Lloyds Opens Branch in Morocco

Morocco’s economic growth and the foreign direct investments it attracts are luring international insurance companies such as Lloyds, which has recently inaugurated a branch in Casablanca.

Lloyds, which has acquired the status of the Casablanca Finance City (CFC), sees in Morocco enormous growth potential, Inga Bealesa, President of the British insurance giant, told local paper l’Economiste in an interview.

She said that Lloyds intends to bring its business model to Morocco through working with local businesses, adding that operating from CFC will give Lloyds a platform to expand in the rest of Africa.

Lloyds group has obtained CFC status last September, which allows the British firm to operate in Casablanca and sell its services & products to African countries.

CFC, an emerging regional financial hub, harnesses opportunities from across the region, centralizing access to African countries, while providing access to international decision makers for African countries.

CFC status entitles privileges to eligible companies, such as attractive tax incentives, a business-friendly environment, and cooperative government institutions that facilitate quick creation of legal entities and granting of licenses.

According to the 2017 ranking of the competitiveness of financial centers established by the British Global Finance Centre Index report, CFC is the first financial hub in Africa. Created in December 2010, the Financial platform was ranked 30th in the world after Paris (29th) in the 2017 ranking.