Latest news with #AttijariwafaBank
Morocco World
3 days ago
- Business
- Morocco World
Casablanca Stock Exchange Hits MAD 1 Trillion Mark for First Time in History
Marrakech – The Casablanca Stock Exchange closed on a high note Friday, with its benchmark MASI index surpassing the symbolic threshold of 19,000 points and reaching a record MAD 1 trillion (US$100 billion) market capitalization for the first time in its history. The MASI index gained 1.30% to close at 19,168.83 points, bringing its year-to-date performance to an impressive 29.75%. The MASI 20, which tracks the 20 most liquid companies, rose 1.28% to 1,578.22 points, while the MASI ESG advanced 1.26% to 1,318.74 points. Trading was robust, with transactions reaching MAD 466 million (US$46.6 million) on the central market. Attijariwafa Bank led activity, accounting for MAD 62 million (US$6.2 million) in trades and posting a significant 3.57% gain to close at MAD 725 (US$72.5). Maroc Telecom followed closely with equivalent trading volume and a 2.54% increase to MAD 121 (US$12.1). Among emerging stocks, Vicenne, a medical equipment company, continued to capture investor attention. Introduced on the exchange just one week ago, the stock is now trading at MAD 345 (US$34.5), representing a remarkable 46% surge since its initial public offering. Vicenne's IPO raised MAD 500 million (US$50 million) and was oversubscribed 64 times, generating demand worth MAD 32 billion (US$3.2 billion). Other notable performers included Maghreb Oxygène, which jumped 9.96% to MAD 425 (US$42.5), and Sothema, gaining 9.56% to close at MAD 1,810 (US$181). On the downside, Sanlam Maroc recorded the day's steepest decline at 6.75%, falling to MAD 1,865 (US$186.5). This market rally comes amid favorable economic conditions despite global uncertainties. According to the High Commission for Planning (HCP), Morocco's economic growth accelerated to 4.8% in the first quarter of 2025, up from 3% a year earlier. This performance was primarily driven by a 4.6% increase in non-agricultural activities, stimulated by major infrastructure projects related to the 2025 African Cup of Nations and the 2030 World Cup. Sectoral indicators confirm this positive trend. Cement sales, a key barometer for construction activity, grew by 9.8% to reach 6.8 million tons by the end of June, despite the slowdown during Eid Al-Adha. The automotive sector posted impressive growth, with sales up 36.6% in the first half of the year, totaling 88,728 units. Agriculture also contributed to the recovery with a 4.5% increase in added value during the first quarter. This strategic sector still represents between 11% and 15% of GDP and accounts for nearly 40% of national employment. On the external front, the trade deficit widened to MAD 133 billion (US$13.3 billion) by the end of May, primarily due to increased imports of capital goods and construction materials. However, this deficit is partially offset by a growing surplus in services, fueled by tourism recovery and strong business services. The current account deficit remains contained at around 2% of GDP. Inflation continues to decline, averaging 2% in the first quarter before dropping to 0.7% in April and 0.4% in May, mainly due to falling food prices. In this context, Bank Al-Maghrib has maintained its key interest rate at 2.25%, awaiting greater visibility on geopolitical tensions and the international environment. Public finances remain under control, with the central bank projecting a budget deficit of 3.9% of GDP for 2025, despite sustained public investment. This trajectory is supported by increased tax revenues and rigorous expenditure management. Read also: Morocco to Help Mauritania Create Nouakchott Stock Exchange Tags: Casablanca stock exchange
Zawya
16-06-2025
- Business
- Zawya
Morocco's Wafa Assurance to take over Egypt's Delta Insurance
Wafa Assurance has agreed to acquire a majority stake in Egypt's Delta Insurance from its current owner Egypt Kuwait Holding Company, as it targets an expansion of its operations in the Egyptian market, it said on Monday. Wafa Assurance, a subsidiary of Morocco's top lender Attijariwafa Bank, offered a price of 40 Egyptian pounds per share in a deal that values the Cairo-listed company at 925 million dirhams ($100 million), it said in a statement. Egypt Kuwait Holding Company, which holds 63.39% of Delta, has agreed to tender its entire stake under the terms of the offer, Wafa Assurance said. The deal is pending the approval of Egypt's Financial Regulatory Authority, it said. Casablanca-listed Wafa Assurance already operates in Egypt's life insurance market through its subsidiary Wafa Life Insurance Egypt. It said the acquisition would expand its operations in a fast-growing market with strong growth potential. (Reporting by Ahmed Eljechtimi; Editing by Jan Harvey)
Reuters
16-06-2025
- Business
- Reuters
Morocco's Wafa Assurance to take over Egypt's Delta Insurance
RABAT, June 16 (Reuters) - Wafa Assurance has agreed to acquire a majority stake in Egypt's Delta Insurance from its current owner Egypt Kuwait Holding Company, as it targets an expansion of its operations in the Egyptian market, it said on Monday. Wafa Assurance, a subsidiary of Morocco's top lender Attijariwafa Bank, offered a price of 40 Egyptian pounds per share in a deal that values the Cairo-listed company at 925 million dirhams ($100 million), it said in a statement. Egypt Kuwait Holding Company, which holds 63.39% of Delta, has agreed to tender its entire stake under the terms of the offer, Wafa Assurance said. The deal is pending the approval of Egypt's Financial Regulatory Authority, it said. Casablanca-listed Wafa Assurance already operates in Egypt's life insurance market through its subsidiary Wafa Life Insurance Egypt. It said the acquisition would expand its operations in a fast-growing market with strong growth potential.
Ya Biladi
15-06-2025
- Business
- Ya Biladi
Two Moroccan banks join Forbes' 2025 list of the world's largest companies
Two Moroccan banks have made it onto the 23rd edition of Forbes' Global 2000 list of the world's largest companies for 2025: Attijariwafa Bank and Banque Centrale Populaire. Attijariwafa Bank ranked 979th, with estimated sales of $4.84 billion, profits of $956 million, and total assets of $71.7 billion. The bank's market value stands at $14.44 billion. Banque Centrale Populaire secured the 1812th spot globally, reporting sales of $3.3 billion, profits of $416.9 million, and assets totaling $53.52 billion. Its market value is estimated at $5.87 billion. Forbes ranks companies based on four key metrics: sales, profits, assets, and market value. The magazine noted that despite ongoing geopolitical uncertainty and trade tensions stemming from Donald Trump's tariffs, all four indicators reached record highs this year. The 2025 Global 2000 list features companies generating a combined $52.9 trillion in annual revenue, $4.9 trillion in profits, $242.2 trillion in assets, and $91.3 trillion in market value. Tech giants such as Amazon and Microsoft, along with international powerhouses like Saudi Aramco and the Industrial and Commercial Bank of China, continue to dominate the top ten. Meanwhile, Nvidia maintained its momentum, climbing to the 47th position this year.
Morocco World
13-06-2025
- Business
- Morocco World
Two Moroccan Banks Make 2025 Forbes Global 2000 List
Doha – Two Moroccan banking giants, Attijariwafa Bank and Banque Centrale Populaire (BCP), have secured positions in the prestigious Forbes Global 2000 ranking of the world's largest publicly traded companies for 2025. Attijariwafa Bank, led by CEO Mohamed El Kettani, ranks 979th globally with impressive financial metrics. The bank reported $4.84 billion in revenue, $956 million in profits, $71.7 billion in assets, and a market capitalization of $14.44 billion. Founded in 1911 and headquartered in Casablanca, Attijariwafa Bank employs over 20,583 people. The bank provides international commercial banking services through various business areas, including domestic banking, Europe and offshore; specialized financial subsidiaries; international retail banking; and insurance and property. BCP, under the leadership of Naziha Belkeziz, placed 1,812th in the global ranking. The bank posted revenues of $3.3 billion, profits of $416 million, assets valued at $53.5 billion, and a market capitalization of $5.97 billion. Established in 1926 with headquarters also in Casablanca, BCP operates as a commercial bank focusing on banking intermediation and management services. The institution employs 2,717 people and was formally incorporated on February 2, 1961. The Forbes Global 2000 list, now in its 23rd edition, evaluates companies based on four equally weighted criteria: revenue, profits, assets, and market value. Africa's representation in the ranking remains limited, with only 17 companies making the cut. South Africa dominates the continental presence with 14 companies, followed by Morocco with two and Egypt with one. Attijariwafa Bank and BCP rank 6th and 16th, respectively, among African entries. The global ranking continues to be topped by American companies, with JPMorgan Chase maintaining its top position for the third consecutive year. The US has 612 companies on the list, while China follows with 317. The top 10 global companies include JPMorgan (USA), Berkshire Hathaway (USA), ICBC (China), Saudi Aramco (Saudi Arabia), Amazon (USA), Bank of America (USA), China Construction Bank (China), Agricultural Bank of China (China), Alphabet (USA), and Microsoft (USA). Collectively, the 2,000 companies in this year's ranking represent $52.9 trillion in annual revenue, $4.9 trillion in profits, $242.2 trillion in assets, and a combined market capitalization of $91.3 trillion. Banking remains the most represented industry in the ranking with 328 institutions. The sector's strong presence is partly attributed to banks' naturally high asset values, with 88 of the top 100 companies by assets being financial institutions. Read also: Morocco's Corporate Dominance: 14 Firms Rule North Africa's Top 20 Tags: Attijariwafa Bank GroupBanque Centrale Populaire (BCP)Forbes
