Awards for Excellence 2009: Morocco
Euromoney, is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2023
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Awards for Excellence 2009: Morocco

Best Bank: Attijariwafa

In Morocco, BMCE and Attijariwafa have led the way in expanding in the rest of Africa. BMCE, for example, has acquired or set up operations, sometimes through its London-based investment bank, Medicapital, in about 20 African countries in the past few years.

In 2008, BMCE and Attijariwafa grew profits by between one-third and a half. BMCE’s profit growth was higher, but Attijariwafa’s total profit was still about double that of BMCE, a smaller bank. Moreover, Attijariwafa, which previously had operations in Tunisia, Mali and Senegal, initiated an ambitious agreement with France’s Crédit Agricole late last year.

Attijariwafa will acquire Crédit Agricole’s retail banking network in Africa. It will gain banks in Cameroon, Congo-Brazzaville, Côte d’Ivoire, Gabon and Senegal, with total assets of more than €1 billion. Attijariwafa will be the owner of the largest bank in Senegal.

In return, Crédit Agricole acquired an extra 24% share (adding to its existing majority stake) in a Moroccan insurance firm that is partly owned by Attijariwafa.