[Economics] 7 Moroccan Banks on List of Best 20 Banks in North Africa

[The GodFather]

 

 

Rabat - The list of top banks in the North Africa region is dominated by both Moroccan and Egyptian banks.

Put together by Africa Business, a pan-African business-focused magazine, this year’s ranking of North Africa’s biggest banks features seven Moroccan banks, the highest proportion for any country in the region.

Much like other rankings, the list of Morocco’s top achieving banks comprises first Attijariwafa Bank, the country’s largest bank with total assets of $63.7 billion and a market capital of $6 billion. Attijariwafa Bank landed in second place in the North Africa region, following the National Bank of Egypt.

 

 

Coming right on the heels of Attijariwafa Bank is Morocco’s Banque Central Po[CENSORED]ire (BCP) with a market capitalization of $4.7 billion and total assets set at $49.8 billion, the report explains.

The third Moroccan bank on the list is Bank of Africa, formerly known as BMCE. A bank with a market capitalization of $3 billion and total assets of $37 billion.

The list also features Societe Generale Marocaine de Banques, Credit Agricole du Maroc, BMCI Maroc, and Credit Immobilier et Hotelier (CIH), in the 8th, 12th, 14th, 18th, and 20th places respectively.

Behind the Moroccan bank’s success is a successful decade-long expansion strategy in Africa. In the past 10 years, Moroccan banks have gobbled up a significant number of other banks in Africa, especially on the continent’s west. Collectively, Moroccan banks operate an estimated 26 subsidies in West Africa. 

Unlike Egyptian banks, Moroccan banks are building their success by boosting their presence abroad, rather than reaching the country’s unbanked and underbanked po[CENSORED]tion.

Converging data from 2021 indicates that a staggering 71% of Morocco’s po[CENSORED]tion remains largely underbanked or unbanked. According to another recent study access to banking services in Morocco is extremely limited averaging 44% at best. 

 

 

 

https://www.moroccoworldnews.com/2022/10/351620/7-moroccan-banks-on-list-of-best-20-banks-in-north-africa