Attijariwafa Bank

Attijariwafa bank
TypePublic bank
CSE: ATW
IndustryBanking
Founded1904 (1904)
Headquarters
Casablanca
,
Morocco
Number of locations
4,930 branches (2018)[1]
Key people
Mohamed El Kettani (CEO)
Productsfinancial services
RevenueMAD 12,5 billion (2025)
(USD 1,35 billion)[2]
Total assetsMAD 795 billion (2025)
(USD 85,84 billion)[2]
Number of employees
22,052 (2025)
Subsidiaries
Websitewww.attijariwafabank.com

Attijariwafa bank is a Moroccan international financial services group headquartered in Casablanca. It was established through the merger of Banque Commerciale du Maroc (BCM) and Wafabank, 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 across North, West, and Central Africa, as well as representative offices and subsidiaries in Europe and Asia.[4] Its expansion into sub-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 by Tier 1 capital, placing it within the top five African banks according to international financial rankings.[5]

The bank is listed on the Casablanca Stock Exchange and is majority controlled by Al Mada, a Moroccan investment holding company owned by the Moroccan royal family.[6][7]

History

The present-day Attijariwafa Bank was formed in 2004 through the merger of two Moroccan banking institutions, Wafabank and Banque Commerciale du Maroc (BCM). Wafabank traced its origins to 1904, when the Compagnie Française de Crédit et de Banque opened a branch in Tangier; after several reorganizations, it adopted the Wafabank name in 1985. BCM was created in 1911, following the establishment of a Banque Transatlantique branch in Tangier, and later developed into a commercial banking group in Morocco. The 2004 merger brought together the branch networks and operations of both banks under the name Attijariwafa Bank.[8]

In 2005, Attijariwafa Bank, in consortium with Banco Santander, acquired 54% of Banque du Sud in Tunisia, which was later renamed Attijari Bank. In Senegal, the group obtained a banking licence in 2005 and began its own operations the following year. It then acquired a 67% stake in Banque Sénégalo-Tunisienne (BST), then the country's fifth-largest bank,[9] in January 2007. In April 2008, it acquired a 79% stake in the Compagnie Bancaire de l'Afrique Occidentale, which was merged in December of that year with its other Senegalese operations under the name CBAO Groupe Attijariwafa Bank.[10]

The group continued its expansion in West and Central Africa in the following years. In November 2008, it acquired a 51% stake in Banque internationale pour le Mali (BIM), which had been established in 1980 in Bamako. In late 2009, it acquired Crédit Agricole operations in four countries: Crédit du Congo, established in 2002 in Brazzaville; Union Gabonaise de Banque (UGB), established in 1962 in Libreville; Société Ivoirienne de Banque (SIB), established in 1962 in Abidjan; and Crédit du Sénégal, established in 1989 in Dakar. In December 2010, Attijariwafa Bank partnered with BCP Group to acquire an 80% stake in BNP Paribas Mauritanie, established in 2006 in Nouakchott. It subsequently purchased a 51% stake in Société Commerciale de Banque Cameroun, established in 1989 in Yaoundé, and, in September 2013, a 55% stake in Banque Internationale pour l'Afrique au Togo in Lomé. In 2017, it acquired the former Barclays subsidiary in Egypt. During the same period, the group also established operations in Guinea-Bissau in 2008 and, through its Senegalese subsidiary CBAO, in Burkina Faso in 2011, Niger in 2013 and Benin in 2015.[10]

By the end of 2018, Attijariwafa Bank operated in 15 African countries and had a network of more than 4,300 branches, which the group described as the most extensive on the continent.[10]

On 8 November 2022, Attijariwafa Bank entered into a partnership with Union Bank of Nigeria as part of its African expansion strategy.[11][12]

On 10 August 2023, the bank launched a payment service using Apple Pay.[13]

At the end of 2023, the group's activities in Africa outside Morocco accounted for around one quarter of its total assets. The largest shares came from Tunisia, with 5.6%; Egypt, with 4.7%; Côte d'Ivoire, with 4.1%; and Senegal, with 3.8%.[14]

Attijariwafa Bank was ranked 14th in Forbes Middle East's 30 Most Valuable Banks 2025 list.[15] It was also ranked 26th in Forbes Middle East's Top 100 Listed Companies 2025 list.[16]

In May 2026, Attijariwafa Bank announced the launch of Simple, described as Morocco's first full-scale neobank, with subscription tiers for users.[17]

International Operations

Former participations

Leadership

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.[23]

Ownership

As of late 2013, the main shareholders of Attijariwafa Bank were Al Mada (47.77%), Moroccan cooperative insurers MCMA-MAMDA (8.09%), Government-owned Caisse 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% held by the group's own insurance arm Wafa Assurance and 4.54% held by its employees.[24] By end-2023, the group's ownership structure had remained substantially stable, with Al Mada's share slightly lower at 46.5%.[14]

See also

References

  1. ↑ "Official launch of Africa Development Club Egypt by Attijariwafa bank | Attijariwafa bank".
  2. 1 2 "Attijariwafa bank Annual report 2025".
  3. ↑ Adil Faouzi (14 April 2024). "Morocco's Banking Sector Shines in Forbes' 2024 List of MENA's 30 Most Valuable Banks". Morocco World News.
  4. ↑ "Attijariwafa Bank of Morocco Opens First Branch in Mauritania". Bloomberg.
  5. ↑ "Africa's Top 100 Banks in 2022". African Business. 27 September 2022.
  6. ↑ "Attijariwafa Bank". Médias24 (in French). Archived from the original on 23 May 2024.
  7. ↑ "Banque & Assurances". www.almada.ma (in French).
  8. ↑ "ABOUT US | Attijariwafa bank SA". Attijariwafa.
  9. ↑ Xinhua (2006). "Attijariwafa Bank rachète la Banque sénégalo-tunisienne". Yabiladi.
  10. 1 2 3 "ATTIJARIWAFA BANK GROUP IN AFRICA" (PDF). Attijariwaja Bank (pdf).
  11. ↑ Rahhou, Jihane. "Attijariwafa Bank Partners with Union Bank to Expand Operations in Africa". Morocco World News.
  12. ↑ "Union Bank, Attijariwafa Bank sign partnership agreement to expand pan African footprint". Nigerian Tribune. 7 November 2022.
  13. ↑ "Attijariwafa Bank launches Apple Pay". Hespress. 10 August 2023.
  14. 1 2 Rapport Financier 2023 (PDF), Attijariwafa Bank
  15. ↑ Mughal, Waqar. "Attijariwafa bank". Forbes Lists.
  16. ↑ Mughal, Waqar. "Attijariwafa bank". Forbes Lists.
  17. ↑ Faouzi, Adil (25 May 2026). "Attijariwafa Bank Launches 'Simple,' Morocco's First Full-Scale Neobank". Morocco World News.
  18. ↑ Nchama, Constantina (25 April 2022). "El Banco Attijariwafa de Marruecos abre una filial en uno de los países de la CEMAC". Ahoraeg (in Spanish).
  19. ↑ "Morocco's Attijariwafa Bank Completes Acquisition of Barclays Egypt – The North Africa Post". Northafrica Post. 4 May 2017.
  20. ↑ Dia, Ibrahima jr (1 May 2018). "Mauritania: Attijari Bank launches its first digital bank". Financial Afrik.
  21. ↑ Nchama, Constantina (18 August 2022). "Afreximbank, Ecobank y BIA-Togo inyectarán 145 millones de euros en la PIA". Ahoraeg (in Spanish).
  22. ↑ "Equity snaps up Rwanda bank in Sh6.7bn deal". Business Daily. 14 June 2023.
  23. ↑ "Attijariwafa Bank SA (ATW22.CS) Quote". Reuters.com. Reuters. Archived from the original on 24 December 2013.
  24. ↑ "Bourse de Casablanca ::. Sociétés cotées > ATTIJARIWAFA BANK". Bourse de Casablanca.
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