Forbes Middle East stated that three Moroccan banks are among the MENA region’s 30 most highly valued banks in 2024, according to the magazine’s April edition.
Attijariwafa Bank (18), headed by Mohamed Kettani, took the top spot in Morocco, at 10.6 billion dollars. It is also Morocco’s largest bank with 12 million customers and almost 21,000 employees.
Following Attijatiwafa comes Banque Centrale Populaire (BCP Group) (22), presided over by Mohamed Karim Mounir, with a market value estimated at 5.9 billion dollars. The bank is present in 32 countries, 18 of them in Africa.
Bank of Africa, led by Othman Benjelloun, concluded the list. It has a market value of 4.1 billion dollars, with more than 6.6 million customers and approximately 610 branches throughout the African continent.
Moroccan banks’ sum total of market value is estimated at around 20.7 billion dollars, placing the Kingdom in the top five within the MENA Region. Regionally, KSA places first at 279.5 billion dollars, followed by UAE at 128.7 billion dollars, Qatar at 73.6 billion dollars, and Kuwait at 65.5 billion USD, respectively.
In terms of the number of banks making the most-lucrative list, Morocco comes in fourth with three banks. KSA leads the count list with ten banks, followed by UAE with seven and Qatar with six.
Forbes said that the current year’s list recorded a 14% increase in total market value over the past 12 months, reaching 581.1 billion USD, according to market closures on February 23.