Moroccan banks outperform French rivals in French-speaking African countries
According to a new report, their total assets are 1.4 times higher than that of the French.Moroccan banks have experienced an "impressive expansion" in French-speaking sub-Saharan African countries, according to a new survey carried out by newspaper Jeune Afrique.
Two banks of the Kingdom are particularly successful - BMCE Bank of Africa is the third largest bank in the region in terms of assets (almost CFAF3300 billion (€5 billion)), while Attijariwafa Bank is the fourth (CFAF2900 billion).
Panafrican group Ecobank takes the lead with total assets of 4892 billion CFA francs at the end of 2014.
French group Societe Generale is in second place with about 3400 billion CFA francs.
However, in terms of branches, a Moroccan bank reaches the head of the podium. Attijariwafa Bank owns 353 branches in the franc zone, against 305 for Ecobank, 260 BMCE for Bank of Africa and only 190 for Societe Generale.
Collectively, Moroccan banks now own total assets 1.4 times higher than that of the French.
Almost absent from this area a decade ago, Moroccan banks have developed very quickly through acquisitions, according to Jeune Afrique.
In 2008, Attijariwafa Bank took over branches of Credit Agricole in the franc zone, while BMCE Bank made a gradual rise in the management of BOA.
Moroccan banks are now looking to expand in the CEMAC area. Bank of Africa has acquired a 90 per cent stake in the capital of Agaseke Bank, a Rwandan microfinance operator.
With Rwanda, the banking group enters the last country in the East African Community in which it didn't have a presence.