Wafabank was a
private bank in
Morocco, that belonged to the Kettani family. In 2004, the Kettanis sold their stakes to
ONA Group which resulted in the merger of the bank with
Banque Commerciale du Maroc to form
Attijariwafa Bank.
History
*1904 France's
Compagnie Algérienne established its first Moroccan branch in
Tangier, later complemented by branches in Casablanca and other Moroccan cities
*1959 On the eve of independence, the Compagnie Algérienne, with 38 branches, had the largest network in Morocco.
*1964 The Moroccan operations of the Compagnie Algérienne became an autonomous subsidiary, the Compagnie Marocaine de Crédit et de Banque (CMCB)
*1968 A group of Moroccan private investors acquired majority control of the CMCB, together with the Compagnie Financière de Suez.
*1985 CMCB changed its name to Wafabank.
*1986 Wafabank moved its HQ to
Casablanca
Casablanca, also known in Arabic as Dar al-Bayda ( ar, الدَّار الْبَيْضَاء, al-Dār al-Bayḍāʾ, ; ber, ⴹⴹⴰⵕⵍⴱⵉⴹⴰ, ḍḍaṛlbiḍa, : "White House") is the largest city in Morocco and the country's econom ...
.
*1987 Wafabank established a subsidiary in Belgium.
*1993 Wafabank carried out an
IPO
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
.
*1996 Wafabank acquired BBV's Uniban subsidiary and BBV took an 8% stake in Wafabank.
Credit Agricole Indosuez
Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), ...
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 the
Economic Community of West African States (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.
References
1904 establishments in Morocco
2004 disestablishments in Morocco
Banks established in 1904
Banks disestablished in 2004
Banks of Morocco
Defunct banks of MoroccoAttijariwafa bank Stock in the Casablanca Stock Exchange
{{Morocco-stub