Forbes Middle East Mena ranking: three Moroccan banks in the top 30

Of Nabil Ouzzane on 08/08/2022 at 22:31

Attijariwafa bank, Bank Of Africa and Banque centrale populaire are the three Moroccan banking groups with branches abroad.

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Kiosk360. Attijariwafa bank, Banque Centrale Populaire and Bank of Africa stand out again this year by positioning themselves in the Top 30 of the most important banks in the Mena region (Middle East and North Africa). This article is a press review taken from the newspaper L’Economiste.

Moroccan banks still stand out and stand out in a new ranking. Three of them are among the top 30 banking groups in the Middle East and North Africa region, according to a new ranking compiled by Forbes Middle East, broadcast by the newspaper The Economist in its August 9 edition. Bank Attijariwafa (AWB) ranks 14th, while Banque Centrale Populaire (BCP) and Bank of Africa (BoA) rank 21st and 27th respectively.

“According to Forbes, the top 30 banks in the Middle East have a total market value of $ 586.6 billion and total assets of $ 2.5 trillion as of June 28,” it reads. Saudi Arabia leads the ranking with 10 banks, followed by the United Arab Emirates with seven, Qatar (4), Morocco (3), Kuwait (2), while Egypt, Bahrain, Jordan and Oman rank with one bank each.

For the second consecutive year, Qatar’s QNB group tops this list with $ 300.3 billion in total assets. It is ahead of the First Abu Dhabi Bank (Fab) of the United Arab Emirates, the Saudi National Bank, the Saudi bank Al Rajhi, which jointly occupy the 3rd position.

Recall that the Attijariwafa bank has won the first place among the 5 Moroccan companies that appear in the 2022 list of the “best listed companies” in the Mena region, a ranking drawn up every year by the economic magazine Forbes Middle East.

At the regional level, Attijariwafa bank ranks 23rd on this list, the top places are occupied by global giants such as Aramco, QNB and Saudi National Bank. In its commentary on the Moroccan banking group, Forbes Middle East recalled that Attijariwafa bank is the largest bank in Morocco and one of the largest in Africa. The bank employs more than 20,583 people, has nearly 10.6 million customers and operates in 26 countries. The bank recorded revenues of $ 4.3 billion in 2021 and a profit of over $ 630 million.

Moroccan banks have also shown resilience against all odds, despite the context of Covid-10 and the ensuing crisis. The banking sector proved resilient and secured the financing of economic agents, in particular through public support measures in the form of state-guaranteed loans.

By Nabil Ouzzane

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