Morocco – BCP, Attijariwafa, BOA: Close battle in West Africa

By Joël Té-Léssia Assoko
Posted on Wednesday, 11 May 2022 16:37

Headquarters of the Moroccan bank Attijariwafa in Casablanca ©FADEL SENNA/AFP.

The clear progression of Moroccan banks in the West African Monetary and Economic Union (UEMOA) means they are subject to heavier constraints, in an ambience of heightened competition.

In early April, Amine Bouabid, general manager in charge of the African subsidiaries of Moroccan group Bank of Africa (BOA, ex-BMCE Bank of Africa) announced that BOA would share €66.3m ($70m) of dividends generated by its local subsidiaries (Burkina Faso, Benin, Ivory Coast, Mali, Niger and Senegal) with investors of the Bourse régionale des valeurs mobilières (BRVM), the regional stock exchange of Abidjan.

Will this generosity towards local stock market players be a bulwark in case of future hard knocks, knowing that “being listed in Africa constitutes a protection for multinationals”, as Edoh Kossi Amenounve, BRVM boss, likes to say? Or will it make it easier to raise funds, if necessary, in a local financial market well disposed towards it? A mystery.

BOA is back in the game