Four Moroccan banks appear on the Forbes list of the 50 most important banks in the MENA region (Middle East and North Africa). They are Attijariwafa Bank, Banque centrale populaire, Bank of Africa and CIH Bank. This article is a press review from the daily Les Inspirations Eco.
The main Moroccan banks continue their progression and rise a little more each year in the regional rankings. Four Moroccan banks are on the Forbes list of the 50 most important banks in the MENA region (Middle East and North Africa), says the daily Les Inspirations Eco in its edition of Tuesday, April 11.
Indeed, the largest bank in Morocco, Atiijariwafa Bank, is ranked as the 18th bank in the region, followed by the Central People’s Bank (BCP Group), the second largest banking group in the country (in 24th position) and Bank of Africa (32nd). Note that CIH Bank is in 49th place,” it says.
With an overall value of $ 8.7 billion, Atiijariwafa Bank is at the top of the national ranking. According to the magazine, Attijariwafa bank’s net income climbed 21.1% in 2022 to $714 million. As of April 2022, the group had 10.6 million customers and a presence in 26 countries in Africa, Europe and the Middle East. Attijariwaba bank is the largest bank in Morocco and one of the largest in Africa (…) The group expanded its footprint in 2022, launching a subsidiary in Chad and opening a representative office in China. In June 2022, it partnered with Finastra to participate in Hack to the Future, an international fintech movement that aims to establish sustainable and inclusive finance,” says Forbes Middle East.
Overall, the ranking is largely dominated by banks from the Gulf countries, with the list including 10 Saudi, 10 Emirati and 8 Qatari banks. The Forbes report notes that while it was a challenging year for the global banking sector, MENA banks showed resilience. The 50 banks had an aggregate market value of $548.1 billion as of February 28, 2023.
Saudi Arabia’s Al Rajhi Bank topped the list with a value of $75 billion, followed by Saudi National Bank (SNB) with $56.4 billion, while Qatari QNB Group, valued at $42.8 billion, closed the regional podium.