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Casablanca – Following its successful return to pre-pandemic performance, the international magazine Global Trade Review (GTR) has named the Banque Centrale Populaire (BCP) the best Moroccan bank in the sector of trade finance.
This is not the Moroccan bank’s first prize; it follows a streak of honors in the same field. A few months ago, Morocco’s BCP has crowned the best Moroccan bank in trade finance at the “2022 World’s Best Trade Finance and Supply Chain Finance Providers” awards.
“These awards are a renewed recognition of BCP’s ongoing commitment to businesses of all sizes,” said Kamal Mokdad, General Manager of BCP commemorating the bank’s most recent award.
“As a leading partner in business development in Morocco and internationally, we work daily to offer our customers the best quality of service and the most innovative solutions best suited to their needs,” he added.
Read also: Fitch: Moroccan Banks Continue to Recover Amid Market Uncertainty
Moroccan banking has recently experienced notable progress following the critical period following the COVID-19 outbreak. It is the only sector that has fully recovered from the pandemic, returning to pre-pandemic levels of performance, with large earnings.
According to a recent study about Moroccan banks’ performance, Moroccan banks have effectively improved respectable levels of solvency and profitability in recent years. Their management continues to be of high quality without sacrificing the performance of their control system, the study concluded.
Although they faced serious challenges in 2020 and 2021, with the active backing of supervisory authorities, and their “well mastered, well managed, well controlled, and well protected” market, the Moroccan banks could recover amid the COVID-19 crisis.
According to a recent rating assessment from Fitch, an American rating agency, the aggregate net income of Morocco’s seven major banks has already reached pre-pandemic levels.
