2012

Annual Report 2012

Annual Report

Attijariwafa bank, a limited company with a capital of 2,035,272.260 DH. Head office : 2, boulevard Moulay Youssef, Casablanca. Approved as a credit institution by order of the Minister of Finance and Privatization n° 2269-03 of the 22 December 2003 as amended and supplemented. Trade Register n° 333. Tel. : +212 522 29 88 88 - www.attijariwafa.com North Africa’s leading banking and financial Awards :

AWA NK RD A B • 2 services Group T 0 S 1

E 2

B

and ranked 6th on the continent

AFRICA AWARD Attijariwafa bank, a pan-African multinational

15,289 employees 2,882 branches 6.2 million customers

Morocco’s No.1 savings institution Morocco’s No.1 provider of financing to the economy Morocco’s No.1 institution in investment banking and financial market activities ANNUAL REPORT 2012

Commitment, CONTENTS ethical conduct, values p.8 Attijariwafa bank is committed to reconciling growth, MEET THE CHAIRMAN profitability and social progress in everything that it does. Five unifying values govern its corporate culture and determine CHAPTER 1 GROUP PROFILE p.12 its corporate strategy, underpin its principles of ethical p.10 conduct and define its identity. GROWTH, PERFORMANCE KEY FIGURES 2012 p.14 AND SHARED PROGRESS HIGHLIGHTS 2012 p.18

CHAPTER 2 MANAGEMENT AND COORDINATION COMMITTEE p.24 p.22 PERFORMANCE DRIVEN CORPORATE GOVERNANCE p.28 BY GOOD GOVERNANCE AND STRATEGY MEET THE GENERAL MANAGEMENT TEAM p.32

Solidarity CHAPTER 3 CORPORATE AND INVESTMENT BANKING p.40 p.38 A COMMITMENT TO TRANSACTIONAL BANKING p.42 DEVELOPING CLOSE CUSTOMER CAPITAL MARKETS BANKING p.44 Leadership RELATIONS AND EXCELLENCE IN ALL CUSTOMER SEGMENTS RETAIL BANKING p.46

MULTI-CHANNEL BANKING p.53

SPECIALISED FINANCIAL COMPANIES p.54

WAFA ASSURANCE p.58 Commitment INTERNATIONAL RETAIL BANKING p.59

CHAPTER 4 COMPLIANCE, PROFESSIONAL CONDUCT AND QUALITY p.68 p.66 SOCIAL RESPONSIBILITY HUMAN resources p.70 ROOTED IN THE GROUP’S VALUES AND CULTURE ATTIJARIWAFA BANK FOUNDATION p.74

Ethical conduct ENVIRONMENT p.78

PURCHASING p.79

Corporate citizenship p.82 MANAGEMENT REPORT ANNUAL REPORT 2012 MEET THE CHAIRMAN MEET THE CHAIRMAN

Attijariwafa bank Group’ growth in recent years is We generally operate in markets in which banking Our recruits in sub-Saharan countries follow a something to be proud of, No.1 in Morocco, No.1 penetration is still limited. Our sales approach is training programme and in-company training at in North Africa and ranked 6th on the continent. specifically adapted to these markets. We draw strongly our head office in Morocco before returning to What is the outlook for the Group over the coming on synergies between our different business lines, their respective countries. This enables them to years? adopt a highly disciplined and preventive approach understand the Group’s corporate culture, establish Our achievements have certainly met our expectations. to risk management and are able to react rapidly lines of communication within the company and In less than a decade, the Group has undergone a to changes in market conditions. develop a sense of belonging to the Group. wholesale transformation. We have also learnt a All this is not possible, however, without the I would like to pay tribute to all our men and women great deal by venturing into new markets. professionalism and motivation of the men and who contribute on a daily basis to our progress These results have been achieved thanks to three women who work for the Group. in Africa, a continent which is making significant fundamental drivers: strides forward. To meet all these challenges, the Group needs men - The vision, solidity and support of our key shareholders; and women who are motivated and committed on Attijariwafa bank, through its Foundation, is very - The confidence and loyalty of our customers; a daily basis. How do you succeed in harnessing committed to corporate citizenship. What are its - The motivation and determination of our human all such energies around projects which are key strategic priorities? resources. increasingly ambitious ? The Attijariwafa bank Foundation is organised Our medium-term objective is to continue to expand This is the central feature of our corporate strategy in around three divisions representing its three in those African countries in which we are already my opinion. Our human resources management plays strategic priorities as far as corporate citizenship present as well ensuring that the contribution from a vital role in supporting the Group’s development is concerned. The “Education” division covers these businesses to the Group’s overall revenues rises. in recruitment, training, skills enhancement and all levels of education from pre-school to higher We aim to become the leading bank in each country career management, as well as supporting our education as well as encouraging entrepreneurship in which we have operations, play a major role in the former employees in retirement. among young people. In addition to providing spread of banking services, help small businesses financial assistance, our actions are also aimed at The Group constantly strives to improve its managerial and SMEs get established and prosper, be the enhancing our employees’ skills. The “Art & Culture” excellence by ensuring close relations between natural partner of choice for large enterprises division strives to ensure that art is accessible and help finance inter-African trade and major managers and their staff and developing a strong to all. It provides young people with an artistic infrastructure projects. By 2015, we would like our team ethos. The Group’s geographical expansion education, promotes major Moroccan artists and international subsidiaries to contribute 30% to the has presented a number of challenges. These supports young talent, including in sub-Saharan Group’s overall revenues. include managing change in the banks that we have Africa. The “Publishing and Debating” division acquired, generating synergies between subsidiaries provides a forum for constructive dialogue between How has the Group managed to weather the crisis in costs and revenues and adapting to an increasingly experts and citizens about economic, social and and consolidate its position as market leader? multicultural environment. Our employees have cultural issues. It encourages young people to get First, I must underline the fact that we have adopted certainly risen to the challenge and, as a result, involved, to enable them to develop critical and a universal banking business model in each country we have been able to identify talented individuals. analytical thinking as well as promoting research We have also been able to instil a sense of pride in and intellectual output. In addition to these three Mohamed El Kettani, in which we have operations. We therefore serve all customer segments, from the most disadvantaged in working for the Group. priorities, the Foundation supports a number of Chairman and Chief Executive society to the wealthiest, from the smallest business charitable associations. Officer We aim to bring out the best in our human resources to the multinational enterprise. at a local level. They must be represented at every The Foundation’s work naturally mirrors the Group’s In addition, we offer every sort of banking and level of the organisation, at subsidiary level as strategy which aims to contribute to economic as financial product and service. well as on our central decision-making bodies. well as inter-cultural development.

8 9 11 CHAPTER 1 ANNUAL REPORT 2012 CHAPTER 1

GROWTH, PERFORMANCE 1• AND SHARED PROGRESS

ATTIJARIWAFA BANK, A GROUP ON THE MOVE GROUP PROFILE 12

KEY FIGURES 2012 14

HIGHLIGHTS 2012 18

17.0 (+7 %) 9.4 (+9 %*) 5.3 (+10 %*) 4.5 (+9 %*) Net banking Gross operating Net income Net income income income MAD billions Group share MAD billions MAD billions MAD billions

Figures at 31 December 2012 * excluding exceptional items

Despite a less than favourable economic environment, Attijariwafa bank Group’s results were positive and in line with its strategy and business forecasts. 2012 was marked by a number of events including the Africa Development International Forum, which has become one of the continent’s major events. Attijariwafa bank increased its share capital via a share offering reserved exclusively for Group employees. The offering was a success with the bank raising MAD 2.1 billion and ownership of the bank’s equity by its Moroccan employees and subsidiaries rising to 5.1%. An additional MAD 1 billion has been earmarked for the employees of international subsidiaries. CHAPTER 1 ANNUAL REPORT 2012 Chapter 1 GROUP PROFILE BRANCH NETWORK, SHAREHOLDing CUSTOMERS AND structure EMPLOYEES At 31 December 2012 At 31 December 2012 ttijariwafa bank, undisputed market leader SHARE CAPITAL MAD 2,012,430,860 Aof Morocco’s banking and financial services 22 15,289 industry is the No.1 savings institution and COUNTRIES EMPLOYEES No.1 lender to the domestic economy. It is 5.1 % also ranked No.1 in investment banking and 5.3 % financial market activities in Morocco.

Attijariwafa bank is also the No.1 banking group 14.4 % in North Africa and the WAEMU (West African TUNIS DAKAR LIBREVILLE Economic and Monetary Union) region as well 46.8 % as being a major player in the CAEMC (Central Africa Economic and Monetary Community) region. 2 882 6,2 millions Agences de Clients 28.3 % With 15,289 employees and operations in 22 countries, Attijariwafa bank has more 2 269 agences au Maroc than 6.2 million customers. The Group has 188 agences au Maghreb the largest branch network in Morocco with 2,269 branches and the largest in Africa. 58 agences en Europe et au Moyen Orient At 31 December 2011 SHARE CAPITAL MAD 1,929,959,600 While its day-to-day activities are governed by 285 agences en Afrique de l’Ouest values of leadership, commitment, corporate PARIS 82 agences en Afrique Centrale citizenship, ethical conduct and solidarity, CASABLANCA BAMAKO Attijariwafa bank is focusing its entire resources 1.0 % on the African continent. 5.6 % 15.1 %

2,882 48.7 % BRANCHES 29.6 % 2,269 branches in Morocco 188 branches in North Africa 58 branches and representative offices SNI Group in Europe and the Middle East Domestic institutions 285 branches in West Africa Free-float and others Grupo Santander 82 branches in Central Africa Group employees

12 13 Chapter 1 ANNUAL REPORT 2012 Chapter 1 KEY FIGURES 2012

Despite a challenging environment in 2012, Attijariwafa bank +0.1 % +7% ALL INDICATORS 4% +12 % +15% Group pursued its diversification16% strategy by product and 8% TOTAL CUSTOMER by business activity and developed further synergies FLASHING GREEN 4% 8% 12% LOANS 247.6 16% between subsidiaries. NET INCOME 5.3 5.3 230.7 4.7 MAD billions MAD billions 200.2 DESPITE ECONOMIC With net banking income12% rising by 7%, the results would SLOWDOWN appear to justify21% the business model adopted by the 12/31/10 12/31/11 12/31/12 Group in recent years. 12/31/1055% 12/31/11 12/31/12 21% 59% 25% +4% 55% +9 % +9% -3 % 25% TOTAL CUSTOMER 59% EARNINGS DEPOSITS 227.0 PER SHARE 23.1 218.8 22.4 MAD billions 201.4 DIVERSIFYING BY BUSINESS ACTIVITY MAD 21.3 AND GEOGRAPHICAL REGION 12/31/10 12/31/11 12/31/12 12/31/10 12/31/11 12/31/12 Breakdown of net banking income of Moroccan Attijari Factoring +17% Wafa LLD +0.17 pt Attijariwafa bank Group’s business model is based on subsidiaries * Wafacash 5% 2% 31 December 2012 -0.27 pt diversification by business activity and geographical Wafa LLD Attijari Factoring 7% +8% Wafa SHAREHOLDERS’ Wafacash 5% 2% 35.4 region. Immobilier COST OF RISK 0.58 % EQUITY 7% 7% 0.48 % 30.3 Wafa Wafa in % 0.31 % MAD billions 28.0 Wafabail Immobilier Assurance 7% 9% Wafa 39% 12/31/10 12/31/11 12/31/12 Wafabail 12/31/10 12/31/11 12/31/12 Breakdown of consolidated 4% Assurance 9% 8% net banking income 16% 39% +7% 31 December 2012 +0.18 pt 12% +12% -0.38 pt Wafasalaf Net interest income 31% NON-PERFORMING 368.3 TOTAL ASSETS Fee income LOAN RATIO 5.3 % 5.1 % 343.5 21% Wafasalaf 4.9 % MAD billions Income from market activities in % 306.7 31% Income from other activities 55% 59% 25% 12/31/10 12/31/11 12/31/12 12/31/10 12/31/11 12/31/12

Mauritanie Breakdown of International Mali 2% +7% Retail Banking’s net banking 5% +0.8 pt +8% income by country Mauritania Congo Mali Tunisie -3.6 pts 31 December 2012 7% 2% 30% NET BANKING 5% Cameroun 17.0 Congo ROE 21.2 % INCOME 15.9 Tunisia 11% 20.4 % 17.6 % 4% 7% MAD billions 14.7 16% Contribution to consolidated 8% 30% in % net banking income by activity Cameroon 11% 31 December 2012 12% Wafa LLD Attijari Factoring Gabon 2% 12/31/10 12/31/11 12/31/12 Wafacash 5% 11% 12/31/10 12/31/11 12/31/12 7% Gabon Wafa Sénégal 11% Côte d’Ivoire 21% Banking in Morocco, Europe and Offshore zoneImmobilier 13% 21% +8% International Retail Banking 7% 55% Senegal Wafa Ivory Coast +5% Specialised Financial Companies Wafabail 21% -0.01 pt Assurance 13% GROSS OPERATING Insurance59% 25%9% -0.1 pt 39% INCOME 9.4 ROA 8.7 8.2 in % MAD billions 1.5 % 1.5 % 1.4 %

12/31/10 12/31/11 12/31/12 12/31/10 12/31/11 12/31/12 Wafasalaf 31% *Insurance and Specialised Financial Companies

Wafa LLD Attijari Factoring 14 Wafacash 5% 2% 15 7% Wafa Mauritanie Immobilier Mali 2% 7% 5% Wafa Congo Wafabail Tunisie Assurance 7% 9% 30% 39% Cameroun 11%

Gabon Wafasalaf 11% 31% Côte d’Ivoire Sénégal 13% 21%

Mauritanie Mali 2% 5% Congo Tunisie 7% 30% Cameroun 11%

Gabon 11%

Côte d’Ivoire Sénégal 13% 21% Chapter 1 ANNUAL REPORT 2012 Chapter 1 KEY FIGURES 2012

2012 2011 2010 CAGR

TREND IN CONTRIBUTORS TO NET INCOME Banking in Morocco, Europe and Offshore zone +3.9 % -3.6 % +8.6 % +0.1 % GROUP SHARE at 31 December 2012 Specialised Financial Companies +9.6 % +14.2 % +1.6 % +11.9 %

Insurance -19.1 % +36.9 % -30.1 % +5.2 % International Retail Banking +5.1 % +51.8 % +62.8 % +26.3 %

STOCK MARKET PERFORMANCE

In 2012, Attijariwafa bank’s shares outperformed the MASI. Over the last three years, the shares SHAREHOLDER PERFORMANCE have risen by 15.9% versus a decline of 10.4% in Casablanca’s benchmark index and a 0.5% INDICATORS decline in the banks sector index. Year 2009 2010 2011 2012 In 2012, the stock has the best growth/valuation profile of the Moroccan banking industry with Closing price (MAD) 270 407 350 313 a P/E ratio of 14.0x versus a sector average of 18.9x. Market capitalisation at year-end (MAD K) 52,108,909 78,549,356 67,567,886 62,989,086 Average daily trading volume in Attijariwafa bank’s shares was MAD 19.2 million on the Central Year high 297 420 475 377 Market and MAD 15.1 million on the Block-trade Market. Year low 210 253 345 304 Weighted average price (MAD) 257 313 390 332 Average daily volume - Central Market (MAD M) 14.3 27.4 20.5 19.2 Average daily volume - Block-trade Market (MAD M) 45.0 26.0 8.8 15.1 Share price performance 4.9 % 50.7% -14.0 % -10.6 % Return on equity (RoE) 22.7 % 20.4% 21.2 % 17.6 % PERFORMANCE OF ATTIJARIWAFA BANK’S SHARES VS MASI Dividend (MAD) 6.0 8.0 8.5 9.0 FROM 12/31/2008 TO 04/02/2013 P/E 13.2 x 19.2 x 15.2 x 14.0 x D/Y 2.2 % 2.0 % 2.4 % 2.9 %

Source : Attijari Intermédiation - Morocco’s largest capitalisation in Attijariwafa bank vs MASI from 12/31/2008 to 04/02/2013 the banking sector and 2nd largest Base 100 dec 08 MASI Flottant ATTIJARIWAFA BANK overall at MAD 63.0 billion at 2012 190 2011 AWB : -10.6% 31 December 2012; AWB : -14.0% MASI : -15.1% MASI : -12.9% 2010 - For the period ended 31 December 165 2013 Rating AWB : +50.7% AWB : +3.2% 2012, Attijariwafa bank’s shares fell MASI : +21.2% MASI: -2.9% 2009 by 10.6% versus a 15.1% decline 140 Fitch Rating January 2013 Standard & Poor’s December 2012 CAPITAL INTELLIGENCE September 2012

in the MASI; AWB : +4.9% Long-term foreign currency BB+ Long-term BB Long-term BBB- MASI : -4.9% - At 2 April 2013, the year-to-date 115 Short-term foreign currency B Short-term B Short-term A3 performance of Attijariwafa bank’s Long-term local currency BBB- Outlook stable Financial Strength BBB shares was +3.2% versus -2.9% 90 Short-term local currency F3 Outlook stable for the MASI. Outlook stable 65 12/31/08 7/13/09 1/23/10 8/5/10 2/15/11 8/28/11 3/9/12 9/19/12 4/1/13

16 17 Chapter 1 ANNUAL REPORT 2012 Chapter 1 HIGHLIGHTS 2012 rd 3 graduation ceremony for the « BANKING AND FINANCIAL MARKETS » masters

AFRICA CAMPAIGN, In 2012, a third class of graduates received their International Masters in « Banking and Financial Markets ». The diploma award ceremony took place on 3 April 2012 at the bank’s head office in the presence of the Spanish Ambassador and a number of leading A CHARM OFFENSIVE figures from academia, business and finance. This programme, which leads to a joint Moroccan and European degree, is the fruit of a partnership between the Attijariwafa bank On the occasion of the Africa Cup of Nations, Attijariwafa bank launched a continent- Foundation, the Faculty of Legal, Economic and Social Sciences of Casablanca’s Hassan wide institutional campaign covering, in addition to Morocco, all African countries II University, Grupo Santander, Cantabria University, the UCEIF Foundation and the Euro- in which the Group has operations. Arab Foundation. “The skills you have acquired through your academic career and your The purpose of this campaign, the first of its kind since the Group embarked on an personal skills and qualities will be essential to building your future and the future of international growth strategy, was to pay tribute to Africa’s progress. The campaign, our country ... it is you who will build it and it is with you that it will be built” declared broadcast via television, the press, radio, outdoor billboards and the web, highlighted Mohamed El Kettani, Chairman and Chief Executive Officer. Groupe Attijariwafa bank the Group’s pan-African profile as well as synergies between its various African Au service de l’Afrique qui avance. subsidiaries.

Attijariwafa bank société anonyme au capital de 1 929 959 600 DH - Siège social : 2, boulevard Moulay Youssef, Casablanca. Agréée en qualité d’établissement de crédit par arrêté duministre des finances et de la privatisation n° 2269-03 du 22 décembre 2003 tel que modifié et complété. Téléphone 0522 22 41 69/29 88 88 - RC 333

January February March April May

Du 30 avril au 11 Mai 2012 INVEST IN US INVESTISSONS As parts of its policy of motivating and mobilising its human PAYING TRIBUTE TO MOROCCAN MR MOHAMED EL KETTANI A MULTI-FACETED EN NOUS resources, Attijariwafa bank increased its share capital WOMEN TALENT HONOURED through a share offering reserved exclusively for the bank’s AGREEMENT employees and subsidiaries in Morocco and overseas. Attijariwafa bank paid special tribute to On the occasion of International Women’s women and their diverse roles via a multi- This MAD 3.1 billion issue, MAD 2.1 billion of which was Day, the Fez Saïss Association organised In 2012, Attijariwafa bank Group and the Institut Supérieur de Commerce earmarked for Moroccan employees and MAD 1 billion for media institutional campaign. The bank the Fez Golden Gate awards ceremony et d’Administration des Entreprises (ISCAE) signed a partnership agreement. foreign employees, comes in the wake of the 2005 and 2007 wanted to show its gratitude by highlighting rewarding those individuals, men or women, This relates to (i) establishing an SME-small business research chair awarding the three share offerings and underlines the bank’s commitment to their professional as well as personal roles. who have made a significant contribution best students’ dissertations; (ii) share the fruits of its success with its employees. As a result toward the emancipation of women or toward the country’s socio-economic and developing a university portal and www.attijariwafabank.com of this share offering, ownership of the bank’s equity by its (iii) introducing Jamiati, a university Moroccan employees and its subsidiaries rose to 5.1%. This cultural development. In 2012, the award for the “Economy” category was presented to e-card for the ISCAE Group. As part is the highest level of employee share ownership of any Moroccan company and one of the of the agreement, Attijariwafa bank highest by international standards. This share capital increase, both in terms of its size Mr Mohamed El Kettani, Attijariwafa bank’s Chairman and Chief Executive Officer. Other will also inform ISCAE Group of and the significant discount granted, underlines the Group’s determination to involve its awards were presented to eminent Moroccan its requirements in terms of work employees in its development. individuals in other categories. placements and recruitment. It is also expected that representatives Zakia Entrepreneur et militante associative of the bank will give lectures and participate in seminars organised Ahmed Ben Yessef by the school. TRIBUTE TO FEMALE 50 YEARS OF PAINTING EMPLOYEES Attijariwafa bank, As a committed patron of the arts, the Attijariwafa bank rend hommage aux talents des Marocaines On International Women’s Day, gifts were Foundation organised an exhibition in homage Attijariwafa bank société anonyme au capital de 1 929 959 600 DH - Siège social : 2, boulevard Moulay Youssef, Casablanca. Agréée en qualité www.attijariwafabank.com ATTIJARIWAFA BANK, DANCING TO THE d’établissement de crédit par arrêté du ministre des finances et de la privatisation n°2269 -03 du 22 décembre 2003 tel que modifié et complété- RC 333. distributed across the Group. To mark the to Ahmed Ben Yessef, one of the stalwarts of occasion, the bank’s female amateur painters, RHYTHM OF WORLD MUSIC Moroccan painting. A preview to the exhibition who participate in a weekly Sunday workshop « Ahmed Ben Yessef, les paysages de at the Bouskoura Club, organised a preview As part of its policy to promote art and culture, Attijariwafa bank Group l’âme », was held in the Espace Actua at the bank’s entitled « Women Painters ». once again teamed up with the Festival Mawazine, Rythmes du Monde, head office. The exhibition was an opportunity to The guests attending the exhibition marvelled the country’s largest music festival and a major event on the international review the work of a pioneer, a “bearer of peace th at their work. The paintings have since been music scene. Participation in what was the Festival’s 11 year underlines and hope, [which] earned him international recognition and a place among the artisans the Group’s commitment to promoting cultural and artistic excellence. exhibited in the bank’s restaurant. of intercultural exchange. He is also the one who has immortalised the great events of our history. Thanks to him, our one hundred dirham banknote is a work of art” declared Mr. Boubker Jai, Managing Director of Attijariwafa bank.

18 19 Chapter 1 ANNUAL REPORT 2012 Chapter 1 HIGHLIGHTS 2012

EMPLOYEES ACCLAIMED MUSIC AND CIVILISATIONS AT QUALITY CEREMONY

The Fez Festival of World Sacred Music aims to reconcile peoples and cultures by promoting core values of dialogue and openness. The “Group Quality” unit organised for the second consecutive year the « Quality Attijariwafa bank once again partnered the Festival in what was its 18 th Awards » ceremony. 64 employees were acclaimed based on the results of year. This year’s festival, on the theme of «Re-enchanting the World», a customer satisfaction survey in which 7,800 customers participated. In 2012, paid special tribute to the great Persian poet Omar Al Khayyam. coverage of the Quality Awards project was extended to 5 categories, 22 themes and 100 measurement indicators.

June July September October November December

ATTIJARIWAFA BANK THINKING ABOUT FOUNDATION EXTENDS THE CONTINENT’S ITS COVERAGE TO TODAY’S WORLD PRE-SCHOOL MAJOR EVENT Organised in Casablanca under the special patronage of His Majesty King Mohammed Attijariwafa bank demonstrated its strong VI, the 2nd African Development Forum on the theme of « Catalysts for commitment to supporting educational accelerating South-South cooperation » lived up to its promise. Given its importance initiatives by signing a partnership as a medium for exchange between businessmen, the Forum brought together over agreement with Care International 1,300 individuals (politicians, diplomats, businessmen) from 12 countries and resulted Morocco relating to pre-school education. in more than 3,600 business meetings. This partnership aims to encourage the The closing ceremony was marked by the award of trophies for South-South cooperation PROMOTING AND integration of children into the educational to companies that have contributed the most to the development of intra-Africa trade REWARDING EXCELLENCE system and reduce the dropout rate. and investment. This programme will be implemented Attijariwafa bank Group perpetuated a over a three-year period with support tradition of promoting knowledge and provided to 40 schools and about 2,000 encouraging excellence. In partnership pre-school children aged 3 to 6 years. The with the Ministry of Education, the project is also targeting better social and bank organised an awards ceremony economic integration on the part of the to distinguish the 32 most deserving parents through greater involvement in students from preparatory classes. their children’s education. Approximately These students had obtained the highest 2,000 families and 40 parents associations rankings in competitive examinations for are concerned. The theme of Attijariwafa bank’s 2nd Global Economics Conference, which admission to Morocco’s grandes écoles, has become a major forum for discussing ideas and making proposals, was “Moroccan prestigious engineering and business economic trends in a fast-changing global context”. Chaired by Mr Mohamed El Kettani schools. On this occasion, in front of an and graced by the presence of a number of eminent individuals, the event was attended audience of young people at the outset by 600 businessmen as well as representatives of Morocco’s major international trading of their careers, Mr Mohamed El Kettani partners. The aim of this conference was to debate the domestic and international outlined the opportunities within our challenges and opportunities facing the country. The conference was also marked by continent through a lecture entitled the award of prizes to this year’s top graduates. The best students nationwide were « African continent, prospects and future invited by the Attijariwafa bank Foundation as part of its policy of encouraging and potential. » paying tribute to the brightest.

20 21 23 CHAPTER 2 ANNUAL REPORT 2012 CHAPTER 2

PERFORMANCE DRIVEN BY GOOD 2• GOVERNANCE AND STRATEGY

ANTICIPATION AND ADAPTATION,

ATTIJARIWAFA BANK MANAGEMENT AND COORDINATION IN HARMONY WITH ITS COMMITTEE 24 ENVIRONMENT CORPORATE GOVERNANCE 28

MEET THE GENERAL MANAGEMENT 32

2,882 22 5 NUMBER OF BRANCHES NUMBER OF COUNTRIES WOMEN MEMBERS OF THE MANAGEMENT AND COORDINATION COMMITTEE

Figures at 31 December 2012

Attijariwafa bank has adopted good governance as a credo. Good governance is dependent on a number of managerial, control, audit and risk management bodies. Attijariwafa bank Group’s 2015 strategic plan is also based on diversification by business activity and geographical region. Chapter 2 ANNUAL REPORT 2012 Chapter 2 MANAGEMENT AND COORDINATION COMMITTEE

Mohamed EL KETTANI Chairman and Chief Executive Officer

Hassan BEDRAOUI Wafaa GUESSOUS Saad BENWAHOUD Deputy Managing Director Deputy Managing Director Deputy Managing Director Group Transactional Banking Group Logistics and Purchasing North-West Region

Boubker JAI Managing Director (Co-CEO) Corporate and Investment Banking, Capital Markets and Financial Subsidiaries Division

Hassan BERTAL Talal EL BELLAJ Chakib ERQUIZI Deputy Managing Director Deputy Managing Director Deputy Managing Director Corporate Banking Global Risk Management Group Capital Markets Banking

Omar BOUNJOU Managing Director (Co-CEO) Retail Banking Division

Omar GHOMARI Saad BENJELLOUN Mohamed HAITAMI Deputy Managing Director Deputy Managing Director Deputy Managing Director Group Human Resources Greater Casablanca Region Specialised Financial Subsidiaries

Ismail DOUIRI Managing Director (Co-CEO) Finance, Technology and Operations Division

24 25 Chapter 2 ANNUAL REPORT 2012 Chapter 2 MANAGEMENT AND COORDINATION COMMITTEE

Mounir OUDGHIRI Youssef ROUISSI Said SEBTI Malika EL YOUNSI Rachid KETTANI Noufissa KESSAR Deputy Managing Director Deputy Managing Director Deputy Managing Director Executive Director Executive Director Executive Director International Retail Banking Group Corporate and North-East Region Group Legal Advisory Group Finance Private Banking Investment Banking

Younes BELABED Saloua BENMEHREZ Mohamed BOUBRIK Mohamed SOUSSI Fouad MAGHOUS Driss MAGHRAOUI Executive Director Executive Director Executive Director Executive Director Executive Director Executive Director Support and Resources Group Communications South-West Region Group Services and Processing South Region Personal & Professional Retail Banking Division Banking

Mouaouia ESSEKELLI Soumaya LRHEZZIOUI Ismail EL FILALI Rachid EL BOUZIDI Executive Director Executive Director Executive Director Executive Director Managing Director Group Information Systems Group General Audit Banking for Moroccans Attijariwafa bank Europe Living Abroad

26 27 Chapter 2 ANNUAL REPORT 2012 Chapter 2 CORPORATE GOVERNANCE

Corporate governance and business ethics are guiding principles for the Group. They apply to all Internal rules define the Board of Directors’ responsibilities and the organisation and running subsidiaries and are adapted to their particular business activity and size. of Board meetings. In addition to rules governing the Board of Directors’ work, a number of supervisory and management A Director’s Charter specifies the rights and duties attached to the position of Director, particularly bodies have been established. with regard to confidentiality, conflicts of interest and trading in Attijariwafa bank’s shares.

Four specialised committees composed of Directors report to Adopting a collegial approach to decision-making within the Group, a the Board of Directors: number of committees, comprising the bank’s management and/or business •The Strategy Committee is responsible •The Major Risks Committee rules line specialists, rule on all business for steering and monitoring the on the Group’s overall risk policy activities at various decision-making Group; and validates the latter’s major levels. commitments; Independent of this process, the General •The Audit and Accounts Committee Management Committee takes an analyses the Group’s accounts, reviews •The Appointments and Remuneration overview of the Group’s operations, the involvement of the statutory Committee makes proposals to the steers major strategic projects and auditors and ensures effective risk Board relating to the remuneration prepares questions to be submitted control and internal and external of the Group’s executives. to the Board of Directors. audit services; The Management and Coordination Committee is responsible for the Group’s operational and administrative management.

28 29 Chapter 2 ANNUAL REPORT 2012 Chapter 2 CORPORATE GOVERNANCE

BOARD OF DIRECTORS

Mr Abdelaziz ALAMI Mr Hassan BOUHEMOU Mr Manuel VARELA Honorary Chairman Director, representing SNI Director, representing Grupo Santander Mr Mohamed EL KETTANI Mr José REIG Chairman and Chief Executive Officer Director Mr Hassan OURIAGLI Director Mr Antonio ESCAMEZ TORRES Mr Abed YACOUBI SOUSSANE Mrs Wafaa GUESSOUS Vice-Chairman Director Board Secretary Mr Mounir EL MAJIDI Mr Javier HIDALGO BLAZQUEZ Director, representing SIGER Director

STRATEGic COMMITTEE AUDIT AND ACCOUNTS COMMITTEE

Members Position Members Position Mr Mohamed EL KETTANI Chairman and Chief Executive Officer, Attijariwafa bank Mr Abed YACOUBI-SOUSSANE Chairman Mr Hassan BOUHEMOU Director, representing SNI Mr Hassan OURIAGLI Director Mr Antonio ESCAMEZ TORRES Vice-Chairman Mr José REIG Director Mr José REIG Director Guest members Mr Talal EL BELLAJ Deputy Managing Director, Global Risk Management Mr Ismail EL FILALI Executive Director, Group General Audit Major risks committee Mr Rachid KETTANI Executive Director, Group Finance

Members Position Mr Mohamed EL KETTANI Chairman and Chief Executive Officer, Attijariwafa bank appointment & remuneration coMmittee Mr Hassan BOUHEMOU Director, representing SNI Mr José REIG Director Members Position Guest members Mr Mounir EL MAJIDI Director, representing SIGER Mr Ismail DOUIRI Managing Director, Finance, Technology and Mr Hassan BOUHEMOU Director, representing SNI Operations Division Mr José REIG Director Mr Talal EL BELLAJ Deputy Managing Director, Global Risk Management

30 31 Chapter 2 ANNUAL REPORT 2012 Chapter 2 MEET THE GENERAL MANAGEMENT TEAM

Boubker JAI, Managing Director Corporate and Investment Banking, Capital Markets and STRONG GROWTH MOMENTUM Financial Subsidiaries Division

IN THE INTERNATIONAL BUSINESS Attijariwafa bank has strategically How does Attijariwafa bank cope positioned itself as a genuine with the conflicts and crises pan-African bank. How does the encountered in a number of sub- Group support the economies of Saharan countries? Given these those countries in which it has difficulties, have you maintained Number of African countries in which the bank has operations (excluding Morocco) operations and investors in those your growth targets for Africa? countries? How does it promote Crises and conflits that occur from 0 1 2 2 4 6 9 10 South-South trade? time to time in Africa are unfortu- First, the banking and financial nately common but are relatively services provided by the Group short-lived by comparison with 2004 2005 2006 2007 2008 2009 2010 2011 in overseas markets are those the long-term business outlook. in which it excels at home. North By diversifying our investments Africa and the WAEMU and CAEMC across several countries, we regions have considerable potential follow a relatively simple rule in In recent years, we have seen given the currently limited pene- our business which is to minimise a tangible rise in the number tration of banking services and risk through diversification. In of major structural projects in given these countries’ financing addition, the exposure of each Morocco, particularly in the energy JULY-06 needs, levels of trade and support individual investment is relatively SEPTEMBER, and infrastructure sectors. How for major infrastructure projects. limited by comparison with the • Beginning of DECEMBER-09 does Attijariwafa bank react Attijariwafa bank’s There is a strong fit between the size of our balance sheet. This • Acquisition of Crédit and in what way does it support operations in Senegal skills and expertise of the Group minimises the impact from a du Congo and l’Union investors? DECEMBER-04 on the one hand and the needs potential crisis and therefore the Gabonaise de Banque Until now, the Group has participa- of these economies on the other. under-performance of the subsi- from Crédit Agricole ted in every large-scale strategic • Merger between JANUARY-07 Our strategy, which stems from diary in question. If we encounter BCM and Wafabank • Acquisition of Société project undertaken in the country. our culture as a universal bank a situation of unrest, a support and • Acquisition of a 67% stake in Ivoirienne de Banque That proves that Attijariwafa bank built up over more than a century assistance policy is implemented Banque Sénégalo-Tunisienne and Crédit du Sénégal has the means and ability to in Morocco, is replicated in our to mitigate its impact on the sub- which then merges with from Crédit Agricole offer the best possible support target markets. For example, sidiary’s assets and employees Attijariwafa bank Sénégal for this type of project whether it our Senegalese and Tunisian as well as on our activities and is advising, arranging standard subsidiaries serve all types of customers. Having said all that, or structured finance solutions, customer through an increasingly Africa’s growth prospects are providing financial assistance large local branch network which real as can be seen from the APril-08 SEPTEMBER-05 DECEMBER-10 during the operating cycle or cash provides solutions that best meet growing interest from corporates • Acquisition of a 79% management products and ser- their needs, occasionally with around the world. We have not • Acquisition of a banking licence stake in CBAO Sénégal by • Acquisition by a consortium vices or whatever. We draw from a additional support from head only maintained our objectives in Senegal Attijariwafa bank and ONA/SNI comprising Attijariwafa bank comprehensive range of services office. For investors or corporates but raised our expectations due (67%) and Banque Populaire that are constantly updated and wishing to invest or trade in any of to major development projects • Beginning of Attijariwafa bank’s NOVEMBER-05 Group (33%) of an 80% stake in provided by recognised experts those countries in which we have across the entire region. operations in Guinea-Bissau BNP Paribas Mauritanie which Acquisition of a 54% stake in project finance, investment operations, we have specialist units • following the acquisition then becomes Attijari bank in Banque du Sud in Tunisia banking or capital markets. Our at head office which can provide of CBAO Mauritanie in conjunction with Grupo sense of anticipation is down to the necessary information and Santander, resulting in the NovembER-08 • Launching of banking our experience and a permanent establish appropriate contacts creation of Attijari bank Tunisie operations in Burkina Faso presence on behalf of investors through our various offices. In • Acquisition of a 51% stake and corporates. It is only natural addition, we organise several • Establishment of in Banque Internationale therefore that existing and pros- major events to promote contacts Attijariwafa bank Europe pour le Mali APRIL-11 pective customers consistently between African businesses and select us. encourage trade and investment. DECEMBER-08 • Acquisition of a 51% • Merger between Attijari bank stake in Société Sénégal and CBAO Commerciale de Banque Cameroun

32 33 Chapter 2 ANNUAL REPORT 2012 Chapter 2 MEET THE GENERAL MANAGEMENT TEAM

Omar BOUNJOU, AN ORGANISATION THAT IS CLOSE Managing Director TO ITS CUSTOMERS Retail Banking Division

structure has been enhanced by efficiency, we are winning market In 2012, the bank’s domestic banking operations were reorganised along regional lines in line with establishing a Markets unit (Per- share in the different segments the government’s segmentation of its administrative functions by region. The organisational structure sonal and Professional Banking, of the deposits market while Moroccans living abroad, Corporate maintaining control of costs. was altered in January 2013 to better satisfy customers’ expectations. The branch network is now Banking, Private Banking) whose What really makes us stand out, structured around five regional divisions, ensuring greater proximity to customers by making it responsibilities include strategic though, and where we are way easier for them access to the Group’s full range of services. analysis, intelligence, development, ahead of our competitors, is our marketing and providing support ability to collect funds outside for the regions and networks. our core banking business. This SMEs and small businesses have is through activities such as bank benefited from greater proximity insurance and asset management due to specialisation of business in conjunction with our respective centres, opening corporate ban- subsidiaries. As a result, we are Regionalisation is a national 974 king branches in medium-sized the leading savings institution project to which Morocco is com- towns on the outskirts of major in Morocco. mitted. Attijariwafa bank has Personal & Professional cities or new industrial zones and adopted a regional organisational There has been a major increase Banking Branches creating small business centres. in the number of branches. What structure. What are the initial They are better supported by the are the primary objectives and effects, particularly with regard regions with regard to their credit why? 39 1,256 to financing and supporting SMEs applications, their general needs and small businesses? and when they are facing difficul- For several years, the Group has Corporate Banking Business Branches of Moroccan Adopting a regional organisational ties. There has been a significant adopted an aggressive strategy Centres and Branches Subsidiaries structure based on five regions improvement in customer rela- of branch network expansion and has four objectives: tionship management and sales investment in zones on the edge efficiency within the Corporate of large cities, small and medium- - Group together Personal Banking Banking network with improved sized towns as well as in urban and and Corporate Banking networks monitoring of investment appli- rural communities in more remote 2,269 Branches within a single network; cations, particularly with regard areas. Throughout the process, we in Morocco - Enable General Management to support measures developed have supported urbanisation, the to reach out more effectively to in partnership with the State via development of road infrastructure customers and partners through the CCG and ANPME. and the emergence of new economic regional representatives; and industrial centres. This has In a context of tighter liquidity - Promote synergies between the encouraged the take-up of banking in which the entire industry is different customer segments services among new customers maximising efforts to attract Greater (Retail customers, Corporates, (civil servants, company employees, North-West North-East South South-West savings, how can the Group stand Casablanca Moroccans living abroad, Pri- Moroccans living abroad, small Region Region Region Region out from its competitors? Region vate Banking) and the different businesses) who have been able distribution channels (branches Our Group is currently joint leader to access credit and other banking and business centres); in bank deposits, top-ranked services. Other products that have in residents’ deposits (Retail registered strong growth include branches branches branches branches branches - Shorten decision-making circuits 595 476 541 394 263 and Corporate customers) and mortgage loans, bank insurance, through increased decentralisation. challenger in the Moroccans bank cards and services for small The policy is now fully operational living abroad deposits market. businesses which, as the core of and the objectives have generally Thanks to the dynamism of our our country’s economic and social been met. The organisational sales staff and our organisational fabric, offer tremendous potential.

34 35 Chapter 2 ANNUAL REPORT 2012 Chapter 2 MEET THE GENERAL MANAGEMENT TEAM

« Attijariwafa 2015 », Ismail Douiri, Managing Director AN AMBITIOUS STRATEGIC PLAN Finance, Technology and Operations

Having implemented its 2012 strategic plan a year ahead of schedule, Attijariwafa bank began diversified and demanding needs. By contrast, thanks to our uni- the year with the launch of its new “Attijariwafa 2015” strategic plan. The main features consist of It has also involved processes. versal banking model which maintaining strong growth over the period, continuing to improve all risk indicators and profitability We have undertaken a number of is based on a variety of com- initiatives such as creating centres plementary business activities and creating substantial value for the Group’s customers, employees and shareholders as well of excellence and optimising and geographical regions, other as the economies of those countries in which it has operations. operations to improve service projects have advanced more quality while controlling costs. rapidly than expected. This has Finally, the biggest change has enabled us to meet our sharehol- concerned the behaviour of our ders’ expectations. Coupled with workforce which now numbers the best international financial 15,000 employees and collectively reporting standards, this strategy owns more than 5% of our capital. has enabled Attijariwafa bank’s shares to outperform those of its The main strategic objectives of “Attijariwafa 2015” are as follows: It strives to satisfy our 6.2 million customers in 22 countries on a peers as well as the Casablanca daily basis. stock market on a sustainable In recent years, the bank has basis. implemented a number of major More generally, what progress As can be seen from your acti- projects requiring conside- has been made in terms of the Consolidate its position Capitalise on the Operational efficiency Emerging markets rable resources and a high level vities, it is clear that social in Morocco, optimise significant growth and risk management and regional 2015 strategic plan and what of motivation on the part of responsibility is very important the mix of activities potential of the in line with the best integration are the key aspects of strategy? employees. What is your initial to you at a personal level. How and capture additional international network international standards are you able to reconcile your assessment of these projects and Strategic planning forms an market share responsibilities with your social integral part of Attijariwafa bank’s what changes have resulted? commitments? governance. The bank’s 2012 • Consolidate its position as the • Continue to expand the network • Accelerate economies of scale; • Capitalise on the emergence Since the merger of BCM and strategic plan was drawn up If you have had the privilege of incumbent market leader in all and develop overseas; of Casablanca as a regional • Improve managerial stan- Wafabank in 2004, Attijariwafa bank having a professional career like business lines and customer financial hub; in 2011. 2012 was only the first • Systematically transform dards, execution efficiency, has taken a major step forward in year of its completion. Corporate mine, the duty, desire and plea- segments; sure to give something back to newly-acquired banks and service quality standards, • Encourage the development becoming a leading regional player strategy remains focused on • Win market share and become strengthen control procedures; risk control and human of capital markets in Morocco; the community are even stronger! in Africa. This is due to the constant attracting new customers and market leader in those segments resources management in I choose causes that are important • Progressively implement the • Participate in the current trend effort of our employees as well as where existing penetration is line with best international providing them with services, to me such as social mobility Attijariwafa bank business model toward regional integration in the judicious and well-disciplined low (e.g. Economical Banking, practice. product innovation, diversifying through education and promo- and that of its business lines a context of profound political, decision-making of a united Alternative Finance, SME the product range, optimising ting entrepreneurship. I remain in those countries in which the social and economic change. and committed management Banking etc.); synergies between Group en- committed to supporting modern, bank has operations; team faced with multiple, often well-structured associations • Generate synergies in revenues tities, operational efficiency • Implement intra-Group initiatives contradictory priorities. which are managed like real and costs in a disciplined and and financial inclusion. Until between countries and ensure businesses. I can always find the systematic manner. Specifically, the transforma- now, results are in line with our the sharing of best practice. time for such causes! I am also tion has involved information goals but some initiatives have actively involved in structuring systems which have required been slower to take off due to and steering Attijariwafa bank’s heavy upfront investment. That deteriorating macro-economic corporate citizenship initiatives is aimed at bringing about rapid and geopolitical conditions in a which are comprehensive and development and enabling us to number of countries in which very generous while remaining meet our customers’ increasingly the bank has operations. discreet.

36 37 39 Chapter 3 ANNUAL REPORT 2012 Chapter 3

A COMMITMENT TO DEVELOPING CLOSE CUSTOMER RELATIONS 3• AND EXCELLENCE IN ALL CUSTOMER SEGMENTS

A BANK THAT CREATES

OPPORTUNITIES CORPORATE AND 40 INVESTMENT BANKING

TRANSACTIONAL 42 BANKING

CAPITAL MARKETS 44 BANKING

RETAIL BANKING 46

MULTI-CHANNEL 53 BANKING

SPECIALISED FINANCIAL 54 + 700,000 + 530 + 7% + 4% COMPANIES new customers new branches TOTAL CUSTOMER TOTAL CUSTOMER in 2012 in 2012 LOANS DEPOSITS WAFA Assurance 58

INTERNATIONAL 59 RETAIL BANKING

In 2012, Attijariwafa bank pursued its growth strategy across all banking, finance and insurance activities. 2012 was marked by a number of developments and the launch of a number of innovative services. The aim is to ensure proximity to all types of customer including Retail customers, Professional customers, Moroccans living abroad, International customers, Investors and Corporates in Morocco and overseas and to provide them with the best solutions and investment opportunities. Chapter 3 ANNUAL REPORT 2012 Chapter 3 CORPORATE AND INVESTMENT BANKING

In 2012, the bank reorganised and PROJECT FINANCE repositioned its Corporate Banking SYNERGIES and Investment Banking activities. Attijariwafa bank’s Project Finance Previously separate, the two business division confirmed its status as market FOR THE BENEFIT OF OUR leader in financing Morocco’s structu- lines have been grouped together within ral projects. It proposes tailor-made, CORPORATE CUSTOMERS the same entity now known as Group innovative solutions that comply with Corporate and Investment Banking. This the very best international standards. unit includes Large Enterprises, Project In 2012, the bank successfully concluded Finance, Attijari Invest and Attijari Finance Corp. The bank aims financing deals for a number of major to develop synergies for the benefit of customers while infrastructure projects in Morocco, MAD 21 billion capitalising on the development of Morocco’s capital markets. particularly in the renewable energy sector. As a result, the bank has earned This is also aimed at ensuring that the of resources from reorganisation itself a reputation as a leader in wind Large Enterprises Group becomes a leader in financing and supporting multinational farm financing. enterprises by introducing an integrated regional offering. The division conducted a number of Attijari Invest ATTIJARI FINANCES MAD billion acquisition finance deals, structured 106 real estate projects, hotel projects and CORP of commitments to industrial and logistics projects. With Attijari Invest is Attijariwafa bank’s specialist Private Equity subsidiary. It its proven experience in Morocco, the Attijari Finances Corp, a recognised Large Enterprises offers investors a range of high-return Project Finance division assists and expert in M&A advisory and equity financial investment solutions while supports Attijariwafa bank’s subsidia- and debt primary market activities, controlling the risks associated with MAD 4 billion ries in sub-Saharan Africa by analysing is the domestic and regional market such investments. Its main aim is to and financing infrastructure projects leader in Corporate Finance. of commitments (Senegal, Ivory Coast, and Gabon). build a well-diversified portfolio of managed by investments and projects with high In 2012, Attijari Finances Corp, the LARGE ENTERPRISES growth potential. Attijari Invest’s bank’s investment banking arm, Attijari Invest business is focused on two main consolidated its position as market In 2012, the bank retained its status activities: raising capital and fund leader in mergers and acquisitions MAD 25.6 billion as market leader in Large Enterprises structuring as well as managing by successfully advising major with commitments of MAD 4.6 billion investment funds. domestic corporates on a number in corporate finance of strategic deals. and resources (current accounts and With more than MAD 4 billion of term deposits) of MAD 4.1 billion. volumes (M&A, commitments under management The investment bank continued ECM, DCM) Growth in commitments was driven and a dozen funds under direct or to make its presence felt in both primarily by operating loans despite indirect management, Attijari Invest equity and debt capital markets the impact from lower equipment is one of Morocco’s leading private despite a challenging environment loans with a large number of existing equity firms. as liquidity conditions deteriorated. contracts maturing. The rapid growth It successfully advised the Group In 2012, Attijari Invest launched the in resources was largely due to term on a number of deals such as the 3P Fund, a public-private investment deposits. share offering reserved for Group fund investing in Moroccan SMEs. Cross-selling resulted in further employees as well as a number of Commitments totalled MAD 400 mil- intra-Group synergies. 2012 saw a major customers. lion at the first closing. The firm also strengthening of relations between structured new investment funds It is also worth noting that in 2012, the Group’s subsidiaries and business consistent with Attijariwafa bank’s Attijari Finances Senegal began lines for the benefit of customers who, as a result, have access to a complete regional development strategy, operations with a long-term goal of range of products and personalised generating strong synergies with covering the whole of sub-Saharan services. the bank’s business units. Africa.

40 41 Chapter 3 ANNUAL REPORT 2012 Chapter 3 TRANSACTIONAL BANKING

In 2012, Attijariwafa bank pursued its policy of developing closer relations INTERNATIONAL PROJECT BENEFITING with large enterprises, SMEs and FINANCE small businesses by establishing Group Last year, Attijariwafa bank extended its cooperation with leading multi- Transactional Banking. This division CORPORATE national institutions to its international brings together the bank’s domestic subsidiaries in Europe, North Africa cash management activities and sub-Saharan Africa. CUSTOMERS and its international activities (trade With a strong track-record in par- finance and Group Financial Institutions). tnering these leading institutions, In establishing Transactional Banking, the bank was able to participate in the financing of a number of major Attijariwafa bank has two main goals. projects such as “Renault Tangier The Group aims to consolidate its position as market leader in Med” alongside the EIB (European Morocco by maintaining its market share in the corporate segment Investment Bank). The bank also guaranteed and refinanced the The international business registered • A 30% increase in Attijariwafa bank and offering a range of quality services in all other customer international operations of its cus- growth of 26%. Results contrasted Europe’s Corporate activity due to segments. It also aims to become a leading player in Africa by tomers with the support of the AFTP significantly by segment: increased Group synergies as well actively companies in their (Arab Trade Financing Program), the CLOSE TO CUSTOMERS supporting and assisting as redirecting international flows • Strong growth in Trade Finance ABEDA (Arab Bank for Economic pan-African business activities. Group Transactional Banking is a towards Attijariwafa bank Europe, activities; this business, which, despite Development in Africa), the SFI Group entity which spans the entire value chain from product design the Group’s hub; In 2012, Attijariwafa bank supported seeing little change in its share of (Société Financière Internationale, its customers in their overseas acti- to sales, both at home and abroad. imports as well as strong growth in • A 30% rise in financing major a World Bank subsidiary) and the vities by once again partnering Maroc its share of exports, was significantly investments of foreign corporates ICIEC (Islamic Corporation for the Export in the 5th and 6th Caravanes de impacted by the crisis. This was due based in the offshore zone due to a Insurance of Investment and Export l’Export. No fewer than 7 countries to improved customer relations as a proactive sales approach by staff at Credit, a branch of the Islamic Deve- were visited including Guinea Co- In 2012, Group Transactional Banking result of regular events promoting Attijari International bank. lopment Bank). nakry, Congo Brazzaville, Senegal, registered growth of 27% in net banking foreign trade and organising “B to Ivory Coast, Gabon, Cameroon and income due to its cash management B” meetings; Burkina Faso. More than 150 export and international activities. • Growth of 213% in net banking income customers participated and benefited The cash management business grew from Group Financial Institutions from the bank’s help in scheduling by 31%, boosted by the development activities, driven by improved relations “B to B” meetings and offering advice of products and solutions for cash with foreign correspondent banks, to clinch business deals. management and a reorganisation resulting in a strong rise in foreign currency funding capabilities; These efforts were also complemented of sales aimed at developing closer by an annual conference on country customer relations and improved risk as well as a series of export targeting of the middle market segment. and cash management-themed Another reason was the development breakfasts, customer information of bank card services tailored to the seminars about Attijariwafa bank’s specific needs of Large Enterprises products and new regulations. in a rapidly changing environment for electronic payments.

42 43 Chapter 3 ANNUAL REPORT 2012 ChaptER 3 CAPITAL MARKETS BANKING

As one of the leading players in Morocco’s MAD billon RESEARCH & ANALYSIS : financial industry, Attijariwafa bank 1,338 ON THE SIDE OF INVESTORS EXPERTISE once again confirmed its status Total foreign exchange volume as market leader in all Throughout the year, the Research & capital markets activities. In 2012, MAD 30 billion Analysis department guided investors, ACROSS ALL despite a challenging environment, in search of fundamental research Foreign exchange derivatives content, forecasts and advice in Attijariwafa bank Capital Markets an environment of low visibility. Its maintained strong momentum with MAD 170 billion transversal organisational structure BUSINESS LINES robust growth in net income. enabled it to provide comprehensive The Group remained ahead of its Bond market volume coverage in a standardised format peers in the foreign exchange and fixed income businesses and for equities, market activities and macroeconomic analysis. The Research continued to dominate the treasury auction and corporate debt 126,349 commodity contracts & Analysis department responded markets. It participated in 9 bond issues for 4 different corporates to the need for economic analysis, as either lead manager or co-lead. With its unique track- offered insight on a variety of topical ATTIJARI Wafa Bourse Wafa Gestion record, Attijariwafa bank continued to support its customers themes relating to Morocco’s financial by managing their commodity risk on both organised and INTERMEDIATION markets and provided a high level of With operating income of MAD 5.5 Wafa Gestion, the bank’s specialist insight with its recommendations. Its OTC markets. million in 2012 versus MAD 4.8 mil- asset management subsidiary, saw Specialising in securities brokerage, new publications, Confidence Index lion in 2011, the bank’s online broker assets under management rise by Attijari Intermédiation’s trading volume or Risk Premium, have contributed saw its market share rise from 29% 8.7% year-on-year to MAD 72.3 billion. was MAD 31.7 billion against a backdrop to the Casablanca Stock Exchange’s to 35%. In 2012, Wafa Bourse conti- As a result, the subsidiary was able to Custody of the MASI general index falling effectiveness and are gaining accep- nued to expand its range of services maintain its position as market leader by 15.1%. tance as genuine benchmarks for by offering customers new savings the Casablanca market. Analysts with a market share of 30%. A notable With an overall market share of 35% Despite such an unpromising envi- products and decision-making tools. promoted their recommendations feature of 2012 was the launch of Atti- in 2012, Attijariwafa bank consolida- ronment, Attijari Intermédiation Customers are now able to invest throughout the year by participating jari Gold, Morocco’s first mutual fund ted its position as market leader in showed a high degree of resilience, online in a wide range of mutual funds in conferences and meeting domestic to be 100% indexed to the gold price. custody services, particularly in the registering growth of 4.7% in volume and transfer money to their cheque and foreign institutional investors This enables customers to diversify local institutions segment as well as in to MAD 18.7 billion on the Central accounts or savings plans. They are during investor road shows. Private their investment portfolios to include global custody, the latter due to major Market versus a decline of 15.6% also able to check tax details online Banking clients also benefited from precious metals. In 2012, Fitch Ratings international custodian networks. for the industry. The brokerage firm such as deductions or refunds arising the Research & Analysis department’s also reaffirmed Wafa Gestion’s M2+ Attijariwafa bank, benefiting strongly consolidated its position, registering on capital gains or losses. expertise through Lettre Patrimoniale, (Mor) rating. This reflects the high from its expertise and savoir-faire, market share gains of 6 points to a publication tailored to their needs. continued to develop its custodian In addition to comprehensive news level of expertise and the continuing 31.6%. Revenue fell by 27.8% versus activities in Africa. The Group now coverage, investors now have access to progress made at the operational level 2011 to MAD 28 million. Net income offers a full range of local custody detailed factsheets about listed com- as well as improvements in terms of declined 66.8% to MAD 5.1 million. technology. services in Tunisia and within the panies, including their main financial WAEMU and CAEMC regions of sub- indicators on the Wafa Bourse website, Saharan Africa. as well as forecasts published by the Research & Analysis department. MAD 72.3 billion MAD 31.7 billion Assets under MAD 438.5 billion Brokerage volume management Assets under custody 31.6 % 35 % Market share Market share 30 % 35 % (Central Market) Market share Market share

44 45 Chapter 3 ANNUAL REPORT 2012 Chapter 3 RETAIL BANKING PERSONAL & PROFESSIONAL BANKING

As a leading financial player and catalyst for the spread In order to meet the needs of a young In 2012, sales staff began to use of banking services, Attijariwafa bank continues to consumer society as well as the and enjoy the benefits of Borj CRM. BANKING provide its Personal and Professional banking growing popularity of large shopping This CRM application ensures opti- 1.5 million Personal centres in Morocco, Attijariwafa bank mal sales planning, offers a 360° customers with the very best that the bank has to offer and Professional launched a new branch concept within perspective and is highly effective in through innovative products and services tailored FOR EVERYONE shopping malls, Shopping bank. With identifying customers’ needs in terms banking customers to the needs of all. The branch network continues to its modern architectural design, this of products and services. Borj CRM grow in order to develop ever closer customer concept is aimed at providing customer provided invaluable support to seve- 260,000 new relations. A further 473 branches were opened service 7/7 with the longest possible ral marketing campaigns and direct in Morocco, including 403 belonging to the Wafacash opening hours. High-tech features marketing throughout the entire year. Personal and network. This takes the total number of branches to give this area a useful and practical Collecting deposits, selling products Professional 1977, including 964 Wafacash branches. ambiance. Shopping bank areas can and distributing loans are as much be found in shopping centres and areas of value creation as they are banking customers In 2012, the Personal and Professional shopping malls. an effective response to the needs Banking customer base saw further of customers. 473 new growth thanks to efforts to not only attract The launch of these different initiatives new customers but develop customer branches was accompanied by a communi- loyalty among existing customers. cations strategy focusing not only The bank largely focused on young on products and services but also 1,977 branches in people, employees and civil servants. involved sponsoring and participa- Morocco Concerted efforts were made at building SHOPPING BANK ting in major cultural, economic and loyalty and developing relations in the OUVERTE 7J/7 DU LUNDI AU DIMANCHE : 11H-20H business events. In 2012, the bank high-potential customer segments. A sponsored a number of conferences number of initiatives were also taken and meetings organised by regional and particular attention paid to attract and national associations and par- self-employed professionals, a strate- ticipated in a number of trade fairs, gically important customer segment. the most important being the Student This was achieved through constant Fair and the Motor Show. monitoring by customer relations offi- cers and branch directors, supported • Pack Kafi Pour’L, Solutions Bidaya • Visas Injad and Injad International: Donnez vie à vos envies by a well-targeted sales effort. Pour’L and Hissab Mourih Pour’L: 3 assistance services in Morocco and Attijariwafa bank société anonyme au capital de 2 012 430 860 DH - Siège social : 2, boulevard Moulay Youssef, Casablanca. Agréée en qualité www.attijariwafabank.com d’établissement de crédit par arrêté du ministre des finances et de la privatisation n° 2269-03 du 22 décembre 2003 tel que modifié et complété - RC 333. Adopting a differentiated marketing new packages specially designed for overseas designed in conjunction approach and consistent customer the bank’s female customers; with specialist subsidiary Wafa IMA Taking advantage of its special rela- focus, the Personal and Professional • Platinum card: a prestigious Visa Assistance, offering comprehensive tionships with major national and Banking customer base strengthened card for cash withdrawals and pay- insurance cover for the entire family multinational enterprises, the bank its sales and marketing strategy in 2012 ments aimed at an upmarket clientele, at very attractive rates; has negotiated a range of exclusive by launching new products and services enhanced by value-added services such • Age d’Or Symphonie: a tax-efficient benefits with a number of well-known tailored to each segment. These were as access to an international concierge unit-linked retirement savings plan for partners on behalf of its customers. aimed at creating value for the bank service and price reductions in more employed persons and professional From price discounts to free gifts, and its customers. than 50,000 hotels around the world; customers. customers may benefit from a num- ber of advantages with major brand partners.

Visa Platinum

4797 VALID ONLY IN MOROCCO / VALABLE SEULEMENT AU MAROC AU SEULEMENT VALABLE / MOROCCO IN ONLY VALID

46 47 Chapter 3 ANNUAL REPORT 2012 Chapter 3 RETAIL BANKING MIGRANT BANKING

Banking for Moroccans and Africans Living MAROCAINS RÉSIDANT À L’ÉTRANGER Morocco network Abroad – « Migrant Banking » lies AFRICANS at the heart of Attijariwafa bank’s growth 720,000 Moroccan strategy. Over the years, the bank has become a benchmark in this segment, customers living abroad WITHOUT BORDERS constantly implementing new initiatives and Tout un monde d’assistance actions on behalf of Africans living abroad 46,000 as well as in their countries of origin. new customers

+6 % growth in deposits Attijariwafa bank, intermédiaire d’assurances régi par la loi n°17-99 portant code des assurances. Agrément n°K992535072005780 du 6 juin 2005. Agrément des assurances. code n°17-99 portant par la loi régi d’assurances bank, intermédiaire - Attijariwafa des assurances. code 17-99 portant par la loi régie entreprise IMA Assistance, Wafa The Group has operations in 7 European Attijariwafa bank Europe network ATTIJARIWAFA BANK EUROPE: countries (France, Germany, Belgium, +11 % growth FRANCE AND THE « POST-TIP » ERA Netherlands, Italy, United Kingdom INJAD BILA HOUDOUD Assistance humaine 2012 was a pivotal year for médicale et technique 0801 000 555 and Spain) through specialist subsi- Operations in 7 European in transfers to Morocco Attijariwafa bank in France following

Attijariwafa bank société anonyme au capital de 2 012 430 860 DH. Siège social : 2, boulevard Moulay Youssef, Casablanca. Agréée en qualité d’établissement de crédit par arrêté du ministre des finances www.attijariwafabank.com et de la privatisation n°2269-03 du 22 décembre 2003 tel que modifié et complété - RC 333. diaries, 57 Attijariwafa bank Europe Wafa IMA Assistance société anonyme au capital de 50 000 000 DH. Entreprise d’assurances et de réassurance. Siège social : Casablanca Business Center, lot n°2 lotissement Mandarouna, Sidi Maârouf, countries Casablanca. RC 119 935 - IF 01068742 - Agrément n°1395.11 du 13 mai 2011. the end of the interbank payment branches and 15 CBIP branches order system (TIP) available within (Compagnie de Banques Internationales the Banque Postale network. In order de Paris, subsidiary of CBAO). The 57 branches In 2012, total remittances to Morocco In 2012, a partnership agreement to meet the needs of its customers, Group has also developed a network from the Moroccan diaspora fell by was finalised with Inter Mutuelles Attijariwafa bank Europe anticipated of partners to enable its customers new customers 4%. Despite the economic downturn Assistance, resulting in the launch the change and developed a portfolio of to access distribution networks in 18,000 and an end to the interbank payment of Injad Bila Houdoud. This is a body products responding to customers’ most those countries in which the Group (+39 %) order system (TIP) in France, the repatriation assistance product which immediate need, that of transferring does not have operations. It also has traditional way of transferring funds saw strong demand. Attijariwafa bank money. Signing the Silat’Wasl its own distribution networks in the growth in deposits used by the majority of Moroccans, also launched the Cap Qualité project partnership with Banque Postale was countries of origin, thereby offering +18 % Attijariwafa bank Europe registered with two aims: strengthen compliance essential to enable its customers to a dual range of banking products and 3% growth in transfers to Morocco. of the organisation, its processes and access the latter’s extensive network services that cover the entire needs + 3 % growth in transfers The Moroccan branch network out- information systems with banking in addition to the solutions proposed of customers across the Mediter- performed the market in spectacular regulations and ensure that the bank by Attijariwafa bank Europe. ranean region. The organisation of to Morocco fashion, registering an 11% increase adopts a policy of optimising and In 2012, the bank’s European Attijariwafa bank’s European subsi- in transfers. improving the quality of its operations subsidiary embarked on a massive diaries has been adapted with regard Much of the credit for such a perfor- in Europe. communications campaign in France to customer management, network mance must be attributed to initiatives to promote its Trans’Med product. sales and strategic and operational aimed at developing close customer This product, together with efforts marketing. relations. In addition to the traditional made in recent years to encourage In 2012, the Group began merging summer communications campaign, the TIP-using customers to use the Attijariwafa bank Europe and CBIP with Group organised road shows in France, Group’s in-house products instead, the aim of expanding its services and Italy and Belgium. Attijariwafa bank helped consolidate Attijariwafa bank’s expertise, initially in France, then in also participated during this year in reputation as a community bank which other European countries, to Africans Moroccan property exhibitions held has best prepared its customers for living in those countries. For similar in several major European cities the “post-TIP” era. reasons, the Group amended the (SMAP Brussels, Paris, Milan and agreement between Attijariwafa bank Amsterdam). Europe and Attijari bank Tunisie in order to improve service to Tunisians living in France, Germany and Italy.

48 49 Chapter 3 ANNUAL REPORT 2012 Chapter 3 RETAIL BANKING SMEs AND SMALL BUSINESSES

Mainstay of the domestic economy Attijariwafa bank PeTITeS eT MOYeNNeS eNTRePRISeS My father, who had just in terms of their contribution to GDP, wealth le mARoc compte SUR elleS “ SUPPORTING creation and job creation abilities, small and elleS peUVeNt compteR SUR NoUS returned from abroad, wanted medium-sized enterprises (SMEs) have traditionally to invest in Morocco. He was SMEs AND SMALL been one of Attijariwafa bank’s key priorities while small businesses are strategically important. able to realise his dream BUSINESSES The bank has adopted a proactive approach to thanks to the bank which supporting SMEs and small businesses HASSAN KHAlil DARI COUSPATe during their entire life cycle. In 2012, the bank initiated a nationwide believed in his project. „ communications campaign with the slogan « Morocco depends on its small and medium-sized enterprises. They can depend FiNANcemeNt I coNSeil I AccompAgNemeN t MR Khalil on us ». This campaign highlighted the success stories Dari Couspate Attijariwafa bank société anonyme au capital de 2 012 430 860 DH - Siège social : 2, boulevard Moulay Youssef, Casablanca. Agréée en qualité www.attijariwafabank.com of customers who, in providing testimonials, paid tribute to their d’établissement de crédit par arrêté du ministre des finances et de la privatisation n° 2269-03 du 22 décembre 2003 tel que modifié et complété - RC 333. SMALL AND MEDIUM relationship with the bank. ENTERPRISES SMALL BUSINESSES In 2012, Attijariwafa bank launched PARTNERING PUBLIC POLICY Attijariwafa bank continued to focus the management of their business Agricultural Show, the Internatio- a new range of loans specifically INITIATIVES on SMEs. The number of customers expenses and the Damane SME nal Building and Home Design Fair adapted to small businesses such Attijariwafa bank launched a number of Fully committed to the government’s increased significantly with several loan, a follow-up product to Damane and the Moroccan Association of as Crédit Rasmali, Rasmali Express, initiatives in favour of small businesses, initiatives for developing the domestic thousand new SME customers added. Express, which provides guarantees Textiles and Clothing Fair. The bank as well as the Rasmali leasing and which are a major driver of the country’s economy, Attijariwafa bank participates In terms of deposit growth, current of up to MAD 1 million through the also sponsored specific initiatives factoring range. During the year, a economic and social development. in nearly all government programmes accounts registered a rise of 17.2% Caisse Centrale de Garantie. number of small business centres (Chambers of Commerce, Chamber of As a result, the bank consolidated compared to 2012. were established and a particular to support the Kingdom’s productive To ensure closer relations with its Arts and Crafts, Regional Investment its position as market leader in the sales approach was adopted to cater resources. Attijariwafa bank’s results Responding well to the needs of Centres etc.). customers, Attijariwafa bank expanded small businesses segment, registering to the specific needs of small business were remarkable in respect of the customers, the bank enjoyed a record its sales network with the opening of significant growth in market share, customers. In addition, the branch Imtiaz and Moussanada support year in respect of its SME customer a new branch for corporate customers deposits and loans. The bank also saw network was made aware of the issues programmes for SMEs, implemented segment with a rise of 22% in product in Settat, taking the total number massive demand from this customer facing small businesses and specific as part of the National Pact for sales. Several innovative products of business centres and corporate 39 business centres segment for bank insurance products marketing initiatives were implemented Industrial Development. These were launched to support SMEs in branches to 39. Similarly, Corporate (savings and insurance-related products) accordingly. Lastly, Rasmali Pour’L, a programmes aim to help SMEs with their development. These included Banking made its presence felt by and corporate as well as bank cards, which are major specific financing product for women, high growth potential to realise their the Massarif card, an exclusive offer participating in several trade fairs branches growth drivers. was launched. development projects and strengthen that enables companies to streamline including the Meknes International their competitiveness at home and +17.2 % growth abroad. It is only natural that the bank participated in this venture. As PETITES ET MOYENNESsUR ENTREPRISES elles oc compte noUs in deposits in current le maR compteR sUR a result, the bank earned recognition S elles peUVent Everyone wants to get as the leading financial institution in maÎtriseZ vos frais P accounts “ rofessionnels back to eating organic food, respect of these two programmes. au Maroc et à l’étranger CHEFS D’ENTREPRISE to a more natural diet. + growth 22 % For the bank (...), this was in product sales something new (...), but (...) aYoUcH nadia ORISTE they were open to it. „ PhARMAcIENNE hERb

RS

M AYOUCH soit en I accompagnement I conseil Carte Pr Financement , le groupe ÉP agner dans leur développement à travers des offres de aYÉe massarif Les Très Petites Entreprises contribuenton de richesse. largement Afin de au les nseilsdynamisme accomp et accompagnement de l’économie marocaine, que ce termes d’emploi ou de créatiur disposition expertise, co ercial dédié. La solution sur-mesure pour régler vos frais professionnels Attijariwafa bank met à le daptés et un dispositif comm financement, des produits a HERBALIST www.attijariwafabank.com ge social : 2, boulevard au capital de 2 012 430 860 DH - Siè t complété - RC 333. Attijariwafa bank société anonym Attijariwafa bank société anonyme embre 2003 tel que modifié e d’établissement de crédit par a e au capital de 2 Moulay Youssef, Casablanca.isation Agrééen° 2269-03 en qualité du 22 décd’établissement de crédit par arrêté du ministre des 012 finances et de la privat rrêté du ministre des finances430 860et deDH la - Siège social : 2, boulevard privatisation n° Moulay Youssef, Casablanca. Agréé 2269-03 du 22 décembre 2003 tel q e en qualité ue modifié et complété - RC 333. www.attijariwafabank.com

50 51 Chapter 3 ANNUAL REPORT 2012 Chapter 3 RETAIL BANKING MULTI-CHANNEL BANKING PRIVATE BANKING

Market leader in Private Banking in Morocco, Fully aware of the role of CLIENTS ENJOYING Attijariwafa bank has developed over the years a information technology particular savoir-faire and expertise REMOTE and the resulting behavioural THE VERY BEST OF based on the very best international practice. With changes in society, Attijariwafa bank a specialist team and tailor-made products and WHAT THE GROUP has in recent years invested in services such as diversified investment products, BANKING SERVICES Multi-channel Banking. HAS TO OFFER wealth management and investment advisory services as well as legal and tax advice, Private Banking has been for many years one of the Group’s strategic priorities. Multi-channel Banking helps to improve As of recently, account holders can overall service quality (receiving incoming now change their PIN codes on any DÉPOSEZ VOS CHÈQUES ET FAITES VOS calls, responsiveness, accessibility, multi-function ATM. VERSEMENTS EN TOUTE SIMPlICITÉ availability etc.) as well as providing In 2012, the Private Banking business best in terms of human resources CONFERENCE CYCLES TO customers with the following products: was driven by a highly dynamic approach and equipment. Private Banking RETHINK OUR WORLD to product innovation. This ensured clients were invited to visit the new • Attijarinet, a website enabling retail and corporate customers to access 1,007 Automated that customers were supported head office which was temporarily In 2012, Private Banking confir- their accounts and carry out simple during each key phase of the personal transformed into a museum housing med its reputation for organising Teller Machines prestigious events and special transactions 24/24; wealth life cycle including asset sales, a coin collection, intended to depict debates. The 2nd and 3rd conference transfers, valuation and reallocation, the transmission of cultural values • DocNet, providing access to banking cycles were hosted by a renowned Including installed private equity etc. They were provided through the ages. Attijariwafa bank documents in electronic format (bank 80 economist or thinker. The 2012 with appropriate solutions in light of was named “Best Private Bank in statements, transaction statements in 2012 conferences were organised around changes to legislation, taxation and Morocco” on the occasion of the 2012 etc.); major social and intellectual the- market conditions as well as a growing Euromoney awards for excellence in • Suimoi, an SMS service informing mes. The second cycle dealt with need for quality in all operations. London. It received 8 awards including the customer about his account and the future of the Mediterranean In 2012, the bank’s call centre The range of products and services best private banking service, best providing notification of means of Accédez à ces services sur nos guichets automatiques region, the guest speaker being bancaires et gagnez du temps payment availability; operations released a single telephone client relationship management, best Attijariwafa bank société anonyme au capital de 2 012 430 860 DH - Siège social : 2, boulevard Moulay Youssef, Casablanca. Agréée en qualité www.attijariwafabank.com was expanded and impro- Thierry de Montbrial, founder and number (0522 58 88 88) enabling d’établissement de crédit par arrêté du ministre des finances et de la privatisation n° 2269-03 du 22 décembre 2003 tel que modifié et complété - RC 333. vements were made to the « Best Private Bank in Morocco on the CEO of the French Institute of Inter- • Avizo, an SMS service enabling the account holders to obtain an account organisational structure. rd user to receive information relating occasion of the 2012 Euromoney awards national Relations. The 3 cycle balance outside office opening hours Private Banking has adopted to a corporate bank account. for excellence was on the theme of “The economy via an interactive voice response a comprehensive sales policy » guides the world. What is man’s In 2012, Multi-channel Banking’s service. The call centre also conducted that genuinely provides nationwide investment products range and best role?” The guest speaker was the activities focused on developing customer several outward-bound marketing coverage in line with the bank’s new family office service. In its assess- and pre-sales campaigns aimed at distinguished writer and thinker loyalty and customer satisfaction while regional organisational structure. Personal and Professional Banking ment, Euromoney highlighted Private Daniel Cohen, currently Professor helping the branch network reach its customers, Moroccans living abroad, 2012 was one of the most eventful and Banking’s strategy and the quality of of Economics at the Ecole Normale sales targets. SMEs and small businesses. rewarding in recent years, starting services offered to clients as well as its Supérieure and Vice-Chairman of with the inauguration of Private Ban- ability to develop innovative solutions the Ecole d’Economie de Paris. Thanks to a well-targeted communications king’s new head office in Casablanca. tailored to the needs of a particularly campaign consisting of ATM message The office is equipped with the very demanding clientele. displays, account balance top-ups saw a 45% increase and payment of mobile phone invoices via ATMs registered an increase of 40%. In 2012, additional features were available on multi-function ATMs such as cheque book ordering and transfers as well as paying-in cash and depositing cheques.

52 53 Chapter 3 ANNUAL REPORT 2012 Chapter 3 SPECIALISED FINANCIAL COMPANIES

This performance was due to a proactive sales and marketing approach. Wafa Immobilier CROSS-SELLING Wafasalaf opened three new branches in Laayoune, Kenitra and Nador. EFFORTS REWARDED In addition, the consumer credit subsi- Established in 1991, A PRIORITY diary signed a further 30 agreements Wafa Immobilier is with major companies and public and Morocco’s leading private organisations. mortgage loan spe- One of Attijariwafa bank’s main strategic priorities of its strategic plan 2015 is to generate further As part of the company’s policy of cialist. The company synergies. diversifying products and services, it is involved at every stage of a real estate development project including The Group has taken the necessary organisational and operational measures to establish and develop continued to develop its third party support and advisory services, acquisi- greater synergies and cross-selling opportunities between the bank and its specialised subsidiaries. services including tailor-made solu- 124,129 customer tions adapted to the needs of partners tion, construction and redevelopment, Specialised Financial Companies have been encouraged to prioritise cross-selling and to develop ranging from upstream risk prevention bridging loans, real estate development applications processed packaged deals for the Group’s customers in leasing, factoring, confirming, consumer credit, to the recovery of unpaid loans. and loan agreements. mortgage loans, low income banking and vehicle and equipment leasing. The aim is to equip the In terms of new technologies, the Wafa Immobilier registered remarkable MAD 36.9 billion Group’s entire customer-base and generate customer loyalty through a diversified and subsidiary developed its web presence growth in production and outstandings of mortgage in 2012 due to increased synergies complementary range. further by launching an Arabic version of its website and signing numerous with Attijariwafa bank and its extre- outstandings Joint sponsorship of the 8th Auto Expo partnership agreements with e-commerce mely dynamic sales force. Mortgage outstandings rose by 13%, broadly 2012 by Attijariwafa bank and subsidiaries sites. Internet-based sales accounted for 4% of short-circuit production, an in line with the 12% increase in the Wafa Assurance, Wafasalaf, Wafa LLD and Dar Assafaa Prenez la route avec increase of 37% versus 2011. number of loan applications processed. la banque “toutes options” Wafabail is an example of how the bank The company further consolidated its A DIFFERENT WAY can successfully create synergies with its position as market leader of Morocco’s OF BANKING assurance I crédit I LOa I LeasinG I LOcatiOn LOnGue durée real estate market with a share of 24.6%, subsidiaries. With specific expertise a rise of 0.4 points on 2011. MAD 22.5 billion in alternative financial Total outstandings On the commercial side, the company services, Dar Assafaa, signed several agreements with major the first Moroccan company to comply public and private groups (large companies, MAD 10.3 billion strictly with international practice in Wafasalaf government agencies and real estate the area of participatory finance, was Total production developers) and organised numerous granted a licence from Bank Al-Maghrib CONFIRMED MARKET regional tours. It also participated in on 13 May 2010. LEADER a number of property exhibitions in In order to meet the needs of a clientele 43 branches Morocco and abroad including Dubai wanting alternative financing solutions, As market leader of International Property Show, SMAP Dar Assafaa, an independent subsidiary Morocco’s consu- Expo Brussels, SMAP Amsterdam with shariah-compliant governance mer credit industry, and SMAP Immo de Paris. and financial resources, provides a full Wafasalaf continued On another note, Wafa Immobilier was range of products that are governed to implement a num- proud to have organised Morocco’s by the murabaha principle. These ber of flagship projects. In 2012, its inaugural Public Notaries Conference. include deposits, savings, mortgage market share was broadly unchanged It also initiated a roundtable discussion loans, auto finance, consumer loans SponSor officiel du Salon auto expo 2012 at 29.2% of gross production and under the aegis of the Entreprendre Club, and equipment loans. foire internationale de casablanca du 18 au 27 mai 29.5% of outstandings, enabling it which marked the first public speech In 2012, Dar Assafaa signed a partnership to consolidate its position as mar- of new Housing Minister Mohamed agreement with the Mohammed VI ket leader. Gross production rose Nabil Benabdellah about the future Foundation for the Promotion of Charitable attijariwafa bank : sa. capital : 1 929 959 600 dH - siège social : 2, bd my Youssef, casablanca. rc 333. etablissement de crédit : arrêté du ministre des finances et de la Privatisation n° 2269-03 du 22 décembre 2003.Wafasalaf : sa à directoire et à conseil de surveillance. capital : 113179 500 dH. siège social : 72, angle rue ram allah et bd abdelmoumen - casablanca www.attijariwafabank.com r.c : 48 409 société de financement : arrêté dum inistre des finances et de la Privatisation n° 1211-96 du 18 Juin 1996.Wafabail : sa. capital : 150 000 000 dH. siège social : 5, bd by 9.9%, driven primarily by auto of Morocco’s real estate sector. abdelmoumen, casablanca. rc 35 763. société de financement : arrêté dum inistre des finances et de la Privatisation n° 1220-96 du 19/06/1996.Wafa assurance : sa. capital : 350000 000 dH. Works of Religious Attendants. siège social : 1, bda bdelmoumen, casablanca rc 31 719. entreprise régie par la loi 17-99 portant code des assurances par décision dum inistère des finances sous n° 52-06 en date du 6 janvier 2006. Wafa lld : sa. capital : 20000 000 dH. siège social : 5 bd abdelmoumen, casablanca, rc 109497. loans. Similarly, total outstandings registered growth of 9.0%.

54 55 Chapter 3 ANNUAL REPORT 2012 Chapter 3 SPECIALISED FINANCIAL COMPANIES

Wafacash Wafabail Attijari Factoring A YEAR OF EXPANSION A YEAR AFTER FACTORING, OF CONSOLIDATION CONFIRMING Established in 1991, solutions. New products and product features were launched including Cash Wafacash is the market Market leader in its sector, Specialising in Express (notification by SMS), Floussy leader in Morocco’s mo- Wafabail specialises in factoring and (large-scale sale and recharge) and ney transfer sector. Bac- equipment leasing for confirming, e-Recharge, in partnership with Wana ked by Attijariwafa bank professional use and Attijari Factoring Corporate. Wafacash also signed par- Group and the latter’s commercial real estate offers a complete range of services tnership agreements with a number service quality and funding, Wafacash’s leasing. to companies in the domestic as well success is due to the constant search of e-commerce sites in relation to Pay as international markets. Its range In 2012, Wafabail registered 5.9% for innovative and effective payment Cash as well as a strategic partnership includes managing, monitoring and agreement with Al Amana Microfinance, growth in financial outstandings and solutions. recovering accounts receivable, financing a microcredit association. Under the consolidated its position as market receivables and covering 100% of In 2012, the total volume of flows terms of the agreement, Al Amana will leader in its sector with a market the insolvency risk of Moroccan and handled by Wafacash rose by 23% assume responsibility for marketing share of 27.4%. while the number of transactions foreign issuers. In 2012, the company Wafacash’s money transfer services. With a new logo, the company pursued increased 28%. This was all the more effectively launched its confirming a number of projects in 2012 aimed remarkable given the market conditions, activity. A number of initiatives were at improving operational efficiency, which were negatively impacted by a undertaken aimed at raising awareness increasing intra-Group synergies and fall in remittances from Moroccan and marketing to large domestic MAD 36.2 billion optimising risk management. Wafabail living abroad. enterprises and buyer organisations. also embarked on the next phase of Total volume of flows These resulted in the gradual roll-out Wafa LLD Wafa Courtage its corporate development by esta- of 6 new contracts and a 122 % jump MULTIPLE SERVICING SMALL blishing a satellite branch in Agadir. in overall production. 13.5 million This regional representative office is COMMITMENTS BUSINESSES the first in a series of planned regional In 2012, Attijari Factoring’s overall transactions Wafa LLD specialises in Wafa Courtage, an outlets as part of its corporate strategy. production more than doubled (+112%). long-term vehicle leasing. insurance broker, The subsidiary recently opened its This was largely due to the import activity The company’s customer was integrated 964 branches new head office on Boulevard Moulay which benefited from a more hands-on portfolio includes many into the Specia- Youssef in Casablanca. approach with foreign correspondents. of Morocco’s largest companies and lised Finance Subsidiaries division in As a result of this excellent performance, government institutions. 2012. It has a large network of clients in 2012, Attijari Factoring was accepted Wafa LLD’s market share was estimated for whom it identifies the most appro- MAD 3.7 billion as a full member of Factors Chain at above 18%. priate guarantees and negotiates the International, a global network of Recognised as a socially-responsible best terms and rates. in total production leading factoring companies with company, Wafa LLD signed a par- more than 280 correspondents around In terms of performance, in 2012, tnership agreement with the Fondation the world. The company had been an Wafa Courtage registered growth MAD 11 billion Marocaine pour la Jeunesse, l’Initia- associate member for the past 10 years. of 87% in contracts managed, 14% in in financial tive et le Développement. Under this premiums and 21% in fees. commitment, the company provided Wafacash pursued its branch network outstandings a minibus to transport young people During the year, initiatives included expansion policy with the opening of and a hospital bus to conduct medical launching Securpro TPE, a multi- 403 branches, taking the total num- MAD 15.8 billion tours in remote areas for the benefit risk contract for small businesses ber of branches to 964. 2012 saw 91 % customer of total production of disadvantaged communities. guaranteed by Wafa Assurance. the company expand its operations satisfaction ratio into sub-Saharan Africa (Senegal and Ivory Coast), introducing addi- tional international money transfer

56 57 Chapter 3 ANNUAL REPORT 2012 Chapter 3 WAFA ASSURANCE INTERNATIONAL RETAIL BANKING

International Retail Banking is THE REGIONALLY a centralised unit dedicated to INVESTING managing and supporting INTEGRATED BANK the Group’s African subsidiaries. IN NEW NICHES It is as an interface between these subsidiaries and the Group’s various business lines and Votre entreprise et votre métier INTERNATIONAL DEVELOPMENT Donnez encore plus sont une richesse. Nous les protégeons. specialised entities. After launching an assistance D’ASSURANCE It also acts as facilitator, advisor and financier to economic agents à votre réussite ! business line in 2011, Wafa Assurance established a life insurance subsidiary in those countries in which the Group has operations with regard in Tunisia in 2012, marking the first to domestic and regional development projects. step in the company’s international development. The new company, Attijari Assurance, is jointly-owned Market leader in - The Life segment, in which the com- by Wafa Assurance (45% holding) 11 countries Morocco with a pany maintained its position as market and Attijari bank, Attijariwafa bank’s market share of 22%, leader due to a strong performance Tunisian subsidiary (55% holding). Wafa Assurance saw from bank insurance, despite tighter This new company, Attijari Assurance, 120.7 million its revenue grow by 8.5% in 2012. This liquidity conditions. This segment saw was granted a licence by Tunisia’s inhabitants was due to strong growth across all the launch of Age d’Or Symphonie, a Ministry of Finance on 30 November multi-fund unit-linked savings plan. 2012 to conduct life insurance business. segments: branches - The recovery in the automobile business It is worth noting that contracts sold The aim is to develop an integrated 555 bank insurance model in partnership was confirmed in 2012. Wafa Assurance’s in 2012 earned interest at 4.70% for with Attijari bank, which has the auto activity was supported by an savings products and 4.20% for reti- employees largest branch network in Tunisia. It is 5,309 internet and social media-based rement and education plans. hoped that this fledgling company will communications campaign. 15 points of sale were added in 2012, not only give a boost to the Tunisian 1.5 million customers - The Corporate business, a segment in taking the total number of exclu- insurance industry but also play its which Wafa Assurance has maintained sive agents and sales offices to 200. part in financing Tunisia’s economy a strong customer loyalty, saw growth The number of brokers was 172 at 31 on a consistent basis by recycling in all segments and healthy renewals December 2012. long-term savings. At an organisational level, the activi- Development division: in 2012. This was achieved despite ties of International Retail Banking - Responsible for, among other things, increased competition and resulting revolve around two divisions that act in coverage, monitoring and informa- pricing pressure as well as a slowdown conjunction with subsidiaries’ mana- tion-sharing in respect of banking for in transit and workplace accident gement teams: corporates, resident and non-resident cover due to worsening economic MAD 5.7 billion Support, Finance and Projects division: retail customers, small businesses conditions. In 2012, Wafa Assurance in premiums issued and professionals. It also oversees - Provides financial supervision by launched a campaign targeting small implementation of initiatives related to steering and monitoring subsidia- businesses. The purpose was to gain a Life premiums: the retail business such as marketing, ries’ financial performance (helps to solid footing in what is a very important distribution and product development. draw up medium-term business plans but as yet immature market. Small This division also initiates, monitors MAD 3.0 billion and steers budgetary processes and businesses, which are exposed to risks and finalises any major project liable financial reporting); and uncertainties that could hinder Non-life premiums: to have an impact on the subsidiary’s their development, would undoubtedly - Assists subsidiaries in implemen- country or region. benefit from increased insurance ting major projects across different MAD 2.7 billion Similarly, in conjunction with Group cover. To assist them, Wafa Assurance disciplines, the aim being to update Human Resources, International Retail is establishing tailor-made solutions key processes and support the bank’s Banking assumes responsibility for that offer a number of guarantees. market penetration. sub-Saharan students graduating The Support, Finance and Projects from Moroccan educational institu- division also contributes to the pro- tions by providing work placements cess of acquiring new international or training with a view to deploying subsidiaries. them or assigning them to positions of responsibility within subsidiaries.

58 59 Chapter 3 ANNUAL REPORT 2012 Chapter 3 INTERNATIONAL RETAIL BANKING

NORTH AFRICA WEST AFRICA

Attijariwafa bank Group conducts its SIB participated alongside Wafa SIB: HALF A CENTURY OF BANKING Attijari bank Tunisia operations in the WAEMU (West African Immobilier in a banking industry forum In 2012, SIB’s fiftieth anniversary Economic and Monetary Union) region held in November 2012, organised by celebrations were marked in four through the following subsidiaries: the Professional Association of Banks ways. A press conference was held CBAO, Crédit du Sénégal (CDS), Banque Deposits: and Financial Institutions of Ivory Coast to announce the official inauguration Internationale pour le Mali (BIM), Société (APBEF-CI). On the occasion of this of the festivities. Second, a multi- MAD 19.3 billion Ivoirienne de Banque (SIB), CBAO forum entitled “What contribution can media communications campaign Burkina Faso (CBAO branch office) credit institutions make to financing was launched with the message Loans: and SOFIB in Guinea-Bissau (CBAO housing?”, SIB’s Chief Executive Officer, «50 years at your side.» Customers subsidiary). Mr Daouda Coulibaly was awarded also benefited from promotional MAD 19.2 billion the Chevalier de l’Ordre National initiatives from June to December. decoration for services to the nation The fourth and final highlight was a convention for employees and IVORY COAST and, in particular, for his contribution Network: guests, attended by the Group’s SOCIETE IVOIRIENNE to managing the post-electoral crisis. General Management. 185 BRANCHES DE BANQUE

Deposits:

Attijari bank MAD 5.4 billion Mauritania Loans: MAD 4.3 billion Deposits: Network: MAD 807 million 41 BRANCHES Loans: MAD million 417 Société Ivoirienne de Banque is ranked fourth with a 10.3% share of the loan Network: market. 5 new branches were opened in 2012, taking the total number of 3 BRANCHES branches to 41.

Attijariwafa bank Group’s Tunisian in Tunisia and packages for offshore Attijari bank Mauritanie has a 4.8% operations are conducted through companies). share of the loan market and a 9.4% share of industry deposits. A new Attijari bank Tunisie. The bank has the It is also worth noting that, in November branch was opened in 2012. The largest branch network in the country 2012, the bank participated in “Business and an 8% share of the loan market. subsidiary participated as sponsor and Technology Crossroads”, an and exhibitor in Mauritanides 2012, a Highlights of the year included the international event highlighting new conference and exhibition about the opening of six new branches and industrial investment opportunities. It mining and petroleum industries. It enhancements to the range of products proved an excellent occasion for Attijari also participated in Mauritania Week and services (à la carte packages for bank to make contact with and market in Paris, organised by the Ministry of professional and retail customers, a to high growth corporates. Commerce, Industry, Arts & Crafts range of services for Libyans living and Tourism.

60 61 Chapter 3 ANNUAL REPORT 2012 Chapter 3 INTERNATIONAL RETAIL BANKING

Mali LA BANQUE SENEGAL INTERNATIONALE CBAO AND CRÉDIT pour le MALI DU SÉNÉGAL

Deposits: Deposits: MAD 3.5 billion MAD 10.5 billion Loans: Loans: MAD billion MAD 2.6 billion 8.9 Network: Network: AWARD FOR ATTIJARIWAFA BANK 165 BRANCHES CHAIRMAN AT THE 10TH SEDAR 79 BRANCHES The 10th SEDAR saw Mohamed El Kettani, Attijariwafa bank Group’s Chairman and Chief Executive Officer awarded the prize for African Integration. In receiving the award, he was recognised as “Person of the Year 2012”. The A BANK LEADING BY EXAMPLE winners are selected by a jury based on a set of criteria such as merit, BIM participated in the 2nd Malian performance and ethical conduct as Banks and Financial Institutions Event well as their achievements during the held in Bamako on 2-3 March 2012. year. The prize was awarded by His The bank had a stand that was voted Excellency the President of Senegal, “best stand”, as in previous years. Macky Sall. It hosted the visit of Mr Marimpa Samoura, Minister responsible for the Budget, who was received by Mr Abdelahad Kettani, BIM’s CEO. In Senegal, Attijariwafa bank Group Also in 2012, CBAO, in partnership with With the first event in 2010 proving is ranked No.1 with a 22.1% share Wafasalaf, launched a new consumer to be so successful, the event has of the loan market. The Group has credit line aimed at retail customers to become a regular feature in the calen- 157 CBAO branches and 8 Crédit du improve and automate the consumer The Malian subsidiary is ranked fourth dar. Among other things, it informs Sénégal branches. credit process. The Express CBAO with an 11.9% share of the loan market. Malians of trends and opportunities loan aims to meet a rapidly growing In the wake of the African Development The crisis of March 2012 resulted in in the Malian banking industry and Forum, the Group participated in the demand from customers by respon- generally promotes access to banking the closure of 11 branches, 8 of which Dakar International Fair, FIDAK 2012, ding to process credit applications services in the country. were reopened in second half 2012. from 29 November to 1 December in the shortest possible time (within 48 hours). However, the bank pursued its strategy 2012. This was to raise awareness of product enhancement for Malians about the Group’s activities and foster In 2012, Credit du Sénégal imple- The Senegalese Minister responsible for the Budget, partnerships and business opportunities Mr Abdoulaye Daouda Diallo, handing over the award living abroad (tailor-made packages, mented the MEHARI programme to Mr Mohamed El Kettani. Express loans, bank insurance) as between Moroccan and Senegalese (implementation of an Attiariwafa well as continuing to reorganise its businesses. regional and international hub). The sales force. In 2012, CBAO obtained Payment Card programme consists of transforming a subsidiary’s information systems Another feature was support for the Industry Data Security Standard (PCI and administrative, commercial and Hajj pilgrimage by providing Malian DSS) certification. It was the first bank accounting processes. pilgrims with voucher cheques and in Senegal and in the region to obtain means of payment. this certification, aimed at guaranteeing payment card data security.

62 63 Chapter 3 ANNUAL REPORT 2012 Chapter 3 INTERNATIONAL RETAIL BANKING AFRICA CENTRAL AFRICA Congo CAMEROON CRÉDIT DU CONGO SOCIÉTÉ COMMERCIALE The Group conducts its operations DE BANQUE CAMEROUN DEVELOPMENT within the CAEMC region (Central Africa Economic and Monetary Community) through the following subsidiaries: SPOTLIGHT ON SOUTH-SOUTH COOPERATION Union Gabonaise de Banque (UGB), Deposits: Crédit du Congo (CDC) and Société Deposits: Commerciale de Banque Cameroun MAD 4.1 billion (SCB). MAD 5.3 billion Loans: 12 COUNTRIES Gabon Loans: Union gabonaise MAD 1.2 billion de banque MAD 3.8 billion 100 POLITICAL AND ECONOMIC Network: DECISION-MAKERS Network: 35 BRANCHES Deposits: 30 BRANCHES 1,300 ECONOMIC AGENTS MAD 3.8 billion The Congolese subsidiary is ranked fifth with a 10.7% share of the loan The Cameroonian subsidiary is ranked market. 3,600 « B TO B » MEETINGS Loans: fourth with a 12% share of the loan In 2012, the bank increased its share market. In 2012, it opened 11 new MAD 2.9 billion capital from XAF 5,011 million to XAF branches. 7,744 million. It earned particular distinction in 2012 Attijariwafa bank rose to the challenge Central African Republic’s Minister of Network: by registering growth of 20% in its retail of bringing together decision-makers, Trade and Industry, Mr Yaranga Coulibaly, customer base due to the launch of a economic agents and opinion leaders Mali’s Minister of Agriculture, Mr Yonly 17 BRANCHES well-adapted range of products. It is around the same table to reflect on South- Ernest, Chairman of the Economic and ranked second in this segment with a South cooperation and pave the way for Social Council and former Prime Minister st share of almost 23% of loans. 1 prize VELEGDA a sustainable and profitable partnership of Burkina Faso, Mrs Abou-Zeid, the In Gabon, Attijariwafa bank is ranked During the year, the bank completed the in a continent which possesses a wealth African Development Bank’s Morocco- (BURKINA FASO) third with a share of 14.1% of the loan process of transforming its information of resources and potential. In 2012, the based representative in residence and market. In 2012, the bank opened systems and introducing a securities Group organised Africa Development, Mr Moumar Ba, Deputy General Manager nd 7 new branches. trading floor, which has enabled it one of the largest business meetings 2 prize of the Port of Dakar. In June 2012, the subsidiary increased to fast become a major player in the and forums for debate on development COMPAGNIE « Transport and Logistics », « Investor its share capital by FCFA 2.6 billion industry. in Africa. In 2012, the event was held SAHÉLIENNE to FCFA 10 billion by capitalisation for a second time, in Casablanca, on Protection and Regulatory and Tax Fra- of reserves. 8-9 November on the theme of « Which meworks » and « Financing of Trade and DES ENTREPRISES Investments » were the main themes of Also in 2012, UGB, to celebrate its 50th catalysts for accelerating South-South (SENEGAL) anniversary, conducted a customer cooperation? ». the three scheduled panels. Participants road show and a TV commercial. The Forum brought together over were given an opportunity to make a rd A ceremony was organised during 1,300 individuals, including politicians, number of recommendations that are to 3 prize HOUD which a number of corporate and diplomats, and businessmen, from be presented as a White Paper to policy INVESTISSEMENT retail customers were presented with 12 countries. Several ministers makers and political and economic figures awards in recognition of their loyalty. and renowned experts participated in the countries in question. The closing (MALI) In addition, UGB actively participated including Mr Nizar Baraka, Minister of ceremony was marked by the award of in the 2nd Morocco-Gabon Economic the Economy and Finance, Mr Youssef prizes for South-South cooperation to and Trade forum which brought Amrani, Deputy Minister responsible companies that contributed most to the together Gabonese companies and for Foreign Affairs and Cooperation, development of intra-Africa trade and their Moroccan counterparts. Mrs Marlyn Mouliom Roosalem, the investment.

64 65 67 Chapter 4 ANNUAL REPORT 2012 Chapter 4

SOCIAL RESPONSIBILITY ROOTED IN THE GROUP’S 4• VALUES AND CULTURE

A GROUP WHICH IS COMMITTED

COMPLIANCE, PROFESSIONAL CONDUCT AND QUALITY 68

HUMAN resources 70

ATTIJARIWAFA BANK FOUNDATION 74

ENVIRONMENT 78

PURCHASING 79 15,289 40 % 5.1 %

EMPLOYEES WOMEN of the share capital held by Group employees

Figures at 31 December 2012

Corporate Social Responsibility is a proactive process by which companies incorporate social, environmental and economic aspects in their business activities and their interaction with stakeholders. For a banking group, this means not only controlling risk but also contributing to economic and social development and environmental preservation. Attijariwafa bank takes into consideration all such aspects. It is recognised for its many social initiatives for the benefit of itsemployees and their families. Chapter 4 ANNUAL REPORT 2012 Chapter 4 COMPLIANCE, PROFESSIONAL CONDUCT AND QUALITY

The main components of Group policy the bank’s various networks regar- COMPLIANCE, PROFESSIONAL are as follows: ding the quality of service provided INTERNAL CONTROL - Anti-Money Laundering Charter; by subsidiaries and centralised units. - Anti-Money Laundering Procedures With a 98% response ratio for the Against a backdrop of increasingly Manual; Corporate Banking network and an CONDUCT AND QUALITY, strict regulatory requirements, - Staff Training and Awareness; 87% response ratio for the Personal Attijariwafa bank has established The activities of banking institutions are - Anti-Money Laundering Policy gradually Banking network, these impressive THE FOUNDATIONS internal control procedures that meet the participation rates reflect a high by a body of laws and regulations, extended to subsidiaries. governed highest international standards. These level of employee commitment to OF ANY TRUSTING professional standards, ethics and quality are based on frequent assessments of this initiative. standards which form the basis of a trusting operations, processes and systems. The relationship between the bank and each of its aim is to constantly improve operational QUALITY RELATIONSHIP efficiency and risk management in . stakeholders all Group entities. This system of Quality is one of the factors differentia- control is operationally dependent on ting one bank from another in strategic the Group’s different business lines terms. Attijariwafa bank has made and activities with a centralised unit quality one of its priorities, focusing PROFESSIONAL assuming responsibility for steering on two goals: to constantly improve policy. customer relations and implement CONDUCT The Group’s Compliance Officer can be Conduct in Morocco and in subsi- a quality culture within the Group. Actions resulting from this monitoring consulted should there be any doubt diaries in Europe and Africa as at the At the heart of the bank’s strategy for process are regularly reviewed by the The Group very early on introduced in relation to a potential breach of end of 2012. improving customer relations lies a professional conduct standards and Group’s General Management and ethical rules or any sign of improper In addition to this Code, other codes major Customer Empathy Programme anti-corruption measures as strategic Board of Directors. behaviour. have gradually been introduced rela- implemented by Corporate Banking, priorities, the purpose being to protect The Group provides comprehensive ting to specific functions considered Personal and Professional Banking its reputation and image and to set training to ensure that employees sensitive such as purchasing or being and subsidiaries. In 2012, more than an example as the banking industry’s 8,000 customers were contacted, are fully committed. When the Code a director. ANTI-MONEY leading financial institution. In 2003, resulting in a 93% customer satisfaction of Conduct was initially published, all the bank established a Group Pro- In 2012, anxious to constantly improve LAUNDERING score for the Personal and Professional employees received specific training. fessional Conduct department and its governance, Attijariwafa bank further Banking segment and an 86% score Since then, training and awareness AND COMBATTING in 2005 adopted a specific policy and strengthened Group policy regarding for the SME segment. Based on the sessions are conducted each year for culture that has earned industry-wide professional conduct: THE FINANCING results of this programme, a Quality new recruits who are also given lear- recognition and acclaim. Award is presented each year to those ning kits. Almost all Group employees, - Rules of professional conduct extended OF TERRORISM men and women within the bank who This policy is based on the principle approximately 12,000 people, have to include rules relating to personal (AML/CFT) have excelled. of reciprocal commitment between been given training on the Code of trading in securities by employees; the Group and its employees and - Professional conduct policy implemented Attijariwafa bank’s “anti-money laun- Furthermore, to serve its customers is primarily governed by a general in the Group’s African subsidiaries. dering and combatting the financing better, the Group is convinced that 93 % Customer code known as the Code of Conduct. of terrorism” policy complies with it must foster a culture of internal satisfaction score All employees are obliged to read Moroccan regulations as well as cooperation between entities and the Code and sign a formal letter of meeting best international practice. departments. An ambitious In-house for the Personal and undertaking. This policy aims to promote integrity Customer Empathy Programme has Professional Banking 12,000 employees and honesty as a means of achieving been introduced. Initially, its aim is to given training about commercial success. measure the level of satisfaction of segment the Code of Conduct 86 % Customer satisfaction score for the SME segment

68 69 Chapter 4 ANNUAL REPORT 2012 Chapter 4 HUMAN resources

Attijariwafa 2015, the strategic plan adopted JOB STABILITY A PRIORITY For the very first time, at the beginning of DEVELOPING 2013, the Group conducted an in-company by the Group in 2012 focuses on delivering Permanent staff account for 95% of CLOSER RELATIONS SUPPORTING the total headcount, underlining the survey measuring the social climate strong growth, implementing major bank’s commitment to job security. The within the company. The participation THROUGH INTERNAL organisational change along regional lines EMPLOYEE management-staff ratio rose by 15.5% rate was 81% which is exceptional by COMMUNICATION and adapting managerial practices. between 2010 and 2012 as a result of normal standards. The results show Internal communication relies on positive Group policy which favours promotion a high level of pride in working for the The human resources management policy exchange and support for the Group’s from within. As a consequence, exe- Group (85%) and an equally high level DEVELOPMENT plays a major role in corporate strategy. supporting cutive staff now account for 52% of of employee support for the Group’s such changes. the total headcount. Promotion from corporate strategy (86%). Two Group Committees, providing within has grown at a double-digit opportunities to debate and reflect on pace, +31.8% for the branch network the Group’s 2015 strategic plan, were THE GROUP’S HUMAN and +22.9% for head office. organised and attended by about one hundred executives. PROFILE The General Operating Committee met Attijariwafa bank Group’s headcount four times during the year and provided HEADCOUNT BY GEOGRAPHICAL 12/31/2010 12/31/2011 12/31/2012 CHANGE was 15,289 in 22 countries across 95 % permanent an opportunity for all those responsible REGION (GROUP) 11-12 the world as at 31 December 2012. staff for networks and head office departments Morocco 8,671 9,246 9,628 4.1 % to review the year’s achievements and The rise in the headcount is due to the North Africa (excluding Morocco) 1,679 1,829 1,921 5.0 % discuss future prospects. Group’s continued expansion which West Africa 2,160 2,231 2,260 1.3 % 52 % executive staff The “Moroccans living abroad” conven- is focused on specific businesses Central Africa 513 1,041 1,128 8.4 % tion, as is customary, kicked-off the and geographical regions with high Europe 285 332 345 3.9 % campaign targeting this customer growth potential. Middle East 6 7 7 0.0 % segment. This involved all market A UNIFYING participants reviewing the progress The internationalisation of the Group Group Total 13,314 14,686 15,289 4.1 % 81 % is supported by a deliberate policy made and outlining the way forward. of which bank employees 6,473 6,826 7,090 3.9 % CORPORATE CULTURE participation rate of skills transfer and reliance on PROMOTING STRONG Regional tours provided additional local expertise. The bank has only VALUES opportunities for meeting and forging 41 expatriate staff. 85 % of employees close relations with employees and The Group’s corporate values – corporate customers alike. In 2012, the bank’s The Group’s age pyramid shows that Over 55 years 2% 4% citizenship, leadership, solidarity, are proud to work for Chairman, managing directors and all age groups are represented. It commitment and ethical conduct – the Group senior management conducted a major reflects a diversity of profiles from 46-55 years 5% 11% established in the wake of the merger tour, visiting many towns and cities one entity to another within the across the Kingdom. Branch visits and between Banque Commerciale du 36-45 years 9% 14% working meetings were organised with Group. 2012 was marked by a high Maroc and Wafabank in 2005 continue 86 % of employees local staff. Each tour concluded with a number of retirements in Morocco, to underpin its corporate culture. support the Group’s which reflects a general trend in the 26-35 years 18% 25% plenary session involving all employees from the region. The purpose was to Moroccan population. The Group is intent on constantly improving corporate strategy Under 25 years 5% 7% its managerial culture by developing discuss the various issues and mobilise ever closer relations between managers staff around the 2015 strategic plan. Age pyramid in 2012 (Group) Female and their staff and maintaining a strong Lastly, the Chairman hosted a series Male team spirit. Attijariwafa bank was recently awarded of breakfast meetings during the year the “National Award for Human Resources” with new recruits. During these break- by the National Association of Human Over 20 years 6% 13% fasts, he listened to them attentively With 31% of employees with more Resources Managers and Trainers and enquired about their expectations 12-19 years 4% 8% than 12 years of service, this pyramid (AGEF). This award recognises best and initial experiences. It was also an shows a high degree of staff loyalty practice in HR policy and management. opportunity for the Chairman to share 5-11 years 9% 11% within the Group. The large number of the Group’s strategic vision with new employees in the Group with fewer than recruits and encourage support for the Group’s ambitious projects and 2-4 years 11% 15% four years of service can be explained corporate values. by the Group’s strong growth and the Under 2 years 9% 14% rapid pace of branch openings (530 Employees are informed of all such new branches opened in 2012). meetings and special events that consti- Length of service pyramid in 2012 (Group) tute the everyday life of the Group by Female electronic messages and a quarterly Male in-company newsletter.

70 71 Chapter 4 ANNUAL REPORT 2012 Chapter 4 HUMAN resources

The bank recruits a large number of Established in April 2010, the e-learning With the geographical expansion of of this share offering, ownership of the DIVERSITY, A SOURCE young graduates every year as a way programme is the third component of the Group, international mobility has bank’s equity by its Moroccan employees of supporting its growth ambitions. 49% of employees this strategy. Attijariwafa bank was the provided a genuine opportunity for rose to 5.1%. This is the highest level OF WEALTH FOR THE For this purpose, it is constantly under 30 years first Moroccan bank to offer this type career development within the bank. of employee share ownership of any GROUP fostering close relations with universities, of training to its employees. Moroccan company and one of the highest by international standards. In 2012, 40% of Group employees were colleges and student associations and In-house training programmes are adapting its recruitment methods. women. This figure reflects the constant At the other end of the spectrum, complemented by inter-bank training 90 % of eligible efforts made by Attijariwafa bank In 2012, Attijariwafa bank participated 135 Group employees, with an average for staff wanting to study for banking to promote gender equality within the for the first time in i-DAYS, Morocco’s length of service of 36 years with industry diplomas. These include employees received Group. With women accounting for 37% first ever virtual recruitment fair. In just Attijariwafa bank, retired in 2012. standard courses aimed at obtaining an annual evaluation of executives, the Group has shown three days, almost 10,000 Moroccan Emphasising their savoir-faire the Banking Diploma or courses for that is fully committed to promoting and sub-Saharan candidates responded and experience, the bank’s senior the Institut Technique de Banque gender equality, one of the fundamental to advertisements. management expressed gratitude qualification. 233 employees attended principles of its Code of Conduct. As part of its outreach strategy, for their commitment at a special such courses in 2012. REMUNERATION AND ceremony. Attijariwafa bank continued its Another key aspect of skills development EMPLOYEE BENEFITS recruitment “caravan” in five remote is career management, resulting in a The bank’s remuneration policy has three regions, therefore avoiding the need Strategic Workforce Planning (GPEC) main aims: reduce disparities and seek for candidates to travel. 40% of employees policy. The initial policy implementation fairness, promote job attractiveness are women As a result of this policy of proactively phase was completed in 2012 with the and loyalty and reward performance. recruiting young graduates, 49% of creation of a skills reference list as the bank’s employees were under 30 well as job descriptions. It is based on rules which give weight to a number of criteria such as the annual 37% of executives years old as at 31 December 2012. Also, in addition to regular monitoring by evaluation assessment, in-company staff in charge of career management, are women The Group has a welcome and support salary dynamics and external market programme to facilitate the integration 90% of eligible employees received dynamics, particularly in relation to of young people into the workforce. an annual evaluation in 2012 during the banking industry. 17% of members of Over the past 7 years, all new recruits which career development prospects the Management and to the Group and its subsidiaries have were reviewed. This remuneration policy is comple- Attijariwafa bank enhances basic attended Cycle Sindbad, a one-day mented by an ambitious employee salaries by offering numerous other Coordination Committee integration seminar in Casablanca. share ownership programme aimed benefits: are women Cycle Afak has also been established to at enabling employees to share in the - Sickness, disability and invalidity help integrate non-executive employees. Almost 25,000 Group’s success. In 2012, the Group insurance cover; SKILLS 1 again increased its share capital through In addition, a mentoring system ensures training man days - Health centres in major cities for a share offering reserved exclusively support from almost 200 of the bank’s DEVELOPMENT medical visits and immunisation, executives for young employees as they for the bank’s employees and subsidia- With the Group growing so rapidly, screening and awareness campaigns; get to know the Group and embark 3.52 training days per ries in Morocco (MAD 2.1 billion) and employee skills development is a - Loans on favourable terms; on their careers. employee on average11 overseas (MAD 1 billion). As a result major challenge for Attijariwafa bank. - Support through solidarity funds Attijariwafa bank is keen to play a The bank’s training strategy combines and emergency funds in the event of socially-responsible role in supporting serious illness or handicap; Moroccan public sector higher educational “business line” training with “managerial institutions and academies by offering and behavioural” training. 3,946 medical - Arts and sports classes as well as 1 more than 1,200 work placements Replicating the Moroccan training visits summer camps for employees’ children. each year. academy model, three Group subsidiaries have established their own Academy – 3,338 beneficiaries Tunisia in 2008, Senegal and Cameroon 1 in 2013. of medical campaigns 1,200 work placements each year

1- Scope – bank (parent) 72 73 Chapter 4 ANNUAL REPORT 2012 Chapter 4 ATTIJARIWAFA BANK FOUNDATION

The main responsibilities of Attijariwafa bank’s Education division are to enhance knowledge Attijariwafa bank, PROMOTING During my training, I was able to acquire and contribute to Morocco’s social PARTNERING HIGHER “ the most advanced knowledge of the EDUCATION development. Against such a backdrop, EDUCATION several initiatives were carried out at all levels of financial sector. After four semesters Three innovative projects have been education from pre-school to higher education as which included an internship, I obtained AND SOLIDARITY developed in partnership with Grupo my degree. I began my working life in well as encouraging entrepreneurship Santander in support of universities. among young people. These include (i) a Masters degree in a financial institution in which I hope to Banking and Financial Markets offering pursue a career and obtain a position PARTNERSHIP a dual Moroccan-Spanish qualification, of responsibility in the near future. AGREEMENT awarded by Casablanca’s Hassan II „ University and Cantabria University; SIGNED WITH CARE (ii) the jamiati.ma portal, Morocco’s INTERNATIONAL first ever university portal and (iii) KARIMA, BANKING AND FINANCIAL MARKETS RELATING TO PRE- the Jamiati card, offering a range of MASTERS GRADUATE SCHOOL EDUCATION REDUCING THE DIGITAL ACCESS TO GRANDES university services with the option of DIVIDE AS EARLY AS ECOLES adding banking services. The Education division signed a PRIMARY SCHOOL In 2012, an agreement was signed partnership agreement with Care Attijariwafa bank Foundation’s Education between Attijariwafa bank and ISCAE International Morocco, for the purpose of Attijariwafa bank is one of the founding division supports students from state (Institut Supérieur de Commerce et SPONSORING promoting and restructuring pre-school members of the Al Jisr Association. school, helping them prepare for the d’Administration des Entreprises) NUMEROUS education in disadvantaged districts. The Foundation’s Education division entrance exam for admission to grandes enabling the latter to join the portal This partnership aims to reduce the INITIATIVES has supported the Association since écoles, prestigious engineering and and use the Jamiati card. dropout rate and increase the chances business schools. In 2012, 130 students it was established in 1999 by donating A very large number of associations of success by providing children with a attended a one-week concentrated equipment and sponsoring state primary and solidarity-based initiatives receive high quality pre-school education as training programme. schools. Attijariwafa bank Group has support in the form of financial assis- well as encouraging parents to be more sponsored several schools and donated After the results are announced, two tance, in-kind donations or skills involved in their children’s education. nearly 20,000 items of computer hardware awards ceremonies are held in Casablanca sponsorship. Sponsorship is provided The project concerns 40 schools in to the Association. and Paris. by the Attijariwafa bank Foundation as Casablanca’s Sidi Moumen district. It well as the Group’s various subsidiaries. will be implemented over three years The Al Jisr Association also provides Lastly, Attijariwafa bank Foundation starting September 2013, benefiting young adults without qualifications awarded prizes to the 15 best-performing Projects are numerous and generally, 40 parents associations, 2,000 families professional training in IT equipment college graduates on the occasion but not exclusively, related to the and 2,000 children aged 3 to 6 years. maintenance, repair and security. of the 2nd international economics following issues: the socio-economic conference. development of communities, nutri- tional support, educational support, environmental protection, sporting events, support for fair trade, assisting people with disabilities and children FOSTERING in need. ENTREPRENEURSHIP

Attijariwafa bank is one of the founder Attijariwafa bank is also involved with members of the INJAZ Al-Maghrib Entreprendre Maroc, whose mission Association, whose mission is to foster is to promote economic initiative by entrepreneurship among young Moroc- providing start-up loans and support cans. The Group provides financial young entrepreneurs in a number sponsorship and skills. More than of different ways: financial support, 300 hours of training are provided to availability, guarantees, skills and young people in order to encourage networking. entrepreneurship.

74 75 Chapter 4 ANNUAL REPORT 2012 Chapter 4 ATTIJARIWAFA BANK FOUNDATION

With the Group expanding across Africa, PROMOTING ART Attijariwafa bank Foundation’s Art and CHILDREN’S ARTISTIC Culture division endeavours to make art DEVELOPMENT WITH AND CULTURE accessible to all. Its responsibilities THE ARTS ACADEMY include raising public awareness about art, supporting arts education for young The Arts Academy, in partnership with Greater Casablanca’s Regional people and the Group’s enhancing Academy of Education and Training, fine artscollection through acquisition and conservation. In 2012, the division added to its collection supports the artistic development of by acquiring a selection of paintings by a range of artists from the young and inexperienced to the state school pupils through workshops most renowned from Tunisia, Morocco, Senegal, Congo and Ivory Coast. on artistic expression, writing and multimedia. 130 students have been trained since 2009. Drawing inspiration from the bank’s Two major exhibitions were organised fine arts collection, the students during the year. “Ahmed Ben Yessef, les As an artist, being included worked on a number of topics in 2012 paysages de l’âme”, paid tribute to the “ in the Attijariwafa bank fine including the paintings of Ben Yessef, renowned artist who inspired the North African art and pop culture. African and Spanish figurative school of arts collection is like being painting and whose career has spanned part of a large family with more than 50 years. The “Regards increasingly broad cultural Africains Croisés” exhibition, providing horizons. a moment of genuine intercultural „ exchange, presented the work of 23 artists from 10 African countries in Abdoulaye Armin Kane, the bank’s Art Actua exhibition area. SENEGALESE ARTIST ATTIJARIWAFA BANK, The 18th Fez Festival of Atlas Pro Tour, organised by PARTNERING World Sacred Music, the Association du Trophée 2,000 visitors to the organised under the Hassan II is a Morocco- CULTURAL AND special patronage of His Majesty King based winter golf tour which « Ahmed Ben Yessef, RECOGNITION AND REWARD The Foundation has made SPORTING EVENTS Mohammed VI by the Esprit de Fès includes a number of professional les paysages de l’âme » “ Foundation; international events. From January to The Foundation has supported the Pause the event more professional In 2012, the Group renewed its support for April, the tour visited nearly all towns Art festival since its beginnings. The latter In 2013, the Festival’s theme was «Re- exhibition through better financial and a number of major musical and sporting in the Kingdom with a golf course of is an initiative of the Casablanca School events, underlining its commitment to enchanting the World”, with a special artistic management. And international standing; 3,000 visitors to the of Fine Arts aimed at building a bridge cultural development in the Kingdom: tribute to the great Persian poet Omar between students and professionals our school has become a Al Khayyam. The 5 th Mohammed VI th « Regards Africains and the Casablanca’s Contemporary place of artistic encounter, The 11 Festival International Athletics Art Fair. Mawazine, Rythmes The 9th Timitar Festival, Meeting organised by the Croisés » exhibition more accessible to the du Monde, a major organised by the muni- Royal Moroccan Athletics general public. event on the international music scene cipality of Agadir on the Federation; this meeting is one of „ organised by Maroc Cultures; this theme of Signes et Cultures; world the best in the World Challenge and festival gives the general public a taste Radia Bennani, STUDENT AND music and Amazigh music combined a popular meeting for Moroccan and of artistic expression in Morocco and to give a magical touch to the festival. international athletes. CO-FOUNDER OF THE PAUSE ART from around the world; FESTIVAL.

76 77 Chapter 4 ANNUAL REPORT 2012 Chapter 4 ENVIRONMENT purchasing

Since 2006, the actions of all Group staff involved in purchasing have been REDUCING RESPONSIBLE governed by a Purchasing Code of Ethics. This Code has also OUR ACTIVITIES’ ENVIRONMENTAL PURCHASING POLICY been implemented in Senegal and Tunisia and is currently being IMPACT adapted for other international subsidiaries. The Code has enabled Attijariwafa bank to incorporate environmental and social issues within purchasing procedures. Such issues include The environmental impact of a bank’s activities is limited compared to those of an industrial entity. That labour and safety legislation, the prohibition of child labour and illegal employment, social security said, in order to lead by example, Attijariwafa bank is committed to reducing its environmental guarantees for suppliers’ staff and environmental management. footprint.

on fuel consumption were also made to adopt best practice. Pro-forma The bank undertakes to pay its invoices by (i) maximising cash-in-hand MANAGING documents (purchasing terms and within 30 days in order to facilitate the REDUCING ENERGY balances in branches, resulting in COMBATTING PAPER conditions, check-lists for analysing cash flow situation of its suppliers, the CONSUMPTION an anticipated 29% reduction in cash- WASTAGE PURCHASING- offers, contracts etc.) were shared with vast majority of whom are SMEs and in-transit journeys and (ii) reducing RELATED RISKS subsidiaries. Similarly, subsidiaries small businesses. In 2012, a system The bank has introduced several Several initiatives are taken each business travel through use of video- are increasingly expected to comply was introduced to monitor supplier energy optimisation and reduction year to reduce paper consumption. In 2012, specific clauses were added conferencing (14 equipped rooms) with Group standards in areas such payment periods. In 2012, the average initiatives in recent years. to purchasing terms and conditions, and web-conferencing (4 equipped In 2012, an extensive program to as supplier payment periods and payment period was 11 days versus reiterating the obligations contained These include, since 2009, the inclusion rooms). Shuttles also enable groups reconfigure photocopying systems separation of responsibilities etc. 60 days as required by law. of a bonus-penalty clause in contracts of employees to move easily between resulted in each department repla- in the Purchasing Code of Ethics. As part of its regionalisation strategy, for maintenance of head office buildings. the bank’s various sites. cing a large number of stand-alone The same clauses are repeated in the Group intends to consolidate its The aim is to incentivise service printers by multi-function models. the contract signed by the chosen ranking of suppliers and service providers to save energy. Similarly, The Group wishes to go one stage service provider. Lastly, a “professio- providers by region to not only meet the a programme to replace obsolete further by establishing a personalised nal conduct letter” is sent to all new Probity, honesty, needs of subsidiaries at a local level equipment was introduced. At branch 29% anticipated printing system unit. This is likely to suppliers. In 2012, this professional “ integrity and but to promote the local economies level, lighting, air conditioning and involve the user having to go to the conduct letter was sent en masse to reduction in cash-in- of those regions in which the bank heating are increasingly scrutinised. printer in person and entering his all of the Group’s suppliers. impartiality govern or her personal ID. has operations. transit journeys Social and environmental criteria are relations with Numerous measures aimed at redu- included in visitor questionnaires as suppliers. cing paper consumption were imple- „ a way of raising awareness. mented: bank statements printed on WASTE COLLECTION For certain types of product such as both sides of the page, grouping a 11 day average paper or IT equipment a supplier is AND RECYCLING number of transaction statements supplier payment selected not only on the basis of price prior to sending, publishing certain At Attijariwafa bank’s head office, but also in relation to environmental SUPPORTING period statements online rather than in waste paper is collected by a service hard copy. As a result, savings of factors: sustainable forest management, SUPPLIERS provider and recycled. optimised energy consumption etc. almost 21.5 million sheets of paper Fully aware of its role as a major More than 70% of When replaced, all printers, computers were made. In 2012, the Group Purchasing de- domestic and international enterprise, suppliers are SMEs and other IT equipment that are not Similarly, sending pay slips to employees partment encouraged subsidiaries Attijariwafa bank supports many small stored are donated to associations for and small businesses In 2012, 90% of the bank’s servers electronically and phasing-out paper businesses through skills transfer. re-use or recycling. were “virtualised”, resulting in shipments have resulted in monthly This ensures that outsourced services considerable energy savings. Savings savings of more than 7,000 sheets meet the standards expected by the 90% of suppliers are of paper and envelopes from the bank’s customers. start of 2013. Moroccan

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