Three Moroccan Banks in Global Best Banks Ranking

Rabat – Morocco’s three largest banking groups — Attijariwafa Bank, Banque Populaire du Maroc, and Bank of Africa — are on the list of the best 500 banks worldwide, according to Brand Finance, a benchmark brand valuation firm.

Banque Populaire du Maroc ranked 288th best bank worldwide in 2022, jumping from the 329th rank in 2021, Brand Finance specified in its annual report.

Attijariwafa Bank also showed significant progress on the list, going from the 314th position to the 299th rank, the report detailed.

Bank of Africa appeared in the ranking for the first time, ranking 466th best bank worldwide.

Titled “Banking 500, 2022,” the report looks at the most valuable and strongest banking brands every year. Brand Finance compiles the ranking by looking at a wide range of criteria, including brand value, brand impact, brand strength, and forecast of brand value.

The report aims to provide insight and valuable feedback for brands to continue on an upward growth trajectory.

In recent years, Moroccan banks have been reaping the benefits of a decade-long expansion strategy in Africa. Major Moroccan banks are expanding their market share on the African continent through acquisitions.

Attijariwafa Bank is present in 15 African countries, while Bank Populaire du Maroc also holds multiple subsidiaries across 18 African countries.

Despite the COVID-19 economic fallout, Moroccan banks have displayed strong resilience and continued to grow post-pandemic, with business magazine EMEA Finance Magazine voting Attijariwafa Bank as the best investment bank in Africa in 2021.

While francophone west Africa seems to be the focal point of Moroccan banks for linguistic reasons, Moroccan banks are increasingly eyeing Anglophone African for expansion prospects, according to Africa Business.