Bank Al-Maghrib: 145 Bank Branches Closed Their Doors in 2023

Rabat – According to a publication released by Morocco’s central bank, Bank Al-Maghrib (BAM), Moroccan banks closed 145 branches in 2023 and opened only 42 new ones, bringing the total network in operation to 5,811 branches.

Only banks that saw large numbers of clientele managed to withstand the physical network’s reduction by building six additional branches, the same source added.

In light of the 189 bank branches that closed in 2022, BAM highlighted that Moroccan banks’ physical network is continuing to contract in favor of the rapidly digitizing client experience.

As a result, there are now just 5,811 active bank branches nationwide, of which 5,606 are connected to conventional banks, 9 to offshore banks, and 196 to participative banks.

This is likely to exacerbate Morocco’s banking density, which fell to 4,791 people aged 15 and over per bank branch at the end of last year, compared with 4,575 in 2022, BAM explained.

On the regional scale, the most densely populated areas in the country are the Draa-Tafilalet and Marrakech-Safi regions, with 8,793 and 7,181 people per branch, respectively. Meanwhile, the least densely populated areas are the Casablanca-Settat and Oriental regions, with 3,497 and 3,685 people per branch, respectively.

The network of participative banks was enhanced with the creation of six additional branches in 2023, while only conventional banks faced closures. The Casablanca-Settat region accounted for 53 bank closures, or over 36%, followed by the Tangier-Tetouan-Al Hoceima region with 22 branches and the Rabat-Sale-Kenitra region with 19 branches closed.

In terms of banking groups, Societe Generale Maroc closed the most branches standing at 49, followed by Attijariwafa bank with 33 branches, Bank Of Africa (28 branches), BMCI (20 branches) and Banque Populaire (15 branches).

On the other hand, CIH Bank opened the most branches (11), followed by Al Barid Bank (9) and Attijariwafa bank (4).

There has been a shift in the ranking of banking organizations based on network size. With 1,372 branches, Banque Populaire continues to dominate, followed by Al Barid Bank in second position with 950 branches and Attijariwafa Bank in third place with 928 branches.