Written by 7:50 pm Economy

Morocco’s banking sector among the best in Forbes’ 2024 MENA ranking

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Morocco’s financial strength has once again been recognized, as three of its leading banks secured spots on Forbes Middle East’s prestigious list of the top 30 most valuable banks in the Middle East and North Africa (MENA) for 2024. 

Attijariwafa Bank, BCP Group, and Bank of Africa all made the cut, showcasing the stability and growth potential of Morocco’s banking sector even amidst global economic challenges.

This achievement is particularly impressive considering the overall growth of the MENA banking landscape. The aggregate market value of the top 30 banks on the Forbes list has surged by a significant 14% over the past year, reaching a staggering $581.1 billion as of February 2024. 

 Attijariwafa Bank, the country’s leading financial institution and one of Africa’s largest banks, boasts a market value of $10.6 billion.  

This bank serves a vast customer base exceeding 12 million people and employs over 20,000 individuals across 27 countries.  

Attijariwafa Bank’s success story is further accentuated by a remarkable 19.9% jump in net profit during 2023, reaching $916.1 million. 

The bank also solidified its position within Morocco by increasing its loan and deposit market shares to 26.97% and 25.21% respectively.  

Attijariwafa Bank’s commitment to fostering economic growth across Africa is exemplified by a recent $109.4 million risk-sharing agreement signed with the African Development Bank in January 2024.

BCP Group, another Moroccan banking giant ranked 22nd on the Forbes list, holds a market value of $5.9 billion. 

Established in 1926, BCP Group has steadily expanded its footprint across 32 countries, with a strong presence in 18 African countries.  

The group caters to approximately 9.3 million customers and is a key player within the region.  

The final Moroccan entry on the Forbes list is Bank of Africa, currently valued at $4.1 billion.  Formerly known as Banque Marocaine du Commerce Extérieur, Bank of Africa underwent a rebranding exercise in 2020.  

The bank boasts a presence in 32 countries and serves over 6.6 million customers as of October 2023.  

It operates an extensive network of 609 branches and points of sale across Africa, contributing nearly half of the bank’s net income.

The MENA region is dominated by Gulf-based banks, with Saudi Arabia leading the pack with 10 entries, followed by the United Arab Emirates (UAE) with seven. 

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