Brussels, 27 October 2017 – MEDConfederation member Attijariwafa Bank group tops the North African bank rankings, according to the list published this week by the international weekly Jeune Afrique in a special issue on finance in the Africa. The Moroccan banking group, ranked 6th at the continent, becomes the number one in the region of North Africa, ahead of 2 Egyptian banks, reports the same source.
Attijariwafa Bank benefits from the decision of the Egyptian authorities in November 2016 to make the exchange rate more flexible which resulted in devaluation of Egyptian Pound by 48% against foreign currencies, according to Jeune Afrique; adding that all Moroccan banks took advantage of the comparative regression of their Egyptian counterparts.
Overall, 9 Moroccan banks ranked in the list with nearly 33% of total banking assets in the region, compared to 35% for Egyptian banks, 20% for Algeria and 7% for Tunisia.
In addition, the weekly observes that at the regional level, only Moroccan banks have developed a strategy to seek growth outside their borders as reflected by the acquisition in 2017 of Barclays Bank Egypt by Attijariwafa Bank and BIA Niger by the BCP. For the top 3 banking groups in the country, nearly a quarter of the loan portfolio is sourced in Africa excluding Morocco, says the same source.
Among the top 50 banks in North Africa are also other Moroccan banking groups, namely: Crédit Agricole du Maroc (15th), Société Générale Maroc (16th), BMCI (19th), Crédit du Maroc (20th), Al Barid Bank (22nd) and CIH Bank (23rd).