Morocco | - Part 2

Moody’s: Challenging operating conditions keeps 2018 outlook for African banks negative

LAGOS (Capital Markets in Africa) — Moody’s Investors Service says its negative outlook for the African banking system in 2018 reflects high macroeconomic risks that expose banks to asset quality pressures, reduced government support and sovereign credit risk. Moody’s report, “Banks — Africa, 2018 Outlook”, is available on www.moodys.com. Moody’s subscribers can access this report via the link provided at the end of this press release. This report does not constitute a rating action. “Although…

Allianz Maroc announces management change

Posted on by The Editorial Team

Casablanca, December 11, 2017 – Dirk De Nil, CEO of Allianz Morocco has decided to step down from his current role for personal reasons on 7 December 2017. Coenraad Vrolijk, will assume the role of Interim CEO of Allianz Morocco, in addition to his current responsibilities as Regional CEO Africa of Allianz. With over 25 years of insurance experience, Dirk De Nil came to Morocco in 2014 to lead Zurich Assurances Maroc until the company was…

Moody’s: Morocco’s diversifying economy and stable policy support positive banking system

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RABAT (Capital Markets in Africa) – Moody’s Investors Service (Moody’s) says its outlook for the Moroccan banking system is positive, supported in part by the country’s on-going economic diversification and stable and predictable political and economic policy environment. Moody’s report, “Banking system outlook: Morocco, improving operating environment and rising credit growth support positive outlook”, is available on www.moodys.com. Moody’s subscribers can access this report via the link provided at the end of this press release….

Top-Performing Arab Economy Balks at Currency Float on Egypt

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CAIRO (Capital Markets in Africa) – In five decades of importing steel wires, Zahar Benmoussa’s company never worried about currency risks — until Morocco announced plans to float the dirham. “For the first time in our history, we started to hedge” in the currency market, said Benmoussa, managing director at Casablanca-based Grillages Marocains. Across Morocco, fears of a weaker dirham triggered a rush for dollars and euros, causing a $3 billion drop in its reserves in…

Moroccan Banks Vulnerable to Economic Shocks Amidst Weak Capital Says Fitch Ratings

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CASABLANCA (Capital Markets in Africa) – Low capital buffers mean many Moroccan banks are susceptible to economic volatility, particularly in light of their weak asset quality and above-average risk appetite, Fitch Ratings says. Tangible common equity averages about 10% of tangible assets for the major Moroccan banks – a limited buffer given the banks’ risk profiles, single-obligor concentration risk and possible under-reporting of loan impairments. The Fitch Core Capital/weighted-risks ratios for rated banks averaged 12.6%…

Morocco’s Attijariwafa Plans Africa Expansions This Year

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RABAT (Capital Markets in Africa) – Attijariwafa Bank, Morocco’s biggest lender, is planning to complete expansions in East and West Africa this year as it focuses on consolidating its new acquisitions to spur growth. The Casablanca-based bank aims to finalize a deal to buy Rwanda’s Cie Generale de Banque, known as Cogebanque, start commercial banking operations in Chad and apply for a banking license in Ghana in 2017, General Manager Ismail Douiri said in an interview in…

World’s Deepest Devaluation Makes Egypt Assets RenCap’s Top Pick

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CAIRO (Capital Markets in Africa) – Egypt is reaping the rewards of a painful devaluation. The plunge that sent its currency tumbling the most in the world over the past six months has made the nation’s assets among Renaissance Capital Ltd.’s top picks in developing nations. The Egyptian pound is now the cheapest of all emerging-market and African currencies after it scrapped controls in November, the investment bank’s real effective exchange rate model shows. The…

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