After Attijariwafa bank’s acquisition of Barclays Bank Egypt’s shares, the bank operated under the new identity “Attijariwafa bank Egypt” as of November 3, a statement from the bank said Saturday.
The bank name and trade mark will accordingly be changed on all transactions conducted in the bank’s 55 branches and ATM machines across Egypt.
The Moroccan Attijariwafa Bank Group will start soon implementing its five-year strategy in the Egyptian market according to the timeline promised after the acquisition, which includes supporting pillars and a framework that guarantees seeing the bank taking a stronger position in the Egyptian banking landscape through the introduction of various unique banking services, the statement said.
“We are pleased to operate in the promising Egyptian market being a key market in the region, especially in light of the government recent efforts to improve the investment climate.” Mohamed el-Kettani, Chairman and CEO of Attijariwafa Bank Group, said in the statement.
Kettani said that the bank’s strategy aims to widen the customer base and enhance trade exchange and economic bilateral relations between Egypt and Morocco on one hand, and Egypt and the rest of the countries the group operates in on the other hand.
Attijariwafa bank is a leading banking and financial Group in Africa established in 1904. The bank provides a diversity of services, which includes global retail service, corporate banking, and investment banking, in addition to providing specialized financial and insurance services.
The group operates in 26 countries with 4090 branches, in addition to having more than 19,400 employees managing a portfolio of nearly 8.8 million customers.
As of June 30 2017, Attijariwafa bank achieved total assets of $48.5 billion and shareholder equity of $4.9 billion, while achieving a net banking income of $1.1 billion and net income of $339 million in the same period.
Attijariwafa bank is listed on the Casablanca Stock Exchange with a market capitalization of $9.3 billion as of June 30 2017.
