Wafa Bank

Wafa Bank is a defunct private bank in Morocco. A fusion with Banque Commerciale du Maroc gave birth to Attijariwafa Bank.

History

*1904 Compagnie Française de Crédit et de Banque established a branch in Morocco of its Algerian subsidiary under the name Compagnie Algerienne de Crédit et de Banque (CACB).
*1959 On the eve of independence, CACB, with 38 branches, had the largest network in Morocco.
*1968 A group of Moroccan private investors acquired majority control, together with the Compagnie Financière de Suez.
*1985 CFAB changed its name to Wafabank.
*1986 Wafabank moved its HQ to Casablanca.
*1987 Wafabank established a subsidiary in Belgium.
*1993 Wafabank carried out an IPO.
*1996 Wafabank acquired BBV’s Uniban subsidiary and BBV took an 8% stake in Wafabank. Credit Agricole Indosuez also took a stake in Wafabank (14.8%).
*2000 Wafabank and the Senegalese holding "Keur Khadim," agreed to establish Senbank to provide banking services in ECOWAS.
*2001 Wafabank acquired BBVA’s subsidiary BBVA Maroc and BBVA increased its stake in Wafabank to 10%, further cementing the partnership commenced in 1997.
*2003 Banque Commerciale du Maroc acquired Wafabank.