Join on WhatsApp
Join on Telegram
Rabat – Four Moroccan banks featured on Forbes’ 2023 list of the 50 most valuable banks in the Middle East and North Africa.
Morocco’s largest bank, Atiijariwafa Bank, ranked as the 18th most valuable bank in the region, followed by Banque Centrale Populaire (BCP Group), the second largest banking group in the country, in the 24th position. Bank of Africa came in 32nd place.
CIH Bank also featured in the ranking in 49th place. The ranking was largely dominated by banks from gulf countries, as the list included 10 Saudi Arabian banks, 10 Emarati banks, and 8 Qatari banks.
The Forbes report noted that while the year has been difficult for the global banking sector, MENA banks have remained resilient.
In Morocco, the banking sector continues to grow underpinned by an ambitious continental expansion strategy.
Data suggests that Moroccan banks, mainly the three largest banking groups, controlled more than one-fifth of the banking market in West Africa in 2021.
Read also: Moroccan Banks Dominated West Africa’s Banking Market in 2021
According to a report from Ecofin news agency, Moroccan banks managed almost 28% of the banking market in West African countries like Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal, and Togo.
The three banks operate 26 subsidiaries in West Africa, and manage 28.1% of the 17.4 million bank accounts in the region.
The banks also own 20% of the bank offices and 22% of the ATMs in service in the region.
A drop in operating expenses in 2021 further boosted the banks’ profit margins, reports indicate.
Moroccan banks are reaping the benefits of a decade long expansion strategy in Africa.
By acquiring banks in Africa, major Moroccan banks established a strong presence on the continent, and are still seeking to strengthen their market footprint, especially in French-speaking African countries on the west coast.
In 2021, BCP said that they are still open to acquisitions on the continent and that their African expansion strategy is still in its early phase.
