Latest news with #AttijariwafaBank
Zawya
4 days ago
- Business
- Zawya
Morocco's Wafa Assurance to take over Egypt's Delta Insurance
Wafa Assurance has agreed to acquire a majority stake in Egypt's Delta Insurance from its current owner Egypt Kuwait Holding Company, as it targets an expansion of its operations in the Egyptian market, it said on Monday. Wafa Assurance, a subsidiary of Morocco's top lender Attijariwafa Bank, offered a price of 40 Egyptian pounds per share in a deal that values the Cairo-listed company at 925 million dirhams ($100 million), it said in a statement. Egypt Kuwait Holding Company, which holds 63.39% of Delta, has agreed to tender its entire stake under the terms of the offer, Wafa Assurance said. The deal is pending the approval of Egypt's Financial Regulatory Authority, it said. Casablanca-listed Wafa Assurance already operates in Egypt's life insurance market through its subsidiary Wafa Life Insurance Egypt. It said the acquisition would expand its operations in a fast-growing market with strong growth potential. (Reporting by Ahmed Eljechtimi; Editing by Jan Harvey)
Reuters
4 days ago
- Business
- Reuters
Morocco's Wafa Assurance to take over Egypt's Delta Insurance
RABAT, June 16 (Reuters) - Wafa Assurance has agreed to acquire a majority stake in Egypt's Delta Insurance from its current owner Egypt Kuwait Holding Company, as it targets an expansion of its operations in the Egyptian market, it said on Monday. Wafa Assurance, a subsidiary of Morocco's top lender Attijariwafa Bank, offered a price of 40 Egyptian pounds per share in a deal that values the Cairo-listed company at 925 million dirhams ($100 million), it said in a statement. Egypt Kuwait Holding Company, which holds 63.39% of Delta, has agreed to tender its entire stake under the terms of the offer, Wafa Assurance said. The deal is pending the approval of Egypt's Financial Regulatory Authority, it said. Casablanca-listed Wafa Assurance already operates in Egypt's life insurance market through its subsidiary Wafa Life Insurance Egypt. It said the acquisition would expand its operations in a fast-growing market with strong growth potential.
Ya Biladi
6 days ago
- Business
- Ya Biladi
Two Moroccan banks join Forbes' 2025 list of the world's largest companies
Two Moroccan banks have made it onto the 23rd edition of Forbes' Global 2000 list of the world's largest companies for 2025: Attijariwafa Bank and Banque Centrale Populaire. Attijariwafa Bank ranked 979th, with estimated sales of $4.84 billion, profits of $956 million, and total assets of $71.7 billion. The bank's market value stands at $14.44 billion. Banque Centrale Populaire secured the 1812th spot globally, reporting sales of $3.3 billion, profits of $416.9 million, and assets totaling $53.52 billion. Its market value is estimated at $5.87 billion. Forbes ranks companies based on four key metrics: sales, profits, assets, and market value. The magazine noted that despite ongoing geopolitical uncertainty and trade tensions stemming from Donald Trump's tariffs, all four indicators reached record highs this year. The 2025 Global 2000 list features companies generating a combined $52.9 trillion in annual revenue, $4.9 trillion in profits, $242.2 trillion in assets, and $91.3 trillion in market value. Tech giants such as Amazon and Microsoft, along with international powerhouses like Saudi Aramco and the Industrial and Commercial Bank of China, continue to dominate the top ten. Meanwhile, Nvidia maintained its momentum, climbing to the 47th position this year.
Morocco World
13-06-2025
- Business
- Morocco World
Two Moroccan Banks Make 2025 Forbes Global 2000 List
Doha – Two Moroccan banking giants, Attijariwafa Bank and Banque Centrale Populaire (BCP), have secured positions in the prestigious Forbes Global 2000 ranking of the world's largest publicly traded companies for 2025. Attijariwafa Bank, led by CEO Mohamed El Kettani, ranks 979th globally with impressive financial metrics. The bank reported $4.84 billion in revenue, $956 million in profits, $71.7 billion in assets, and a market capitalization of $14.44 billion. Founded in 1911 and headquartered in Casablanca, Attijariwafa Bank employs over 20,583 people. The bank provides international commercial banking services through various business areas, including domestic banking, Europe and offshore; specialized financial subsidiaries; international retail banking; and insurance and property. BCP, under the leadership of Naziha Belkeziz, placed 1,812th in the global ranking. The bank posted revenues of $3.3 billion, profits of $416 million, assets valued at $53.5 billion, and a market capitalization of $5.97 billion. Established in 1926 with headquarters also in Casablanca, BCP operates as a commercial bank focusing on banking intermediation and management services. The institution employs 2,717 people and was formally incorporated on February 2, 1961. The Forbes Global 2000 list, now in its 23rd edition, evaluates companies based on four equally weighted criteria: revenue, profits, assets, and market value. Africa's representation in the ranking remains limited, with only 17 companies making the cut. South Africa dominates the continental presence with 14 companies, followed by Morocco with two and Egypt with one. Attijariwafa Bank and BCP rank 6th and 16th, respectively, among African entries. The global ranking continues to be topped by American companies, with JPMorgan Chase maintaining its top position for the third consecutive year. The US has 612 companies on the list, while China follows with 317. The top 10 global companies include JPMorgan (USA), Berkshire Hathaway (USA), ICBC (China), Saudi Aramco (Saudi Arabia), Amazon (USA), Bank of America (USA), China Construction Bank (China), Agricultural Bank of China (China), Alphabet (USA), and Microsoft (USA). Collectively, the 2,000 companies in this year's ranking represent $52.9 trillion in annual revenue, $4.9 trillion in profits, $242.2 trillion in assets, and a combined market capitalization of $91.3 trillion. Banking remains the most represented industry in the ranking with 328 institutions. The sector's strong presence is partly attributed to banks' naturally high asset values, with 88 of the top 100 companies by assets being financial institutions. Read also: Morocco's Corporate Dominance: 14 Firms Rule North Africa's Top 20 Tags: Attijariwafa Bank GroupBanque Centrale Populaire (BCP)Forbes
Zawya
15-05-2025
- Business
- Zawya
GAFI's CEO outlines Egypt's strategies to boost trade across Africa
Arab Finance: The Egyptian government is adopting sustainable strategies to facilitate investment flows and trade across Africa, Hossam Heiba, the CEO of the General Authority for Investment and Free Zones (GAFI), stated. During his participation in the Connecting Markets for the Future conference, Heiba noted that Egypt is working to establish integrated partnerships with key African stakeholders, including Morocco, to strengthen intra-African investment and trade. He also outlined the government's efforts to enhance the investment climate, including the imminent launch of the first version of the Unified Electronic Licensing platform, which will connect all licensing authorities. Serving as a single point of contact for investors seeking permits, the platform will streamline approval processes and accelerate the licensing process. Organized by Attijariwafa Bank, the conference aims to establish strategies for investment and trade integration across African countries. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
