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Believe in Our Employees and They Believe in Us ANNUAL REPORT 2015 Beli ev e i YOU n ANNUAL2015 REPORT Beli ev e i YOU n Chairman’s Message Ever attentive to its changing environment, Attijariwafa bank group is constantly evolving, forever setting itself new challenges, embracing new business lines and consolidating its position as market leader in the majority of market segments. As a result of the strategic choices made in keeping with the directives of SNI, our reference shareholder, our Group is playing a decisive role in the helping to modernise the financial sector and develop the nation’s economy. ANNUAL REPORT ATTIJARIWAFA BANK 2015 Beli ev e i YOU n Attijariwafa bank has adopted a proactive approach We believe in our employees and they believe in us. to ensuring that as many people as possible have access Our Group has constantly shown an interest in its immediate to banking services. The financial inclusion of low income environment, initiating, through its Foundation, a number households is one of our strategic priorities. We are proud of flagship socially responsible initiatives for our country’s that the " Hissab Bikhir " concept is extremely popular with social, cultural and societal development. Three major themes this target market segment, thanks to the Wafacash network. underpin our CSR policy – Education and Entrepreneurship, Our Group is continuing to diversify into new business Art and Culture and Publishing and Public Debate. lines to meet the needs of each one of its customers, help As far as education is concerned, our Group is involved in improve their daily lives, make it easier for them to become home owners, finance their children’s education and build every stage of the learning cycle, from pre-school through to up savings. higher education, not to mention our support for centres of excellence. Our partnership with Injaz Al Maghrib, consistent We believe in our customers, in our country and in its with the strategy adopted by our benchmark shareholder, entrepreneurs and we continue to believe in their potential. SNI, aims to develop a sense of entrepreneurship in Our greatest source of pride is the support which we have youngsters. We believe that this is an essential catalyst for given to several generations of family holding companies, economic growth and a vector for job creation. enabling them to become modern well-structured companies Our Foundation has been endeavouring over the past three which are now recognised not only in Morocco but across decades to democratise access to art and culture through our the entire region. These companies, which have become support for artistic creation, promoting experienced artists regional leaders, are now benefiting from our presence in and supporting young talent. Africa and our knowledge of this environment by investing in overseas markets, particularly in Africa. Our Group is helping to promote constructive debate about economic, social, cultural and societal issues, bringing Over the years, by perseverance, we have developed a together the nation’s human capital, in particular, businesses, relationship based on trust with the Small and Medium students, academics and stakeholders in civil society. Enterprises (SMEs) who have chosen us. We have been there to support them at every key stage of their development, We believe in promoting every form of culture and thereby promoting entrepreneurship in Morocco. knowledge to as many people as possible, particularly to the younger generation. Attijariwafa bank stands shoulder to shoulder with small businesses, regularly providing them with innovative Our Foundation also provides financial as well as skills-based solutions to help them to grow. The success of our recent support to charitable organisations whose actions bring a " Ana Maâk " campaign provides a perfect illustration. More noticeable value added to the various parts of our society. than simply a slogan, " Ana Maâk " is a state of mind, a We believe in the effectiveness and worthiness of actions philosophy, resulting in a firm and unfailing commitment initiated by civil society. to our small business customers. With more than 110 years of history and commitment, We have also made an unfailing commitment to participating « Believe in you » goes right to the core of Attijariwafa bank’s in Morocco’s cornerstone projects in recent decades. very DNA. None of this would have been possible without the tireless « Believe in you » is our new corporate slogan which commitment of several generations of men and women who conveys the confidence that we have in our customers, our have helped to build our institution. They are unquestionably partners, our employees and our fellow citizens as well as our Group’s main asset. the confidence that we have in our environment, in our Attijariwafa bank has forever been aware of the value of country and in our continent. its human capital, adopting a policy aimed at providing job satisfaction for its male and female employees, promoting equality and diversity, fostering personal and professional development, providing social security cover and workplace Mohamed EL KETTANI welfare and rewarding performance. Chairman and Chief Executive Officer, Attijariwafa bank group 5 Contents 04 Chairman’s Message 08 Looking back, looking ahead 12 A universal bank 36 Believe in our customers 16 Corporate Governance Retail banking Group Transactional Banking Management and Coordination Committee Personal and Professional customers Group Corporate and Investment Corporate Governance Private clients Banking Corporates 24 Corporate Strategy International Retail Banking Moroccans living abroad 26 Performance Overseas customers Specialised Finance Companies 32 Awards and Insurance ANNUAL REPORT ATTIJARIWAFA BANK 2015 76 Believe in our environment 104 Believe in our values 131 Management Report Africa Development International CSR policy overview Analysis of business activity and Forum A responsible employer results Agreements and partnerships An ethical approach to doing Parentcompanyfinancial Financing infrastructure projects business statements Respect for the environment Consolidatedfinancialstatements 92 Believe in innovation Loyalty Multi-channel Banking Responsible procurement Group Global Risk Management A commitment to social causes 144 Contacts Group Services and Processing Group Information Systems Group Legal Advisory Looking back, looking ahead Review of 2015 Boubker JAI Delegate Managing Director, Corporate and Investment Banking, Capital Markets and Financial Subsidiaries Division 2015 was a year in which global demand was slack. In terms of our capital markets business, our Group successfully With demand weak in Morocco, sub-Saharan Africa and, to consolidated its position among corporate, institutional and state a lesser extent, in North African countries, Attijariwafa bank customers both in Morocco and in those countries in which we group’s consolidated loan performance was positive overall. have operations. The Group, which is the market leader of the domestic fixed income market, arranged a number of sovereign Against such a backdrop, we bolstered our position in financing debt issues in sub-Saharan Africa. Morocco’s large-scale projects, especially those initiated in 2015. The impact from these will only be felt from 2016. They relate to This took place against a backdrop of rising market volatility the country’s strategically sensitive sectors such as energy and and major regulatory developments including, among others, manufacturing and those sectors in which Morocco is becoming the deregulation of hydrocarbons prices in Morocco, an end increasingly competitive in global terms. In all other regions in to the downward cycle in US interest rates and a decline in which we have operations, we implemented a system across commodity prices. the entire Group aimed at assisting our subsidiaries in providing We are pleased to note that, in terms of banking intermediation, finance for large-scale projects. We did not have to wait long the business model adopted by the Group, built around a for the results with a number of loan contracts already signed geographically diversified and universal banking approach, with major customers in sub-Saharan Africa. has proved successful in recent years and underlines the Group’s In addition, by adopting a proactive approach to managing major resilience in the face of external pressures. risks experiencing structural or long-term difficulties, we were The in-depth work carried out in 2015 in terms of our lending able to improve the quality of our exposure to counterparty risks business and in enhancing our ability to support our customers in and reduce our cost of risk in all market segments in Morocco every country in which we have operations will have a positive as well as in all other countries in which we have operations. impact on our business. This cannot help but contribute further In terms of attracting savings, our networks saw strong to the Group’s ongoing ability to generate value. quantitative growth in customer deposits, assets under management and bank-insurance products. In addition, ongoing efforts were made to reduce costs. ANNUAL REPORT ATTIJARIWAFA BANK 2015 Beli ev e i YOU n Omar BOUNJOU Delegate Managing Director, Retail Banking Division Attijariwafa bank’s Retail Banking Division, which is ever attentive to the ongoing transformation of Moroccan society, continued to innovate in 2015 to address the concerns of society, retail customers, professionals, small business and SMEs and anticipate their needs. Three major
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