Attijariwafa Bank
A Moroccan international banking group formed through the merger of Banque Commerciale du Maroc and Wafabank, with extensive operations across Africa.
Last updated August 31, 2026
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Overview
Attijariwafa Bank is a Moroccan international financial-services group headquartered in Casablanca. It is one of Morocco's largest banking institutions and has developed into one of Africa's major pan-regional banking groups. The present-day group was created in 2004 through the merger of Banque Commerciale du Maroc, commonly known as BCM, and Wafabank. The combination joined two institutions with long histories in Morocco and created a bank with a broad domestic branch network, substantial corporate relationships, and the scale to pursue cross-border expansion. The group's business covers retail and consumer banking, small and medium-sized enterprise finance, corporate and investment banking, trade finance, payments, insurance-related financial services, asset management, and other specialized services. Its Moroccan franchise remains the center of the group, while international subsidiaries provide banking services to households, businesses, governments, and financial institutions in North, West, and Central Africa. The group also maintains representative offices and other activities in Europe and Asia. Its international model has generally combined acquisitions of established banks with the creation or development of local subsidiaries, allowing the Attijariwafa brand to operate through country-specific institutions such as Attijari Bank in Tunisia, CBAO Groupe Attijariwafa Bank in Senegal and neighboring markets, Société Ivoirienne de Banque in Côte d'Ivoire, Banque Internationale pour le Mali, Crédit du Congo, Union Gabonaise de Banque, and SCB Cameroun. Expansion accelerated during the mid-2000s. The group acquired a controlling position in Tunisia's Banque du Sud with Banco Santander in 2005, later rebranding the bank as Attijari Bank. It established operations in Senegal, acquired Banque Sénégalo-Tunisienne, and subsequently consolidated Senegalese activities under CBAO Groupe Attijariwafa Bank. Further transactions and partnerships extended the network into Mali, Côte d'Ivoire, Gabon, the Republic of the Congo, Mauritania, Cameroon, Togo, and other West African markets. The group also expanded through affiliated operations in Burkina Faso, Niger, Benin, Guinea-Bissau, and Chad. In Egypt, it acquired the former Barclays business in 2016, giving it a significant North African presence outside Morocco. A former investment in Rwanda's Cogebanque was sold to Equity Group in 2022. By the end of 2018, Attijariwafa Bank reported operations in 15 African countries and a network of more than 4,300 branches. International African activities outside Morocco accounted for approximately one quarter of the group's total assets at the end of 2023, with Tunisia, Egypt, Côte d'Ivoire, and Senegal among the largest contributors. The group has been described as one of Africa's largest banks by Tier 1 capital and has appeared in international rankings of major banks and listed companies. Attijariwafa Bank is controlled by Al Mada, a Moroccan investment holding company associated with the Moroccan royal family. The bank is publicly traded in Casablanca, while Al Mada remains its principal shareholder. Mohamed El Kettani has served as chairman and chief executive officer since 2007. In addition to traditional branch banking, the group has pursued digital payments and platform-based services, including the introduction of Apple Pay support in 2023. Reference material also describes the announced launch of Simple, a Moroccan neobank proposition, in May 2026. The group's overall positioning combines domestic scale, a diversified universal-banking offering, and a strategic focus on financial connectivity between Morocco, Africa, and international markets.
History
Attijariwafa Bank combines the histories of Banque Commerciale du Maroc and Wafabank, two Moroccan banking institutions whose predecessors developed during the colonial and post-independence evolution of the country's financial system. Wafabank traced its origins to 1904, when the Compagnie Française de Crédit et de Banque opened a branch in Tangier. After successive reorganizations, the institution adopted the Wafabank name in 1985. Banque Commerciale du Maroc, meanwhile, developed from a Banque Transatlantique branch established in Tangier in 1911 and later became an important Moroccan commercial-banking group. The decisive institutional turning point came in 2004, when Wafabank and Banque Commerciale du Maroc merged. The transaction brought together their branch networks, customer bases, employees, and financial activities under the Attijariwafa Bank name. The enlarged bank entered the following years with a strong domestic position and the resources to pursue regional expansion. It subsequently emphasized the creation of a connected African banking network rather than limiting its business to Morocco. In 2005, Attijariwafa Bank and Banco Santander acquired a 54% stake in Banque du Sud in Tunisia. The Tunisian institution was later renamed Attijari Bank. The same year, Attijariwafa Bank obtained a banking licence in Senegal and began operating there in 2006. In January 2007 it acquired 67% of Banque Sénégalo-Tunisienne, then one of Senegal's smaller major banks. In April 2008 it acquired 79% of the Compagnie Bancaire de l'Afrique Occidentale. The Senegalese businesses were combined in December 2008 under CBAO Groupe Attijariwafa Bank, creating a central platform for further expansion in the region. The group extended its West and Central African footprint through additional acquisitions. In November 2008 it acquired 51% of Banque Internationale pour le Mali. In late 2009 it purchased Crédit Agricole operations in the Republic of the Congo, Gabon, Côte d'Ivoire, and Senegal. In 2010 it partnered with Banque Centrale Populaire to acquire an 80% interest in BNP Paribas Mauritanie, subsequently developing its Mauritanian presence. It later acquired 51% of Société Commerciale de Banque Cameroun and, in September 2013, 55% of Banque Internationale pour l'Afrique au Togo. Greenfield and affiliate expansion also brought activities to Guinea-Bissau, Burkina Faso, Niger, and Benin through the group's regional platforms. Egypt became another important market when Attijariwafa Bank acquired the former Barclays operations there in 2016. In the same broad period, the group invested in Rwanda's Cogebanque; that participation was sold to Equity Group in 2022. Chad operations began in 2022. These moves established a network spanning much of North, West, and Central Africa, although the group operates through different legal entities and local brands in individual countries. By the end of 2018, the bank reported a presence in 15 African countries and more than 4,300 branches. The international network became a major component of the group's identity and growth model. At the end of 2023, African operations outside Morocco represented roughly one quarter of total group assets, with Tunisia, Egypt, Côte d'Ivoire, and Senegal making the largest country-level contributions among the figures cited in the reference material. Ownership has remained centered on Al Mada, a Moroccan investment holding company. Historical ownership information also identifies Moroccan insurance and pension institutions, Santander-related interests, other institutional investors, employees, and the group's insurance arm as shareholders. Al Mada held approximately 46.5% at the end of 2023 according to the supplied reference material. Attijariwafa Bank remains listed on the Casablanca Stock Exchange. Since 2007, Mohamed El Kettani has led the group as chairman and chief executive officer. Under his leadership, the bank has continued to combine universal banking in Morocco with African expansion, corporate finance, payments, and digital services. The introduction of Apple Pay support in 2023 illustrates the group's effort to modernize its payments proposition. Reference material further reports a planned or announced 2026 launch of Simple, described as a full-scale Moroccan neobank with tiered subscriptions. The bank's present profile is therefore that of a Moroccan-controlled, publicly listed universal bank whose strategic reach extends well beyond its home market.
- 2023
Apple Pay service launched
[1]The bank launched a payment service using Apple Pay.
- 2022
Union Bank of Nigeria partnership
[1]The group entered a partnership with Union Bank of Nigeria to support its African expansion strategy.
- 2018
Pan-African network reaches 15 countries
[1]By the end of the year, the group reported operations in 15 African countries and a branch network exceeding 4,300 locations.
- 2016
Egyptian operations acquired
[1]Attijariwafa Bank acquired the former Barclays operations in Egypt.
- 2008
Senegalese operations consolidated
[1]The group's Senegalese activities were consolidated under CBAO Groupe Attijariwafa Bank following acquisitions of Banque Sénégalo-Tunisienne and the Compagnie Bancaire de l'Afrique Occidentale.
- 2005
Tunisian expansion begins
[1]In a consortium with Banco Santander, the group acquired a controlling stake in Banque du Sud, later renamed Attijari Bank.
- 2004
Attijariwafa Bank formed
[1]Wafabank merged with Banque Commerciale du Maroc, creating the present Attijariwafa Bank group.
- 1985
Wafabank name adopted
[1]After several reorganizations, the institution descended from the Tangier banking operations adopted the Wafabank name.
- 1911
Origins of Banque Commerciale du Maroc predecessor
[1]A Banque Transatlantique branch was established in Tangier and later developed into the banking institution known as Banque Commerciale du Maroc.
- 1904
Origins of Wafabank predecessor
[1]The Compagnie Française de Crédit et de Banque opened a branch in Tangier, providing the early institutional origin later associated with Wafabank.
Products and positioning
A Moroccan universal bank with a pan-African growth strategy, positioned around domestic market leadership, broad financial-services coverage, and cross-border banking links between Morocco, Africa, Europe, and other international markets.
Banking
Retail banking
The group's retail banking business serves individuals and households through branches, digital channels, deposit products, payment instruments, consumer credit, and related everyday banking services. Morocco is the principal home market, while local subsidiaries extend comparable services across multiple African countries.
Banking
Corporate and investment banking
Corporate and investment banking supports large companies, public-sector entities, financial institutions, and multinational clients with lending, structured finance, capital-markets services, treasury, advisory, and cross-border transaction capabilities. The business benefits from the group's network linking Morocco with African markets.
Regional banking network · 2008
CBAO Groupe Attijariwafa Bank
CBAO Groupe Attijariwafa Bank is the group's principal Senegalese platform and supports operations in Senegal and neighboring West African markets, including activities associated with Burkina Faso, Niger, and Benin. It combines local banking operations with the broader group's regional infrastructure.
Commercial banking · 2005
Attijari Bank Tunisia
Attijari Bank is the Tunisian subsidiary created after the rebranding of Banque du Sud. It provides retail, business, and corporate banking services in Tunisia and is one of the group's largest international operations by asset contribution.
Payments · 2023
Digital payments
Attijariwafa Bank's digital-payments offering includes card and electronic payment capabilities. In 2023, the group launched a service using Apple Pay, reflecting its effort to extend mobile-wallet and contactless payment functionality.
Digital banking · 2026
Simple
Reference material describes Simple as a full-scale Moroccan neobank proposition with subscription tiers. It is presented as an effort to offer a digitally oriented banking experience alongside the group's established branch and universal-banking model.
Brand decisions
2026
Announcement of Simple neobankProduct launchBackground
The group sought to address digitally oriented customers with a proposition distinct from conventional branch-led banking.
Action taken
Reference material reports the launch of Simple, described as Morocco's first full-scale neobank, with multiple subscription tiers.
2023
Launch of Apple Pay payment serviceProduct launchBackground
Consumers increasingly expect banks to support mobile wallets and contactless digital payments.
Action taken
Attijariwafa Bank launched a payment service using Apple Pay.
Aftermath
The launch strengthened the group's digital-payment proposition and complemented its traditional card and branch infrastructure.
2022
Partnership with Union Bank of NigeriaStrategyBackground
The partnership formed part of Attijariwafa Bank's continuing effort to deepen its African relationships and cross-border capabilities.
Action taken
The group entered a partnership with Union Bank of Nigeria.
Aftermath
The partnership expanded the group's institutional links in one of Africa's largest banking markets, although the supplied material does not specify a change in ownership.
2016
Acquisition of former Barclays operations in EgyptM&ABackground
Egypt offered the group a large North African market and an opportunity to broaden its geographic balance beyond Morocco and West Africa.
Action taken
Attijariwafa Bank acquired the former Barclays banking business in Egypt.
Aftermath
The transaction added Egypt to the group's major international markets and contributed substantially to its non-Moroccan African asset base.
2008
Consolidation of Senegalese banking operationsStrategyBackground
The group had accumulated several Senegalese banking interests and needed a unified operating platform for the market and surrounding West African expansion.
Action taken
Attijariwafa Bank combined its Senegalese operations under the CBAO Groupe Attijariwafa Bank name.
Aftermath
CBAO became a regional platform supporting the group's later presence in Burkina Faso, Niger, and Benin.
2005
Acquisition of Banque du Sud in TunisiaM&ABackground
Attijariwafa Bank sought an initial international platform as part of its regional expansion strategy.
Action taken
In partnership with Banco Santander, the group acquired 54% of Banque du Sud, which was subsequently renamed Attijari Bank.
Aftermath
The transaction gave the group a major Tunisian subsidiary and became an early step in its broader African expansion.
2004
Merger of Wafabank and Banque Commerciale du MarocM&ABackground
The two Moroccan banking institutions had complementary domestic networks and histories. Their combination was intended to create a larger national banking group with the scale to compete domestically and expand internationally.
Action taken
The institutions merged and adopted the Attijariwafa Bank identity.
Aftermath
The merger established the present group and provided the platform for its subsequent pan-African acquisition and subsidiary strategy.
Recent events
Pickalbatros secures $250 million in financing for Moroccan hotels[2]
Reported:
Pickalbatros Hotels & Resorts secured $250 million in financing through an agreement signed with the International Finance Corporation and Attijariwafa Bank. The financing is intended to support hotel acquisitions, renovations and upgrades in Morocco, as well as refinance existing debt.
Sources2 sources
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