Early Life
Othman Benjelloun was born in Fez, Morocco, in 1932. Details about his early life are not widely available. However, it is known that he comes from a prominent family with a strong business background. His father was involved in the insurance industry, and Benjelloun was exposed to finance and business from a young age. He received an education in engineering from the prestigious École Polytechnique Fédérale de Lausanne (EPFL) in Switzerland.
Rise to Success
Benjelloun's career began with the family's insurance company, which he transformed into RMA Watanya. He later expanded into the banking industry by taking over BMCE Bank. Under his leadership, BMCE Bank expanded its presence to at least 12 African countries, notably after the acquisition of the Mali-based Bank of Africa. The banking aspect of his business is valued at $4 billion based on market capitalization profits. He is also the chairman of the holding company, FinanceCom, which has interests in telecommunications, media, and real estate.
Key Business Strategies
Benjelloun's key business strategies include strategic alliances with companies like Volvo and General Motors in the 1960s and 1970s. He also established partnerships with international lenders. These strategies helped expand the bank's reach and establish a strong presence in the African market. The expansion into the banking industry by acquiring Bank of Africa proved to be a pivotal move.
Philanthropy
Benjelloun and his wife, Leila Mezian Benjelloun, have been involved in several charitable and social initiatives. Through the BMCE Bank Foundation, they have supported projects in education, healthcare, and social development, building schools and funding scholarships in Morocco and other parts of Africa. The Medersat.com program, supported by the BMCE Bank Foundation, has provided schooling to over 29,000 students.