Rabat – Spain’s second-largest bank BBVA announced that it received a nod from Morocco’s central bank, Bank Al-Maghrib, for the indirect change in control of Banco Sabadell’s branch in the country.
The deal is part of the transaction with BBVA, a statement from the bank said, noting that the company now has all permissions needed from international regulators to complete the transaction.
Banco Sabadell has had an operating office in Morocco since 2009, with the aim of providing financial support for Spanish companies’ operations residing in, or with business interests in, the country.
“It also offers its knowledge and experience in each stage of its expansion process, providing them with the best solutions for their needs,” Sabadell Banco’s website said.
The bank offers a range of services, including the opening of deposit accounts in both dirhams and convertible currencies, facilitating foreign trade operations, providing investment and working capital financing, issuing sureties and guarantees for public authorities, and managing treasury activities.
Over 4,000 Spanish businesses have established a presence in Morocco, reflecting good financial ties between Spain and Morocco.
In 2023, bilateral trade between the two countries surpassed $22.3 billion, with nearly 17,000 Spanish companies exporting goods to Morocco.
Recent data from the Spanish Ministry of Economy said Morocco continues to establish itself among the top trading partners for Spain.
The data puts Morocco as a leading African trading partner, achieving record-breaking bilateral trade volumes last year.
Exchanges between the two countries surpassed €22.7 billion. Spanish exports to Morocco reached €12.86 billion in 2024, representing 3.34% of Spain’s global exports.
