Three Moroccan Banks Secure Spots in Africa’s Top 10 for 2023

Moroccan banks Attijariwafa Bank, Groupe Banques Populaire, and Bank of Africa have secured spots among the 10 leading African banks for the year 2023, according to financial affairs publication The Banker.

The African banking landscape witnessed a mixed performance in 2022, characterized by rising interest rates, a strong US dollar, and global economic challenges stemming from the Ukraine conflict, indicated the report. However, Morocco’s banking industry showcased a noteworthy steadiness.

Attijariwafa Bank displayed remarkable resilience in the 2023 ranking, moving up from seventh to sixth place. Despite a 5.8% decline in Tier 1 capital and assets, largely attributed to a 12% devaluation of the Moroccan Dirham, the bank maintained a strong financial foundation.

Source: Morocco World News