GCB partners largest bank in Morocco
The GCB Bank Limited has partnered Morocco’s largest financial institution,the Attijariwafa Bank Group (AWB) as part of efforts to consolidate financial transactions in Ghana, and beyond the Economic Community of West African Countries (ECOWAS).
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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. The two have subsequently signed a Memorandum of Understanding (MOU) to that effect.
The partnership will ensure that AWB customers mainly in Francophone countries who are engaged in businesses in Ghana will make use of the 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.
A release issued by GCB Bank said other areas of interest being explored between the two reputable financial institutions include retail banking, insurance, consumer finance, corporate and investment banking.
Facts about two banks
The 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 the GCB is listed on the Ghana Stock Exchange and a higher performer and stock, the AWB is listed on the Casablanca Stock Exchange with a market capitalisation of $7.2 billion.
The AWB operates in 14 countries in the North, West and Central Africa with a representative office in Paris, France and has 3,122 branches across Morocco and 3,844 branches across the globe. — GB
