adren is the CEO and Executive Director of the board of Bank of Africa United Kingdom (BOAUK). He is ultimately responsible for the strategic direction and executive leadership of the bank. Said Adren joined BOAUK as CEO in January 2023 after holding numerous executive roles in corporate banking and trade finance.
Mr. Adren has a remarkable track record in the banking industry with over 28 years’ experience covering the African, European as well as the Chinese market. The majority of his experience was within the Bank of Africa – BMCE Group where he held several executive positions.
As the former General Manager of Bank of Africa Shanghai Branch, he was responsible for leading the establishment of the branch in Shanghai in 2018 and he was nominated for the 2020 Shanghai Financiers Award.
Mr. Adren was appointed Deputy CEO Bank of Africa Ghana in 2016, during which he has developed its business activity extensively in terms of corporate and retail banking. Previously he has overseen the activity and implementation of numerous representative offices across Europe.
Mr. Adren holds a degree from university of Haute Alsace in Business and Marketing. He also graduated from CNAM Paris majoring in economics and corporate management. Additionally, the CEO of BOAUK obtained a Corporate Certificate from INSEAD Paris.
Khalid Nasr
Non-Executive Director
Biography
Mr Khalid NASR is the Executive General Manager of BANK OF AFRICA – BMCE Group, responsible for Morocco & CIB. As such, he oversees a number of businesses – Banking in Morocco, Corporate & Investment Banking, International (excluding Africa) and Loan Recovery.
Mr Khalid NASR is a member of BANK OF AFRICA’s Chairman’s Committee and Group Executive Committee. He is also Chairman of the Supervisory Board of BMCE Capital, the Group’s investment banking division. He also holds a number of directorships at Group entities including BOA Group, BOA Capital, Maghrebail, BOA Europe, Chairman of Salafin’s Supervisory Board, Chairman of Maroc Factoring’s Supervisory Board, and Chairman of the Board of BMCE EuroServices.
Mr Khalid NASR has more than 25 years’ experience in finance, the majority of which in senior management positions. He began his career in France at one of Europe’s leading insurance companies. After gaining capital markets experience at a Moroccan bank, Mr Khalid NASR then joined BMCE Capital when it was founded in 1998.
He was responsible for developing its capital markets businesses as Head of Fixed Income Trading and then, from 2005, as Head of the Trading Room. In 2010, Mr Khalid NASR was appointed as Chairman of BMCE Capital’s Supervisory Board, overseeing the entire investment banking business – Capital Markets, Asset Management, Wealth Management, Financial Advisory, Custody, Securities Brokerage, Financial Research, Real Estate, Securitisation and Private Equity.
At the beginning of 2019, Mr Khalid NASR was appointed as Head of BANK OF AFRICA’s Corporate & Investment Banking division. Mr Khalid NASR holds an Executive MBA from ESSEC Business School, Paris, a Master’s in Finance from ESC Marseilles and a Master’s in Mathematics from Marseilles’ Saint Charles University. He is also the holder of a number of certificates in specialised disciplines such as Asset & Liability Management (ALM) and Market Risk Management.
Born in 1967, Mr Khalid NASR is married and has three children.
Brahim Benjelloun-touimi
Non-Executive Director
Biography
Mr. Brahim Benjelloun-Touimi is Director & Delegate General Manager to the Chairman in charge of coordinating BMCE Bank Group’s activities since March 2010. 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, Salafin and Maroc Factoring. Likewise, he is on the Board of BOA holding and chairman of the Board of BMCE Euroservices, a business unit dedicated to Moroccans Living Abroad in Europe.
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 Chairman of the Supervisory Board of EurAfric Information, a joint venture specialized in IT created by BMCE Bank – RMA Watanya and the Crédit Mutuel CIC Group. Board member of Euro Information in France, the IT subsidiary of Credit Mutuel Group, Mr. Brahim Benjelloun-Touimi chairs the Board of Directors of several IT subsidiaries of BMCE Bank Group. He is also board member of RMA Watanya, the insurance company of FinanceCom Group. Board member of BMCE Bank Foundation and other educational NGOs, he is Chairman of PlaNet.Finance Maroc, an international solidarity organization dedicated to the development of micro finance, as well as Chairman of the National Association of Moroccan Business Corporation (ANMA).
Mr. Brahim Benjelloun-Touimi holds a PhD in money, finance and banking from 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.
George Timothy Plews
Independent Non-Executive Director
Biography
Tim Plews has practised financial services law for more than 35 years. He was a partner at Clifford Chance and has subsequently consulted at Macfarlanes in London.
Omar Lahbabi
Non-Executive Director
Biography
Mr. Omar LAHBABI is the Chief Risk Officer of BANK OF AFRICA (BMCE Group) since 2019. His role has been instrumental in enhancing the bank's risk management practices, ensuring regulatory compliance, implementing best practices and promoting a strong risk culture within the group.
He has an extensive experience of 23 years in the banking industry where he has held various C-level positions working mainly on Risk Management and Internal Control. He started his career in France and he has a record of executing high-quality consulting assignments for prominent international financial institutions helping to revamp and optimize their processes and tools.
Mr. LAHBABI is acting as a member of various Board Committees for the Group subsidiaries, both locally and internationally.
Throughout his career, Mr. LAHBABI has been approved by the French Prudential and Regulatory Control Authority (ACPR) as an effective Managing Director of the French subsidiary of BANK OF AFRICA BMCE Group. His role has been pivotal in navigating the bank through various financial and regulatory challenges, contributing to its stability and resilience.
Mr. LAHBABI is an engineer graduated from « Ecole Polytechnique Universitaire de Marseille » and « Ecole Nationale Supérieure des Arts et Métiers (ENSAM) - Aix en Provence ». He holds additional qualifications and training in Risk Management and Finance and is certified from HEC PARIS through an Executive Education Program dedicated to the Top Management.
Fabienne Baker-Menetrey
Independent Non-Executive Director
Biography
Fabienne Baker-Menetrey joined the board of Bank of Africa United Kingdom in December 2022. She has 20 years CFO experience in international banks, Citi and State Street Bank International GmbH, in numerous countries, at country and regional level, including sub-Saharan and Western Africa. Mrs. Baker-Menetrey has an extensive experience in finance, treasury, risk, strategy and M&A, as well as general management. Since 2021, she has taken active roles within charities. She is a board member and treasurer of Kwanele South Africa, a new organization that aims to combat gender based domestic violence and she is the cofounder of Working Moms Academy, supporting women in managing their careers and families. Fabienne Baker-Menetrey holds an MBA from INSEAD and is fluent in French, English, and German.
Richard Groves
Independent Non-Executive Director
Biography
Richard Groves joined the board of Bank of Africa United Kingdom in May 2022. He has an extensive strategic and operational experience within the banking sector in the Middle East, Asia Pacific, and in Europe. He held a succession of senior management roles and executive positions with HSBC Group and, latterly, with Ahli United Bank in Kuwait. Richard Groves was formerly Managing Director of The Saudi British Bank, and a non-executive director of HSBC Bank Middle East Ltd and HSBC Bank Egypt SAE. Throughout his considerable international banking experience, he has a proven track record in effective leadership in diverse and complex developing markets. He holds a Bachelor’s degree in Economic and Social History from The University of Hull, UK.
Committees
At Board level
- Risk Committee
- Audit Committee
- Remuneration and Governance Committee
At Executive level
- Management Committee
- Asset-Liability Committee
- Compliance Committee
- Credit Committee
- New Product Committee
- Provisions Committee
- Large Exposures Committee
- Outsourcing Committee
- Operational Risk Committee
- Conduct Committee