Accra, Jan 8, - 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, and countries within ECOWAS and beyond.
Under the partnership the two
institutions will operate as correspondent banks, facilitate trade finance,
deepen capital markets and jointly organise business missions, designed to
enhance trade and investment between Morocco and Ghana.
A statement from GCB said other
areas of interest being explored between the two reputable strong financial
institutions with 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
will 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.
The GCB is currently Ghana’s
largest Bank with over 200 networked branches, 20 Agencies and 280 ATMs.
The 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 capitalization of $7.2 billion.
The 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.
GNA
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