Algeria, Egypt, Top News

Banking: Attijariwafa announced in Egypt

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The Moroccan giant, Attijariwafa Bank is announced in Egypt. According to the Jeune Afrique Magazine that revealed the broke the news, the group managed by Mohamed El Kettani, is getting ready to buy back the Piraeus Bank Egypt detained at 98.3 % by the Greek banking group, Piraeus.

In case of success of this deal, the Moroccan bank formerly absent in Egypt would consolidate its position in North Africa.

The Piraeus Bank Egypt that it is getting ready to take back, occupies only 0.9 % of the market share in Egypt.

First Moroccan company in the Arab world in 2014, Attijariwafa Bank won the same year the prestigious award of “the African bank of the year” at the Africa Ceo Forum.

In May 2015, the Forbes magazine ranked the Moroccan bank among the world 2000 largest companies with a turnover of $7.7 billion.

 

Original text by:Roger ADZAFO

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