Kenya’s largest bank by assets –KCB group – has entered into an agreement with Attijariwafa bank, a leading Moroccan bank. The agreement will enable Attijariwafa to expand its network in Africa by gaining access to Kenya.
Prior to the deal with KCB group, the Moroccan lender had revealed its expansion plan in November 2018 during an investors’ conference in Johannesburg. Attijariwafa bank aimed to start operations in Kenya, Rwanda, and Ethiopia. The bank’s deputy general manager Mr. Youssef Rouissi said that in 2019, the bank would search for “new targets that offered strong retail banking and expanded the geographical reach of the group’s corporate banking operation.”
Currently, the Moroccan lender has subsidiaries in Tunisia, Togo, Senegal, Ivory Coast, Mali, Gabon, Ivory Coast, Republic of Congo, Mauritania, and Egypt. The bank also has operations in Europe and the Gulf region.