Best bank: Banque Internationale Arabe de Tunisie
The banking environment in Tunisia worsened last year due to the absence of a financing package to meet the government’s funding needs. This led to Moody’s downgrading four banks in January 2023 because of the sovereign downgrade. The agency changed its outlook on the sector to stable in January 2024.
Banque Internationale Arabe de Tunisie (BIAT) was one of the banks downgraded to Caa2 from Caa1, along with Amen Bank, Banque de Tunisie and Societe Tunisienne de Banque.
The bank nevertheless grew its total assets from TD12.1 billion ($3.9 billion) at the end of 2022 to TD22.9 billion in December 2023, and increased net profit by 10% to TD331 million.
In March 2024, Elyes Jebir, who previously headed the retail banking division of the bank, was named as its new CEO, taking over from Moez Hadj Slimen, who had resigned unexpectedly after taking over as CEO in May 2023 from Mohamed Agrebi. Agrebi had held the position since 2014.
BIAT signed a trade-facilitation programme agreement with African Export-Import Bank (Afreximbank) in March for $50 million. This will be used to expand its offering to corporate and small and medium-sized enterprise clients, incorporating guarantees and confirmations of letters of credit on international trade transactions.
Later in the year, the bank launched a similar partnership with the EBRD, signing a $50 million foreign trade guarantee agreement with the bank.
BIAT has also worked on digital development, acting as official sponsor at the Tunisian Digital Summit in June 2023 and setting up a special event for fintechs in Tunisia the same month.
