The prestigious American business magazine looks at a wide range of criteria for the award, including bank performance, market share, and the size of the bank’s deals over the year in question.
Attijariwafa Bank claimed a number of similar awards in recent years. The banking group made headlines for winning “Best Moroccan Bank of the Year” in 2021.
Attijari finance Corp, a consulting arm to Attijariwafa Group, equally claimed the “Best investment Bank” award from the EMEA Finance Magazine.
The Moroccan banking group boasts a stable outlook thanks to a large market share of 25% and quality management, according to a recent Fitch rating report.
The bank has a national rating slightly higher than the average rating for Moroccan banks, is a leading bank nationally with a strong foothold in corporate finance.
It also enjoys an extensive presence in Africa, diversifying its business model and adding to its profits, the report notes.
In addition to a strong presence in corporate finance, the bank also has a record for actively funding small and medium-sized businesses through various government programs.
Last year, the banking group funded 12,000 young Moroccan entrepreneurs, with a 41% contribution to the Intialaka funding program.
Giving MAD 2.7 billion (US$284,6 million) in loans to young Moroccan business makers in 2021, the bank issued over 51,600 loans to Moroccan businesses as part of the Damane Oxygen Program.
The program aims to support businesses stay afloat throughout the COVID-induced economic crisis.
Earlier, Fitch Ratings has affirmed Attijariwafa Bank’s (AWB) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘BB’ with a Stable Outlook.
Fitch has also affirmed AWB’s Viability Rating (VR) at ‘bb’ and upgraded the bank’s National Long-Term Rating to ‘AA(mar)’ from ‘AA-(mar)’.
The ‘BB’ Long-Term IDRs of AWB is driven by its VR and underpinned by potential support from the Moroccan authorities.
AWB’s National Rating is one notch above direct local peers’ but below the subsidiaries of large French banking groups as these benefit from potential support from their foreign shareholders.