Diplomat Nigeria can report that Nigeria and the Kingdom of Morocco are working towards the realization of gas pipeline project. In 2017, the Morocco-Nigeria gas pipeline agreement was signed. Once completed. the project is expected to supply about three billion standard cubic feet of gas per day (3bscf/d) from Nigeria to the Kingdom of Morocco and subsequently to Europe.
Morocco’s banking sector has once again proven its resilience and growth potential, as three of its prominent banks – Attijariwafa Bank, BCP Group, and Bank of Africa – have secured positions in Forbes Middle East’s 2024 list of the 30 most valuable banks in the Middle East and North Africa (MENA).
This achievement highlights the strength of Morocco’s financial industry and its ability to thrive amidst challenging global economic conditions.
The Forbes report, which features banks from seven markets in the MENA region, reveals that the aggregate market value of the 30 most valuable banks has grown by an impressive 14% over the last 12 months, reaching $581.1 billion as of February 23, 2024.
This growth, as noted by Fitch Ratings’ 2024 outlook report, is largely supported by higher interest rates and oil prices, which are expected to maintain reasonable levels of liquidity, profitability, and adequate capital buffers in most GCC banking systems.
Morocco’s banking sector, represented by Attijariwafa Bank, BCP Group, and Bank Of Africa, has played a significant role in this regional growth. These three banks have a combined market value of $20.7 billion, showcasing the immense potential and stability of Morocco’s financial landscape.
Attijariwafa Bank, ranked 18th on the Forbes list, stands tall as the largest bank in Morocco and one of the largest in Africa. With a market value of $10.6 billion, the bank boasts an impressive customer base of more than 12 million and a workforce of 20,782 people spread across 27 countries, as of December 2023.
The bank’s net profit saw a remarkable 19.9% jump in 2023, reaching $916.1 million, while its loan market share in Morocco increased to 26.97%, and its deposit market share reached 25.21%.
Forbes reports that Attijariwafa Bank’s European subsidiary, Attijariwafa Bank Europe, signed a $109.4 million risk-sharing agreement with the African Development Bank in January 2024 to strengthen businesses and trade across Africa.
This strategic partnership is a testament to the bank’s commitment to fostering economic growth and development on the continent. The Morocco-based Al Mada holds a 46.5% stake in the bank, making it the major shareholder.
BCP Group, ranked 22nd on the Forbes list, has a market value of $5.9 billion. Established in 1926, the bank has expanded its presence to 32 countries, including 18 in Africa, as of March 2023. With approximately 9.3 million customers as of June 2023, the BCP Group has solidified its position as a key player in the region.
In October 2023, Forbes reports that the BCP Group signed a financing partnership worth $36 million. The agreement was signed between the International Finance Corporation and the agriculture firm Compagnie Marocaine de Goutte-à-Goutte et de Pompage to support the development of precision irrigation, solar energy, and effective water management systems in Morocco.
This partnership demonstrates the bank’s dedication to promoting sustainable development and addressing critical issues facing the country.
Bank of Africa, ranked 30th on the Forbes list, has a market value of $4.1 billion. The bank, which was established in 1959 under the name of Banque Marocaine du Commerce Extérieur, underwent a rebranding in 2020 to become the Bank of Africa.
As of October 2023, the bank had operations across 32 countries, serving over 6.6 million customers. Forbes reports that the bank has 609 branches and points of sale in Africa, contributing 49% of net income attributable to shareholders of the parent company. RMA Watanya holds the largest stake in the bank, with a 27.41% share.
Of the 30 entries, 26 are Gulf-based, with Saudi Arabia leading the pack with 10 banks, followed by the U.A.E. with seven, Qatar with six, and Morocco and Kuwait with three and two banks, respectively.
The report takes into account the market value of listed banks as of February 23, 2024, highlighting the remarkable growth and resilience of the banking sector in the region. MWN.
