Banking

Attijariwafa bank group has submitted an offer to acquire 49.97% stake in Lagos-based Union Bank of Nigeria Plc and the sixth largest bank in Nigeria by market value, according to Bloomberg. The Attijariwafa bank group is part of the list of financial institutions in Africa and the Middle East which …

Four previously stable Moroccan banks are now in negative outlook. Moody’s has just confirmed the Ba1 rating of the long-term deposits of these banks. Attijariwafa bank (AWB), Groupe Banque Centrale Populaire (GBCP), Bank of Africa – BMCE Groupe (BoA) and Crédit du Maroc (CdM), were analyzed by Moody’s Investors Service. …

The Bank Of Africa Group (BOA) was named “Best Bank in Africa 2020” by obtaining the prestigious “Golden Award” trophy awarded at the AIFA -Africa Investments Forum & Awards, by Leaders League. BOA underlines in a press release that this prize was awarded by an organization dedicated to business opportunities …

The Covid-19 health crisis has had a severe impact on the Moroccan economy, leading to an unprecedented recession. In 2020, GDP contracted to 7.1%. In 2020, the economic recession in Morocco would have exceeded 7%, the GDP would have experienced a steeper fall if the State had not provided support …

US rating agency Standard & Poor’s (S&P) downgraded Morocco’s long-term foreign and local currency ratings to BB+ from BBB-, citing the country’s economic contraction and growing budget deficit. The new rating has a stable outlook. S&P previously had a negative view of Morocco’s rating. “Fiscal consolidation between 2021 and 2024 …

Voted “safest bank in Morocco”, Attijariwafa Bank has just been named “best investment bank” in the kingdom by Global Finance magazine. Already last October, this bank won the “Safest Bank in Morocco” awards for the 2nd consecutive year and the “Safest Bank in Africa”. In its ranking of the best …

Morocco made the first payment of its quota relating to the capital increase of the African Development Bank (AfDB). Algiers and Abidjan will also make their payment during the year 2021, like other African countries. Morocco’s share of the first installment is worth 23.44 million units of account, or approximately …

Moody’s rating agency maintained Morocco’s “Ba1” credit rating due to its ability to access external and domestic financing on favorable terms. While Morocco’s rating has been confirmed, its outlook has nevertheless changed from “stable” to “negative”. This ability to obtain financing allows the kingdom to meet higher gross borrowing needs, …

The unprecedented health crisis that we are going through continues to have a significant impact on a large part of the Moroccan economic fabric, like most economies on a global scale, inducing a significant contraction in the activity of operators whatever their size or the sector in which they operate. …

Morocco and Mauritius have just joined the Bloomberg African Bond Index, the African Development Bank (AfDB) has announced. The inclusion of these two countries marks a steady progression in the bank’s efforts to deepen the bond market in Africa, the AfDB said in a statement. The Bloomberg African Bond Index …