7 most valuable lenders on Casablanca Stock Exchange

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At a Glance

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• Attijariwafa Bank and BCP lead Morocco’s market, boosting cross-border investments and economic growth.
• Moroccan lenders fund infrastructure, SMEs, renewable energy, and the kingdom’s industrialisation agenda.
• Bank of Africa, CIH, and Crédit du Maroc strengthen retail, digital, and insurance-banking synergies.

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Morocco’s banking sector continues to consolidate its position as one of Africa’s most stable and well-capitalized financial markets.

Anchored by leading institutions such as Attijariwafa Bank, Banque Centrale Populaire (BCP), and Bank of Africa (BOA), the sector drives cross-border investment, financial inclusion, and economic growth.

These banks, listed on the Casablanca Stock Exchange, fund major infrastructure projects, support small and medium enterprises (SMEs), and play a pivotal role in Morocco’s ambition to become a regional financial hub.

Collectively worth hundreds of billions of dirhams, Morocco’s most valuable listed lenders are central to funding the country’s infrastructure programmes, SME growth, and the kingdom’s push to become a financial hub for North and West Africa.

Their scale has also made them key partners in major state projects, from renewable energy and industrialisation to housing and corporate financing.

At the top of the ranking is Attijariwafa Bank, the Casablanca-headquartered banking powerhouse whose footprint stretches across more than a dozen African markets.

With a mix of retail, digital, and insurance-banking services, these seven (7) Morocco’s top lenders profiled by Shore Africa are shaping the kingdom’s economic future.

1. Attijariwafa Bank
Sector: Banking
Market Capitalization: MAD145.36 billion ($15.82 million)
Attijariwafa Bank, an international financial services group headquartered in Casablanca, Morocco, since its inception in 2004, when Banque Commerciale du Maroc and Wafabank merged, it has been the leading bank in Morocco and has kept that rank as of 2024. It is listed on the Casablanca Stock Exchange.

2. Banque Centrale Populaire (BCP)
Sector: Banking
Market Capitalization: MAD57.54 billion ($6.26 billion)
BCP Group, also referred to as Crédit Populaire du Maroc and popularly known under the brand Banque Populaire or Chaabi, is a major financial services group in Morocco, headquartered in Casablanca.

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3. Bank of Africa (BOA)
Sector: Banking
Market Capitalization: MAD51.11 billion ($5.56 billion)
Overview: Bank of Africa (BOA) is an international financial services group with headquarters in Casablanca, Morocco. It’s a major player in the African financial landscape, with a network spanning multiple countries and a history rooted in the region. BOA is a subsidiary of BMCE Bank, which rebranded its commercial operations as Bank of Africa in 2020

4. CIH Bank
Sector: Banking
Market Capitalization: MAD14.8 billion ($1.61 billion)
Overview: CIH Bank S.A. is a bank based in Casablanca, Morocco. It is part of the government-owned Caisse de dépôt et de gestion group, concentrating especially in the real estate and tourism sectors. It also provides retail banking services. It is one of the main retail banks in Morocco.

5. Crédit du Maroc
Sector: Banking
Market Capitalization: MAD10.45 billion ($1.14 billion)
Overview: Crédit du Maroc is a Moroccan bank, established in 1929 as the Moroccan subsidiary of Paris-based Crédit Lyonnais and known under its current name since 1966.

6. CFG Bank SA
Sector: Banking
Market Capi.: MAD8.75 billion ($952.16 million)
Overview: CFG Bank SA provides banking services. It offers all banking, foreign exchange, treasury, guarantee, acceptance, discounting, rediscounting, current account, overdraft, leasing, and any other form of short-, medium- and/or long-term credit. The company was founded by Amyn Alami and Adil Douiri on September 15, 1992 and is headquartered in Palmier, Morocco.

7. Banque Marocaine du Commerce & de l’Industrie
Sector: Banking
Market Cap.: MAD7.44 billion ($809.52 million)
Overview: Banque Marocaine du Commerce & de l’Industrie engages in the provision of banking and commercial services to individual, professional, and corporate clients. It offers real estate solutions, savings accounts, debit and credit facilities, investment services, money transfers, and foreign exchange services. The company was founded in 1940 and is headquartered in Casablanca, Morocco.