Attijariwafa Bank Takes over Crédit Agricole’s Operations in Africa

Mohamed El Kettani, Chief Executive of Attijariwafa Bank

Africa is an important component of the Moroccan bank Attijariwafa (AWB) international expansion strategy.

AWB has acquired five banks in the continent, expanding its branch network to 1,000 offices. In this latest wave of acquisitions, the bank took control of the African branch network owned by France’s Crédit Agricole. Attijariwafa spent MAD 2.8 billion in this transaction. Additionally, it divested from Crédit du Maroc but upped its stake in Crédit Agricole, through its subsidiary Wafasalaf. Regulatory approval is underway and is expected to be finalized without problems in early 2009. Continue here.