2014 ANNUAL REPORT 0 1 9 4 - 2 0 1 years 4 2014 ANNUAL REPORT 0 1 9 4 - 2 0 1 years 4 This is a particularly important year for Attijariwafa bank as we complete our one hundred and tenth year. We are therefore celebrating more than a century of providing banking and banking- related activities in the interests of our country’s economic and industrial development and the well- being of our fellow citizens. M. Mohamed El Kettani Président Directeur Général Chairman and CEO’S Message ANNUAL REPORT ATTIJARIWAFA BANK 2014 Our Group’s history is inextricably intertwined with With the legacy of two century-old banks, that of the Kingdom of Morocco. Not only does that Attijariwafa bank has constantly sought to diversify make us proud, it constantly inspires us to scale even its business lines to provide its corporate customers greater heights. Attijariwafa bank’s history began when with the most sophisticated payment methods two French banks, Compagnie Algérienne de Crédit and financing products to satisfy their constantly et de Banque (CACB) and Banque Transatlantique, evolving requirements. Our Group is also committed to opened branches in Tangier in 1904 and 1911 meeting the needs of all our fellow citizens, whatever respectively. their socio-economic background. For this reason, In the aftermath of the independence, Banque Attijariwafa bank was the first bank to make the Transatlantique became Banque Commerciale financial inclusion of low-income households one du Maroc (BCM) and, in 1987, emerged as the of its strategic priorities. Attijariwafa bank is proud of Kingdom’s leading private sector bank. During the being the first bank to have developed an innovative ensuing years, BCM proved to be highly dynamic services for the low-income customer segment. in developing banking and banking-related services Driven by the success of its universal banking model and new financial activities. CACB, for its part, became in its domestic market, our Group is committed to Compagnie Marocaine de Crédit et de Banque consolidating its position as market leader within the (CMCB), then Wafabank in 1985. This new institution region, without losing sight of its duty to meet the would emerge as a modern and innovative financial needs of Moroccan corporates in the domestic market services group, overseeing the growing importance as well as identifying new opportunities. of a dozen or so specialised subsidiaries. Attijariwafa bank is a pan-African bank by excellence. It was due to the sheer will of its key investors It provides services that are adapted to the needs of that BCM and Wafabank, two pioneering banks, entrepreneurs and local retail customers, whatever laid the foundations for Attijariwafa bank group’s their purchasing power, while taking into account the emergence and its ability to overcome the numerous specific economic, social and cultural characteristics challenges along the way. The Group has constantly of each of the countries in which it has operations. looked to innovate in technological and commercial We would not have been able to overcome the terms, underpinned by a forward-thinking yet various challenges encountered without the solid complementary strategic vision. and unflagging commitment of our men and women, Imbued with core values of social responsibility, existing or former employees, who have worked to ethics and leadership, Attijariwafa bank group has ensure that we fulfil our ambitions. Thanks to its highly forever played a decisive role in the modernisation valuable intangible capital, of which its human capital of Morocco’s financial industry, thus leaving an is unquestionably the most essential component, indelible mark on the nation’s economy and Attijariwafa bank has succeeded, in just a few years, 0 in becoming a truly African bank, whose goal is to be 1 9 4 - industrial landscape. 2 a catalyst for regional integration. 0 Over the generations, we have successfully 1 developed relationships with our nation’s Remaining true to its corporate culture, developed over years 4 entrepreneurs, based on trust and confidence. By the past 110 years, the Group is a leading socially forging constructive partnerships, we have been responsible corporation, serving the wider community. able to support the development of a vast majority Through its Foundation, Attijariwafa bank has carried of the nation’s family-owned businesses, which out a number of innovative cornerstone projects in have since become major leading players not only education, from pre-school to higher education, the in Morocco but across the entire African continent. arts and culture, publishing and public debate. The As well as showing an unfailing commitment to Attijariwafa bank Foundation is continuously helping industrial enterprises and trading houses, our Group to promote knowledge in its diversity to as wide an has supported and contributed to the success of audience as possible, particularly Morocco’s youth. the Kingdom’s major structural projects. That is our real challenge in the coming years. 5 Chairman & CEO’S Message 110 years of history and commitment 8 Looking back, looking ahead Contents 12 A universal bank 14 Governance Management and Coordination Committee Corporate Governance 22 Strategy 26 Performance 32 Awards 34 A customer-centred approach Retail Banking Group Transactional Banking Group Corporate and Investment Banking Group Capital Markets Banking International Retail Banking Specialised Finance Companies Wafa Assurance RAPPORT ANNUEL ET DE RESPONSABILITÉ SOCIALE DE L’ENTREPRISE ATTIJARIWAFA BANK 2014 72 A catalyst for economic development Africa Development International Forum Agreements and partnerships Financing structural projects 88 Geared towards innovation Multi-channel banking Group Global Risk Management Group Services and Processing Group Information Systems Group Legal Advisory Group Compliance 102 Working for communities and social development Human Capital Quality Ethics Respect for the Environment Responsible purchasing Socially-responsible initiatives Attijariwafa bank Foundation 129 Management Report Analysis of Attijariwafa bank’s business activity and results Parent company financial statements Consolidated financial statements 7 Looking back, looking ahead Boubker JAI What is your assessment of Delegate General Manager, Corporate and Investment Banking, 2014 and what is the outlook Capital Markets and Financial for 2015? Subsidiaries Division 2014 was a year in which Attijariwafa bank’s role as one the continent’s leading institutions was confirmed. A number of initiatives previously outlined in the ‘AWB 2015’ strategic plan were undertaken, enabling the Group to enhance its reputation as one of the region’s leading players. Our organisational structure, the human, organisational and technical resources deployed, as well as the behavioural changes made, even by staff, have enabled us to successfully develop our business in a consistent and sustained manner, whatever the country or business segment. Financing major infrastructure projects in North Africa and French-speaking Africa, the Group’s corporate and investment banking division earned acclaim as Lead Arranger in a number of large-scale projects in the energy and other structural organisational structure in order to generate additional sectors in Africa. Thanks to a wealth of expertise acquired synergies, information systems as well as the product by our staff over many years in structured finance, range. The goal of having a common platform for the Attijariwafa bank was mandated as arranger and/or Group’s overseas subsidiaries is now a reality for the adviser for a number of major energy projects, totalling majority of them and will be extended to the entire 2,000 MW, in Morocco, Ivory Coast and Mali. In addition, Group in the near future. Lastly, the Group’s specialised to facilitate trade relations between the African continent finance companies continued to bolster their capabilities and China, the Group became the first institution enabling to ensure that they retain a dominant position in their African economic operators conduct business directly in respective markets in what is an increasingly competitive renminbi (RMB). Lastly, a number of different partnership environment. As regards their ongoing development agreements were signed with global and regional banks in Morocco, noteworthy progress was made in areas in 2014, enabling the Group to extend its coverage and gain access to markets hitherto inaccessible. In 2014, such as debt recovery and digital channels, particularly partnerships were signed with bank of China, China in consumer credit, expanding the distribution network Development Bank, Sberbank, VTB bank, Eximbank for the cash businesses and introducing the leasing and Deutsche Bank. As a result, our customers in the production model in sub-Saharan African subsidiaries, 13 African countries in which we have operations will be to cite a few examples. All of the Group’s entities, able to do business and invest efficiently in any part of whether parent company departments or subsidiaries, the world through our subsidiaries or local partners. are increasingly global and are contributing directly In addition, the Group’s overseas banking network saw to Attijariwafa bank’s growth in Morocco and in those further organic growth. Improvements were made to its countries in which we operate. ANNUAL REPORT ATTIJARIWAFA BANK 2014 management as well as proven scoring methods for personal and professional banking customers. In 2014, Attijariwafa bank’s