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 Liquidity
Crisis Weakens Tunisian BanksThe state of household and business finances in Tunisia worries many analysts. Increased debts and the inability of borrowers to repay them are leading to dwindling savings held in financial institutions, putting Tunisian banks in a tough liquidity position. Read here The
Algerian Insurance Industry The Algerian insurance industry is in its infancy. In its current state, the insurance sector contributes to only 4% of economic growth, versus double-digits in developed economies. This is indeed an opportunity for those with expertise in the insurance business seeking to invest in emerging markets.Read here Fitch
Rates BMCE Capital and Wafa Gestion: Good Grade for the First, Caution for
the Second Banking London-based Fitch Ratings, a global rating agency, assigned a rating of "aa minus" to Morocco's BMCE Capital Gestion, a wholly owned unit of BMCE Bank, while it placed Wafa Gestion's National Asset Manager Rating of "aa minus" on Rating Watch.Read here Ali
Kittani and the Rise of the Wafa Enterprise It must have been a difficult decision for the Kettani heirs to relinquish the business empire built by their father Ali. Until his death in 1994, Ali Kettani was the driving force behind the financial and industrial group that was subject of Morocco's biggest merger this month. It took Kettani over 40 years to expand his group beyond textiles and to agriculture, home appliances, real estate and finance, including the Wafa Group, which has just been acquired by BCM.Read here Two
Important Mergers Create Morocco's Biggest Financial and Insurance Groups
Consolidation in the Moroccan Financial Sector The month of December 2003 was a turning point for the Moroccan banking sector, which saw the establishment of the country's biggest commercial bank and the establishment of a large insurance company. In mid-month, the Banque Commerciale du Maroc or BCM Bank completed the acquisition of all of Wafa Group stake owned by the prominent Kettani family. The Kettani family controlled a sizeable portion of the Wafa Group through its Sopar Holding, which operated through two fully owned subsidiaries, the OGM unit, which owned 71.64% of insurance firm Wafa Assurance (71,64 %) and a stake in Wafa Corp. This latter unit controlled the Wafabank shares owned by the heirs of the late Ali Kettani.Read here
A Summer Battle: From Rock-Bottom Rates to Deceptive Marketing: Moroccan Banks Compete for the Hot Mortgage Market And Get Warning from the Central Bank This summer season was a busy period for Morocco's banks, which competed against each other by launching an interest rate war. The primary targets were real estate transactions and mortgage loans, which generally peak during the summer boosted by investments made by expatriates and immigrants who return to Morocco for vacation or business. Read here
Government to Strip Algerian Central Bank from its Powers
on Foreign Currency and Capital Transfer Operations. Executive Branch to Take Control Over Central Bank Prerogatives, Amid More Financial Scandals Affecting Private Banks Two years ago, the Algerian government under the premiership of Ali Benflis issued amendments regulating the country currency and credit laws. Amendments were made on Regulation 90-10 of April 14, 1990.Read here El-Khalifa
Bank, The Heart of the Khalifa Group Collapse At the heart of the Khalifa Group fraud case was the group's banking activity through its El-Khalifa Bank subsidiary. El-Khalifa Bank was officially authorized to operate on July 27, 1998. As a banking business, it fell under the oversight and auditing of the so-called Commission Bancaire (Banking Commission) whose president is the head of the central bank under Algerian laws. Read here BCIA
Bank: The Other Scandal The private bank Banque Commerciale et Industrielle d'Algérie (BCIA) is the next financial institution to collapse under a financial scandal, highlighting how weak the nascent Algerian banking system has been since its liberalization. The Central Bank, which up until now has been acting as the primary watchdog authority in the banking sector, says BCIA "is in a situation of deep liquidity crisis and is insolvent. The bank has been bankrupt for many months." Read here Moroccan
Banking System Facing Growing Small White Collar Crimes The Moroccan banking system has been rocked by a series of white-collar crimes and scandals. The situation has reached such a worrisome level that the industry association GPBM is pressing its members to adopt emergency measures that would put an end to growing fraudulent practices. The GPBM calls 2002 a record year for embezzlement.Read here |
 
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