Morocco’s Banking Sector is Showcased by Forbes’ 2024 List of the 30 Most Valuable Banks in the Middle East and North Africa (MENA)

Three of Morocco’s well-known banks, Attijariwafa Bank, BCP Group, and Bank of Africa, have secured spots on Forbes Middle East’s 2024 list of the 30 most valuable banks in the Middle East and North Africa (MENA), demonstrating the banking sector’s resilience and growth potential once again.

This achievement demonstrates the resilience of Morocco’s financial sector and its capacity to prosper in the face of difficult international economic circumstances.

The Forbes report, which includes banks from seven MENA markets, shows that as of February 23, 2024, the combined market value of the 30 most valuable banks had increased by a remarkable 14% in the previous year to $581.1 billion.

According to Fitch Ratings’ 2024 outlook report, this growth is mostly driven by rising interest rates and oil prices, which should keep most GCC banking systems’ reasonable levels of liquidity, profitability, and capital buffers.

Attijariwafa Bank, BCP Group, and Bank Of Africa are three examples of Morocco’s banking industry, and they have all contributed significantly to the growth of the region. With a combined market value of $20.7 billion, these three banks demonstrate the enormous potential and stability of Morocco’s financial system.

Attijariwafa Bank

Attijariwafa Bank is the biggest bank in Morocco and among the biggest in Africa, standing tall at number eighteen on the Forbes list. As of December 2023, the bank, which has a market value of $10.6 billion, employed 20,782 people in 27 countries and had an impressive customer base of over 12 million.

The bank’s loan market share in Morocco climbed to 26.97%, and its deposit market share reached 25.21% in 2023, a stunning 19.9% increase in net profit to $916.1 million.

According to Forbes, to promote trade and business throughout Africa, Attijariwafa Bank Europe, its European subsidiary, and the African Development Bank inked a $109.4 million risk-sharing agreement in January 2024.

This strategic alliance is evidence of the bank’s dedication to promoting the continent’s economic development. With a 46.5% stake in the bank, Morocco-based Al Mada is by far the largest shareholder.

BCP Group

BCP Group is valued at $5.9 billion on the market and is ranked 22nd on the Forbes list. As of March 2023, the bank—which was founded in 1926—had grown to 32 countries, with 18 of those being in Africa. As of June 2023, the BCP Group had about 9.3 million customers, securing its place as a major player in the area.

According to Forbes, the BCP Group inked a $36 million financing partnership in October 2023. The International Finance Corporation and the agricultural company Compagnie Marocaine de Goutte-à-Goutte et de Pompage signed the agreement to support Morocco’s development of efficient water management systems, solar energy, and precision irrigation.

This collaboration shows the bank’s commitment to advancing sustainable development and tackling important national concerns.

Bank of Africa

With a market value of $4.1 billion, Bank of Africa is the thirty-first company on Forbes’ list. The bank changed its name to the Bank of Africa in 2020 after being founded in 1959 as the Banque Marocaine du Commerce Extérieur.

By October 2023, the bank was operating in 32 countries and providing services to more than 6.6 million clients. According to Forbes, the bank has 609 branches and points of sale throughout Africa, which accounts for 49% of its net income that is distributable to the parent company’s shareholders. With a 27.41% share, RMA Watanya is the bank’s largest shareholder.

Out of the 30 entries, 26 are located in the Gulf. Saudi Arabia has the most, with 10, followed by the United Arab Emirates (UAE) with 7, Qatar with 6, Morocco with 3, and Kuwait with 2.

The report highlights the remarkable growth and resilience of the banking sector in the region by taking into account the market value of listed banks as of February 23, 2024.