Casablanca- Morocco’s Attijariwafa Bank has just landed on the Russian soil. The Moroccan bank signed a cooperation agreement with Russia’s Sberbank Monday, in Moscow, during the Morocco-Russia economic forum held this week under the theme “Morocco, a Strategic Partner of Russia.”
Under this agreement, the two banks show their commitment to cooperate in several areas, such as capital markets, syndications, correspondent banking, and trade finance.
The agreement was signed by Mohamed El Kettani, CEO of Attijariwafa Bank, and André Ivanov, Head of the Trade Finance Department at Sberbank.
“The agreement we have just signed is a major milestone in building strong and lasting economic relations between Morocco and Russia,” Attijariwafa Bank CEO, Mr. El Kettani, was quoted Jeune Afrique as saying.
“The leading positions both groups occupy in their respective markets are likely to boost trade and investment flows as well as the provision of financial services, tailored for the benefit of expatriates in our country,” he added.
According the same source, Mr. Ivanov stated, “This agreement will significantly boost the exchange level between both countries.”
Sberbank is the largest bank in Russia and Eastern Europe, and the third largest in Europe, according to Jeune Afrique. It occupies 28.6% of the market share in Russia, and is currently present in 22 countries. Morocco’s Attijariwafa Bank is one of the kingdom’s most important banks. It is present in 22 countries.
