 | |
| Company type | Public |
|---|---|
| CSE:ATW | |
| Industry | Banking,financial services |
| Founded | 1904; 122 years ago (1904) |
| Headquarters | , Morocco |
Number of locations | 4,930branches (2018)[1] |
Area served | Worldwide |
Key people | Mohamed El Kettani (CEO) |
| Products | |
| Revenue |  US$ 4.1 billion (2018)[2] |
| US$ 608 million (2018)[2] | |
| Total assets | US$ 53.3 billion (2018) |
| Total equity | US$ 4,7 billion (2016) |
Number of employees | 25,754 (2020)[2] |
| Subsidiaries |
|
| Website | attijariwafabank.com |
Attijariwafa bank is a Moroccan internationalfinancial services group headquartered inCasablanca. It was established through the merger ofBanque Commerciale du Maroc (BCM) andWafabank, creating one of the largest financial institutions in the country.[3] Since the merger, Attijariwafa Bank has consistently ranked as the leading bank in Morocco by assets and market share.
Attijariwafa Bank operates an extensive international network, with a strong presence acrossNorth,West, andCentral Africa, as well as representative offices and subsidiaries inEurope andAsia.[4] Its expansion intosub-Saharan Africa has been a key component of its growth strategy since the mid-2000s.
As of the early 2020s, Attijariwafa Bank ranked among the largest banking groups in Africa byTier 1 capital, placing it within the top five African banks according to international financial rankings.[5]
The bank is listed on theCasablanca Stock Exchange and is majority controlled byAl Mada, a Moroccan investmentholding company owned by theMoroccan royal family.[6][7]
The modern Attijariwafa Bank was established in 2004 through the merger of two long-standing Moroccan banks:Wafabank andBanque Commerciale du Maroc (BCM). Wafabank’s history dates back to 1904, when theCompagnie Française de Crédit et de Banque opened a branch inTangier; this entity eventually became Wafabank after several reorganizations and a name change in 1985. BCM was founded in 1911 with the establishment of a branch ofBanque Transatlantique in Tangier and later grew into a major commercial bank in Morocco. The merger combined the legacy networks and operations of both banks into a unified financial group operating under the nameAttijariwafa Bank.[8]
In 2005, Attijariwafa Bank in consortium withBanco Santander acquired 54 percent ofBanque du Sud inTunisia, subsequently renamedAttijari Bank [fr]. In Senegal, it obtained a banking license in 2005 and started its own operations in 2006; acquired a 67 percent stake in the country's fifth-largest bank, Banque Sénégalo-Tunisienne (BST),[9] in January 2007; and acquired a 79 percent stake in theCompagnie Bancaire de l'Afrique Occidentale in April 2008, which it merged with its other Senegalese operations in December of that year, under the nameCBAO Groupe Attijariwafa Bank.[10]
In November 2008, the group acquired a 51 percent stake inBanque internationale pour le Mali [fr] (BIM, est. 1980 inBamako). In late 2009, it acquired the operations ofCrédit Agricole in four more countries, namelyCrédit du Congo [fr] (est. 2002 inBrazzaville),Union Gabonaise de Banque [fr] (UGB, est. 1962 inLibreville),Société Ivoirienne de Banque [fr] (SIB, est. 1962 inAbidjan), andCrédit du Sénégal [fr] (est. 1989 inDakar). In December 2010, it partnered withBCP Group to acquire an 80 percent stake in BNP Paribas Mauritanie (est. 2006 inNouakchott), then purchased a 51 percent stake inSociété Commerciale de Banque Cameroun [fr] (SCB Cameroun, est. 1989 inYaoundé), and in September 2013, a 55 percent stake inBanque Internationale pour l'Afrique au Togo (BIA Togo, inLomé). In 2017, it acquired 100 percent of the formerBarclays subsidiary inEgypt. In the meantime, the group also established operations inGuinea-Bissau in 2008, and through its Senegalese subsidiary CBAO inBurkina Faso in 2011,Niger in 2013, andBenin in 2015.[10]
By end-2018, Attijariwafa Bank had operations in 15 African countries with a network of over 4,300 branches which it viewed as the most extensive in Africa.[10]
On 8 November 2022, Attijariwafa Bank partnered withUnion Bank of Nigeria to expand its operations in Africa.[11][12]
On 10 August 2023, Attijariwafa Bank has launched a new payment solution powered byApple Pay.[13]
As of end-2023, the group's operations in Africa outside Morocco represented around a quarter of its total assets, with the largest contributions coming from Tunisia (5.6 percent), Egypt (4.7 percent), Côte d'Ivoire (4.1 percent), and Senegal (3.8 percent).[14]
Mohamed El Kettani has been chairman and CEO (French:président-directeur général) of Attijariwafa Bank since 2007. Abdelaziz Alami was honorary chair as of 2013.[15]
As of late 2013, the main shareholders of Attijariwafa Bank wereAl Mada (47.77%), Moroccan cooperative insurers MCMA-MAMDA (8.09%), Government-ownedCaisse de dépôt et de gestion (4.26% via RCAR and 2.31 directly),Santander Group (5.27%, via Santusa Holding), and other Moroccan institutional investors (CIMR 2.34%, CMR 2.27%, Axa Maroc 1.37%, RMA-Watanya 1.32%), plus 6.61 percent held by the group's own insurance armWafa Assurance and 4.54 percent held by its employees.[16] By end-2023, the group's ownership structure had remained substantially stable, with Al Mada's share slightly lower at 46.5 percent.[14]
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