Strong competition between Moroccan and Egyptian banks in North Africa is evidenced by a new report published by African Business; Nine Egyptian banks were among the top 20 banks in North Africa compared to six Moroccan banks.
Attijariwafa ranked third on the list of the top 20 banks in North Africa, followed by Banque Populaire in fourth place, followed by BMCE’s Bank Africa in sixth and General Company in 12th. Agricultural Credit” took 14th place, and the “Moroccan Commercial and Industrial Bank” – 17th.
The report states that “although Egypt has the largest population, the Moroccan economy has been more stable over the years and the private sector has enjoyed greater freedom”, noting that “one of the biggest differences between Moroccan and Egyptian banks is that that to what extent the latter continues to concentrate on its largest domestic market.
The report confirms that “26 West African banks or companies owned by Moroccan banks represent between a quarter and a third of all bank accounts in Francophone West Africa” and that “Bank Attijariwafa, Banque Centrale Populaire and Bank of Africa-BMCE Group are active in half of all African markets.”
The same document states that “this difference in the strategies of Moroccan and Egyptian banks may disappear; Egyptian companies are starting to pay more attention to opportunities in the south, and Egyptian banks are keen to support them.”
The National Bank of Egypt topped the list of the best banks in North Africa with $7.2bn, up from $6.7bn in 2021, while Banque Misr moved up from fourth place to second, replacing Attijariwafa Bank of Morocco, which was declining in capital. slightly from $6 billion to $5.9 billion.
Four Algerian banks were able to maintain their place among the twenty largest banks in North Africa compared to one Tunisian bank.
According to the same document, “Egyptian banks generally make more profits than their Moroccan counterparts,” while noting that North African banks as a whole make up nearly half of the continent’s 19 banks.