Wafa Bank
Encyclopedia
Wafa Bank is a defunct private bank
in Morocco
. A fusion with Banque Commerciale du Maroc
gave birth to Attijariwafa Bank
.
Private bank
Private banks are banks that are not incorporated. A private bank is owned by either an individual or a general partner with limited partner...
in Morocco
Morocco
Morocco , officially the Kingdom of Morocco , is a country located in North Africa. It has a population of more than 32 million and an area of 710,850 km², and also primarily administers the disputed region of the Western Sahara...
. A fusion with Banque Commerciale du Maroc
Banque Commerciale du Maroc
Banque Commerciale du Maroc or B.C.M. was a bank founded in 1911 in Morocco. Deutsche Bank and le Crédit Industriel et Commercial were among the shareholders of B.C.M.- Overview :In 1999, the capital of B.C.M...
gave birth to Attijariwafa Bank
Attijariwafa Bank
Attijariwafa Bank is the largest bank in Morocco and the third one in Africa. It was established after a merger between Banque Commerciale du Maroc and Wafabank....
.
History
- 1904 Compagnie Française de Crédit et de Banque established a branch in MoroccoMoroccoMorocco , officially the Kingdom of Morocco , is a country located in North Africa. It has a population of more than 32 million and an area of 710,850 km², and also primarily administers the disputed region of the Western Sahara...
of its Algerian subsidiary under the name Compagnie Algerienne de Crédit et de Banque (CACB). - 1959 On the eve of independence, CACB, with 38 branches, had the largest network in Morocco.
- 1968 A group of Moroccan private investors acquired majority control, together with the Compagnie Financière de Suez.
- 1985 CFAB changed its name to Wafabank.
- 1986 Wafabank moved its HQ to CasablancaCasablancaCasablanca is a city in western Morocco, located on the Atlantic Ocean. It is the capital of the Grand Casablanca region.Casablanca is Morocco's largest city as well as its chief port. It is also the biggest city in the Maghreb. The 2004 census recorded a population of 2,949,805 in the prefecture...
. - 1987 Wafabank established a subsidiary in Belgium.
- 1993 Wafabank carried out an IPO.
- 1996 Wafabank acquired BBVBBVBBV is a video and audio production company specialising in science fiction drama, known for its links with the British science fiction television series Doctor Who...
’s Uniban subsidiary and BBV took an 8% stake in Wafabank. Credit Agricole Indosuez also took a stake in Wafabank (14.8%). - 2000 Wafabank and the Senegalese holding "Keur Khadim," agreed to establish Senbank to provide banking services in ECOWAS.
- 2001 Wafabank acquired BBVA’s subsidiary BBVA Maroc and BBVA increased its stake in Wafabank to 10%, further cementing the partnership commenced in 1997.
- 2003 Banque Commerciale du Maroc acquired Wafabank.