Live prices for all Moroccan banks listed on the Bourse de Casablanca. The banking sector is the dominant weight in the MASI, accounting for roughly 35–40% of total market capitalisation.
Morocco's banking sector is one of the most developed in Africa, with a banking penetration rate above 80%. The sector is dominated by three large universal banks - Attijariwafa Bank, Banque Centrale Populaire (BCP), and Bank of Africa (formerly BMCE) - which together account for the majority of domestic deposits and loans.
Moroccan banks have also expanded aggressively into sub-Saharan Africa over the past decade, with Attijariwafa and BCP operating in more than 20 African countries. This international expansion provides geographic diversification but also exposes them to higher currency and political risk.
The largest bank in Morocco by assets and market capitalisation. Attijariwafa has a dominant retail banking franchise and is the most actively traded financial stock on the MASI. It is controlled by the SNI holding company, itself linked to the royal holding structure. ATW is also a major pan-African bank with operations across francophone and lusophone Africa.
BCP is a cooperative bank with a unique ownership structure - a network of regional Popular Banks (Banques Populaires Régionales) holds a significant stake alongside public shareholders. BCP has a strong SME and retail lending franchise and is particularly active in serving Moroccan diaspora communities abroad through international remittance services.
Originally the Crédit Immobilier et Hôtelier, CIH transformed from a state-owned specialist mortgage lender into a full-service retail and corporate bank. It has pursued a digital-first strategy in recent years and has a strong presence in mortgage lending, still its core product.
Bank of Africa is historically among the top three Moroccan banks by assets. It is controlled by the FinanceCom holding group of the Benjelloun family. Through its subsidiary Bank Of Africa Group, BOA has one of the deepest pan-African franchises of any Moroccan bank, with retail and corporate operations spanning roughly twenty countries across West, Central, and East Africa. International earnings can therefore be a meaningful share of consolidated revenue, but also introduce currency translation risk when the dirham strengthens against host-country currencies.
Credit du Maroc is a mid-sized retail and SME bank. It was a subsidiary of France's Credit Agricole group for decades, before the Holmarcom Group (controlled by the Bensalah family) acquired a controlling stake in 2022. The change of ownership marked CDM's transition from a foreign-controlled to a domestically-controlled lender, and the bank has since refocused on Moroccan retail, SME, and agricultural lending niches.
BMCI (Banque Marocaine pour le Commerce et l'Industrie) is an affiliate of France's BNP Paribas group. It is positioned primarily in corporate and high-end retail banking, with a smaller branch network than the three universal banks but a strong presence in trade finance and cross-border services for Moroccan corporates with European links.
The Bank Al-Maghrib key rate directly influences Moroccan bank net interest margins. When BAM cuts rates, as it did from 3.00% to 2.75% in December 2024, banks' lending spreads typically compress in the short term, but lower rates can stimulate credit demand, potentially offsetting the margin pressure. Conversely, rate hikes widen margins but slow credit growth. Moroccan bank stocks are therefore sensitive to BAM's quarterly rate decisions.
Across cycles, a handful of fundamentals tend to move bank share prices more than anything else:
The main risks investors track on Moroccan bank stocks are concentrated in a few buckets:
The live prices block above pulls quotes from the Bourse de Casablanca via Drahmi for the six banking issuers covered here. The "advances vs declining" stat at the top of the page reflects same-session breadth across all banks in the BANKS sub-index, which is useful for gauging sector sentiment on any given trading day. For deeper company-level coverage, follow the links to each individual stock page from the list above, or read the bank vs telecom stocks comparison for the structural differences between the MASI's two heaviest sectors.