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Attijariwafa bank emerges as Africa’s financial powerhouse

IFM_Attijariwafa Bank
Attijariwafa bank, over the years, has emerged as a leading banking and financial Group in Africa

Attijariwafa bank Group is known for playing a decisive role in Morocco’s economic development and the modernisation of its financial system for more than a century.

“By continuously diversifying into new business lines, it has successfully maintained its status as a leader across all market segments,” Attijariwafa bank Group told International Finance.

Attijariwafa bank, over the years, has emerged as a leading banking and financial Group in Africa.

Apart from its banking activity, Attijariwafa bank Group is now providing a wide range of financial services through several subsidiaries. Be it insurance, mortgage, consumer credit, fast transfers, leasing, factoring, stock brokerage, asset management, M&A or market advisory, the venture is at the forefront of the banking revolution in Africa.

Headquartered in Morocco, Attijariwafa bank Group is serving more than 11 million personal banking, professional banking, corporate and institutional customers across 26 countries, thanks to its 20,467 employees and network of 5,900 branches.

“In Egypt, the bank started its operations in 2017 after the successful acquisition of Barclays Bank Egypt to start its journey of continued success in the market since then. The bank operates through a network of 63 branches and 102 ATMs covering key cities in Egypt. Its highly professional and skilled 1,300 employees proudly serve a large enterprise client base including leading international, regional, and domestic companies as well as a strong base of more than 120,000 retail-banking customers across the country,” the venture told International Finance further.

Making The Difference In African Society

In May 2019, Attijariwafa bank Group created history, as the Africa Development Club Egypt (ADC Egypt), officially became operational in the Egyptian market by launching unique services through its networking vehicle for business interests as it provides access to information, training, services and expert advice to all its members, to help entrepreneurs implementing their projects, assisting governments with their major infrastructure projects and fostering South-South and North-South cooperation.

“Since the inception of its operations in Egypt, Attijariwafa bank Egypt has been committed towards the concept of responsible banking, whereby the bank established a firm belief that sustainable development is a crucial part of doing business. As the bank matured into its endeavours towards sustainability, the bank issued its first Sustainability Report in line with the Global Reporting Initiative (GRI) and alignment with UN Sustainable Development Goals and Egypt’s Sustainable Development Agenda; Vision 2030. In the same context, Attijariwafa bank Egypt issued its first Carbon Footprint report in 2022,” the venture remarked further.

Supporting women-led start-ups, increasing access to finance and developing women-specialised products have occupied a special place in the bank’s line-up of financial services. Staying true to its purpose, in 2020, Attijariwafa bank Egypt launched the first female Debit Card “Maaki”.

“Internally, Gender Equality at the workplace is another acclaimed aspect of good governance and sustainability evidenced by a nearly permanent 40% split of women across the different positions from entry to management levels. The Board of Directors is also chaired by a female veteran banker, Ms. Halla Sakr, and its composition of women stands at around 30%,” the venture told International Finance further.

The Road Ahead

In the nine months of 2023, Attijariwafa bank Egypt achieved substantial growth as its net profit reached EGP 1.43 billion, a notable increase from EGP 592 million during the same period in 2022, thereby marking an impressive growth of EGP 834.3 million or 141%.

As for investments, Attijariwafa bank Egypt achieved a qualitative leap in the market share of fixed-income instruments (secondary market), which reached 18.37% on September 30, 2023, compared to 11.56% in 2022, with a trading value of 1.2 trillion Egyptian pounds compared to 485 billion pounds, a growth rate of 147%.

The treasury and capital markets sector continued its fruitful successes, as Attijariwafa bank achieved second place as a major dealer in the fixed-income primary dealers with a market share of 20.7% in Q3 2023.

Attijariwafa bank is targeting to further expand its business in the Egyptian market, apart from targeting three other English-speaking markets in East Africa.

Also, the global cross-border payments network TerraPay, in June 2023, entered into a partnership with Attijariwafa bank to facilitate global money transfers directly to bank accounts in Morocco.

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