Business News of Tuesday, 9 January 2018

Source: Class FM

GCB partners Morocco's largest bank

GCB Bank Limited and Attijariwafa Bank Group (AWB), Morocco’s largest financial institution, have signed a Memorandum of Understanding (MOU) to broaden and consolidate financial transactions in Ghana, ECOWAS and beyond.



Under the partnership, the two institutions will operate as correspondence banks, facilitate trade finance, deepen capital markets and jointly organise business missions designed to enhance trade and investment between Morocco and Ghana.



Other areas of interest being explored between the two banks which have the financial muscles to carry out big deals, include retail banking, insurance, consumer finance, corporate and investment banking.



The partnership will ensure that AWB customers mainly in Francophone countries engaged in businesses in Ghana, make use of GCB to transact banking businesses while GCB customers transacting businesses in Ghana will also use GCB platforms and channels.



This, according to the partnership agreement, would provide convenience for AWB and GCB customers in Francophone and Anglophone countries.



GCB is currently Ghana’s largest bank with over 200 networked branches, 20 Agencies and 280 ATMs.



AWB like GCB, is the largest financial institution in the Kingdom of Morocco by assets and ranks the sixth largest bank in Africa by asset size.



While GCB is listed on the Ghana Stock Exchange and a higher performer and stock, AWB is listed on the Casablanca Stock Exchange with a market capitalisation of $7.2 billion. AWB operates in 14 countries in the North, West and Central Africa with a representative office in Paris, France.



It has 3,122 branches across Morocco and 3,844 branches across the globe.





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