Wafabank
Wafabank was a Moroccan banking brand whose operations developed from an early twentieth-century branch network into a publicly listed bank before its 2004 merger into Attijariwafa Bank.
Last updated August 26, 2026
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Overview
Wafabank was a private Moroccan bank and a predecessor institution of Attijariwafa Bank. Its historical roots reached back to the opening of a Moroccan branch of the Compagnie Algérienne in Tangier in 1904. The institution subsequently expanded its presence in Morocco, adding branches in Casablanca and other cities. By 1959, it operated 38 Moroccan branches, making it the largest banking network in the country according to the cited historical account. The Moroccan banking operation acquired a more autonomous corporate identity in 1964, when it became a subsidiary known as the Compagnie Marocaine de Crédit et de Banque, or CMCB. In 1968, Moroccan private investors, together with the Suez Company, acquired majority control of CMCB. This ownership change placed the institution more firmly within Morocco's private banking sector and created the corporate base from which the Wafabank brand later developed. The CMCB name was replaced by Wafabank in 1985. The rebranding was followed by organizational and geographic development. In 1986, the bank moved its head office from Tangier to Casablanca, Morocco's principal financial centre. In 1987, it established a subsidiary in Belgium, giving the bank an international presence beyond its domestic network. Wafabank completed an initial public offering in 1993, adding a listed-market dimension to its ownership and financing structure. During the 1990s and early 2000s, Wafabank pursued partnerships and acquisitions involving international financial institutions and regional expansion. In 1996, it acquired Uniban, a subsidiary of Banco Bilbao Vizcaya, while BBV obtained an 8 percent shareholding in Wafabank. Credit Agricole Indosuez also acquired a 14.8 percent interest. Following the succession of BBV by BBVA, BBVA's stake increased to 10 percent in 2001, reflecting the continuation of the relationship established in the late 1990s. In the same period, Wafabank acquired BBVA Maroc. Wafabank also explored expansion in West Africa. In 2000, it reached an agreement with Senegalese holding company Keur Khadim to establish Senbank, intended to provide banking services within the Economic Community of West African States. The initiative formed part of the bank's effort to extend its reach beyond Morocco while maintaining a regional banking orientation. The Wafabank brand ended as an independent banking identity after the Kettani family, then the bank's controlling shareholders, sold their interests to ONA Group in 2004. ONA subsequently combined Wafabank with Banque Commerciale du Maroc. The resulting institution became Attijariwafa Bank, and Wafabank is therefore best understood as a defunct Moroccan bank and a predecessor of that later banking group rather than as an active standalone brand.
History
Wafabank's institutional history began with the establishment of a Moroccan branch of the Compagnie Algérienne in Tangier in 1904. The bank later added offices in Casablanca and other Moroccan cities. Its domestic network expanded substantially during the first half of the twentieth century, reaching 38 branches by 1959. This made it the largest banking network in Morocco at that time, according to the cited historical account. In 1964, the Moroccan operations were separated into an autonomous subsidiary named the Compagnie Marocaine de Crédit et de Banque, commonly abbreviated as CMCB. Four years later, a group of Moroccan private investors acquired majority control of CMCB together with the Suez Company. The change placed the bank under stronger Moroccan private ownership while preserving links with an international financial partner. The institution adopted the Wafabank name in 1985. The following year, its head office moved from Tangier to Casablanca, reflecting the growing importance of Casablanca as Morocco's commercial and financial centre. Wafabank established a Belgian subsidiary in 1987 and entered the public market through an initial public offering in 1993. The bank's development during the 1990s combined acquisitions with strategic investment by foreign financial groups. In 1996, Wafabank purchased Uniban, the Moroccan subsidiary of Banco Bilbao Vizcaya. BBV received an 8 percent holding in Wafabank, and Credit Agricole Indosuez acquired a 14.8 percent stake. The relationship with the Spanish banking group continued after BBV became BBVA: BBVA later increased its Wafabank holding to 10 percent. In 2001, Wafabank acquired BBVA Maroc, further consolidating its position in the Moroccan market. Wafabank also sought a role in regional African banking. In 2000, it agreed with Senegalese holding company Keur Khadim to establish Senbank. The proposed bank was intended to offer services across markets connected to the Economic Community of West African States, extending Wafabank's activities beyond its Moroccan and Belgian operations. The bank's independent existence ended in 2004. The Kettani family, which controlled Wafabank at the time, sold its interests to ONA Group. ONA then combined Wafabank with Banque Commerciale du Maroc. The merged institution became Attijariwafa Bank, making Wafabank a predecessor brand and historical banking entity rather than an active standalone bank.
- 2004
Merger creates Attijariwafa Bank
[1]ONA Group combined Wafabank with Banque Commerciale du Maroc to form Attijariwafa Bank.
- 2001
BBVA Maroc acquisition
[1]Wafabank acquired BBVA Maroc, while BBVA increased its stake in Wafabank to 10 percent.
- 2000
Senbank agreement
[1]Wafabank and Keur Khadim agreed to establish Senbank for banking activities connected with ECOWAS markets.
- 1996
Uniban acquisition
[1]Wafabank acquired Banco Bilbao Vizcaya's subsidiary Uniban and received investment from BBV and Credit Agricole Indosuez.
- 1993
Initial public offering
[1]Wafabank carried out an initial public offering.
- 1987
Belgian subsidiary established
[1]Wafabank expanded outside Morocco by establishing a subsidiary in Belgium.
- 1986
Head office moves to Casablanca
[1]Wafabank transferred its head office from Tangier to Casablanca.
- 1985
CMCB adopts the Wafabank name
[1]The bank changed its corporate name from CMCB to Wafabank.
- 1968
Moroccan investors acquire majority control
[1]Moroccan private investors and the Suez Company acquired majority control of CMCB.
- 1964
Moroccan operations become CMCB
[1]The Moroccan operations became an autonomous subsidiary named Compagnie Marocaine de Crédit et de Banque.
Products and positioning
A Moroccan private bank built around a broad domestic branch network, later complemented by international subsidiaries, foreign institutional partnerships, acquisitions, and regional expansion initiatives.
Banking services
Retail banking
Wafabank operated a broad Moroccan branch network that supported general banking services for individuals and local customers. The available historical material establishes the scale of its branch presence but does not provide a detailed catalogue of specific accounts, cards, loans, or digital products.
Banking services
Corporate and commercial banking
As a full-service private bank, Wafabank served commercial and institutional customers in Morocco. Its acquisitions, foreign partnerships, and international subsidiaries indicate a business scope extending beyond a purely local branch operation, although the supplied sources do not identify individual corporate products.
Banking services · 1987
International and regional banking
Wafabank's Belgian subsidiary and its proposed Senbank venture reflected an international and regional banking offering. These activities complemented the Moroccan franchise and were intended to connect customers and banking operations across Morocco, Europe, and West African markets.
Brand decisions
2004
Combination with Banque Commerciale du MarocM&ABackground
The Kettani family controlled Wafabank before selling its interests to ONA Group.
Action taken
ONA Group combined Wafabank with Banque Commerciale du Maroc.
Aftermath
The merger created Attijariwafa Bank and ended Wafabank's existence as an independent banking brand.
2001
Acquisition of BBVA MarocM&ABackground
Wafabank's relationship with BBVA followed the earlier BBV investment and the acquisition of Uniban.
Action taken
Wafabank acquired BBVA Maroc, while BBVA raised its shareholding in Wafabank to 10 percent.
Aftermath
The transaction strengthened Wafabank's Moroccan position and continued its strategic relationship with BBVA before the later ONA-led combination.
2000
Agreement to establish SenbankStrategyBackground
Wafabank sought to extend its banking activities into West African markets connected with ECOWAS.
Action taken
It agreed with Keur Khadim to establish Senbank and provide banking services in the ECOWAS region.
Aftermath
The agreement represented a regional expansion initiative, although the supplied material does not describe Senbank's subsequent operating results.
1996
Acquisition of UnibanM&ABackground
Uniban was a subsidiary of Banco Bilbao Vizcaya in Morocco.
Action taken
Wafabank acquired Uniban, while BBV took an 8 percent interest in Wafabank and Credit Agricole Indosuez acquired 14.8 percent.
Aftermath
The transaction deepened Wafabank's links with international financial institutions and expanded its Moroccan banking operations.
1985
Rebrand from CMCB to WafabankStrategyBackground
The Moroccan banking subsidiary had operated as the Compagnie Marocaine de Crédit et de Banque since 1964.
Action taken
The institution changed its name to Wafabank.
Aftermath
The Wafabank identity became the principal brand used during the bank's subsequent expansion, listing, acquisitions, and partnerships.
Sources1 sources
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