Forbes Middle East has listed Attijari Wafa Bank, Banque Populaire (BCP), Maroc Telecom, and Bank of Africa in its latest top 100 business rankings for the Middle East and North Africa for 2024, recognizing their resilience and growth potential.
Attijariwafa Bank Group, directed by Chairman and CEO Mohamed El Kettani, ranked 28th with a market value of 10.7 Bln dollars, revenues of 4 Bln dollars, earnings of 896 Mln dollars, and assets of 65.1 Bln dollars.
According to Forbes, as of December 2023, Attijariwafa Bank had over 12 million customers and employed 20,782 workers in 27 countries.
In Morocco, the bank’s market share for loans had climbed to 26.97%, while its deposit market share was 25.21% as of 2023.
In January 2024, Attijariwafa Bank Europe and the African Development Bank inked a 109.4-Mln-dollar risk-sharing agreement. Al Mada, located in Morocco, is the bank’s largest stakeholder, holding a 46.5% interest in the company.
BCP Group, directed by Chairman and CEO Mohamed Karim Mounir, came in at 42nd position with a market capitalization of 5.9 Bln dollars, revenues of 2.9 Bln dollars, earnings of 409 Mln dollars, and assets of 51.4 Bln dollars.
As of June 2023, BCP Group operated in 32 countries, including 18 in Africa, and had around 9.3 million consumers, according to Forbes.
In October 2023, the bank signed a 36-Mln-dollar financing agreement with the International Finance Corporation and the Compagnie Marocaine de Goutte-à-Goutte et de Pompage to assist the development of precision irrigation, solar energy, and effective water management systems in Morocco.
Maroc Telecom, led by Chairman of the Managing Board Abdeslam Ahizoune, ranked 51st, with a market capitalization of 8.4 Bln dollars, revenues of 3.6 Bln dollars, earnings of 609 Mln dollars, and assets worth 6.5 Bln dollars.
Maroc Telecom’s client base increased by 2.7% in the first quarter of 2024, reaching 77.1 million customers.
Maroc Telecom, founded in 1998 following the breakup of the National Post and Telecommunications Office (ONPT), operates in 11 African nations.
The telecommunication business, managed by the technology and investment firm e&, owns 53% of the corporation, with the Moroccan government owning the remaining 22%
as of April 2024.
Bank of Africa, directed by Chairman and CEO Othman Benjelloun, ranked 56th, with a market capitalization of 4.1 Bln dollars, revenues of 2.5 Bln dollars, earnings of 403 Mln dollars, and assets of 38.4 Bln dollars.
As of October 2023, Bank of Africa operated in 32 countries and served over 6.6 million customers.
The bank operates 609 subsidies and points of sale throughout Africa, accounting for 49% of net income attributable to parent company shareholders, according to Forbes. RMA Watanya is the largest stakeholder, owning 27.41%.
Last year, Attijari ranked 24th in the Forbes list, leading the Moroccan companies in the the MENA’s ranking, followed by BCP at 42nd, Maroc Telecom at 52nd, and Bank of Africa at 53rd.