bank As the leading banking group in North Africa and the eighth largest on the African continent, Attijariwafa bank is today regarded as one of the key players in Morocco’s development. With a healthy financial position, extensive know-how and modern operational systems, Attijariwafa bank has successfully met the challenge it set for itself- of becoming the leading banking group and of reaching a critical size which enables it to offer a full range of efficient and profitable banking and financial services both domestically by pursuing new growth strategies as well as internationally through its ambitious growth strategy. Attijariwafa Attijariwafa Given its strategically important status, the bank is constantly driven by a search for excellence and adheres strictly to rules governing human resources management, risk management and compliance. Annual report 2006 3 Contents A group on the move A – ََA leader group C - The firm’s social responsibility : a Strongly positioned in the domestic market 18 strong commitment on all fronts 19 An ambitious yet pragmatic vision for expanding A desire to act as a socially-responsible bank which 36 overseas creates value for all B - Human capital, risk control, A bank committed to cultural and artistic 37 development compliance : three key functions An organisation and a corporate governance 38 for preparing the future system in the interests of growth A stimulating and «progressive» approach to human 24 resources management An internal communications policy promoting collective values 27 Modern and01 effective risk management 28 Strict adherence to compliance rules 32 2006 business activity – moving Financial report up a gear Retail Banking 40 Management report 66 Corporate Banking 46 Parent company financial statements 89 Capital Markets & Investment Banking 50 Consolidated financial statements 102 Financial02 Subsidiaries 56 03 Annual report 2006 5 2006 was a highly promising year for Attijariwafa bank’s development both domestically and overseas. Our employees demonstrated their ‘‘full commitment to successfully implementing our 2010 strategic business plan in a spirit of sustainable and shared progress on behalf of our customers and shareholders. CHAIRMAN’S ’’ MESSAGE In 2006, the first year of the “Izdihar 2010” strategic business plan, the group’s In Senegal, the creation of a banking subsidiary in July 2006 followed by the business activity indicators confirm remarkable growth in sales and earnings across announcement during the fourth quarter of a controlling interest in Banque all businesses, underlining its leadership in the domestic market and reflecting Sénégalo-Tunisienne demonstrates our desire to build a solid base in this country Attijariwafa bank’s change in dimension. as a spring-board for the group’s development in West Africa. In Europe, a new legal structure was adopted in those countries in which we have a presence, including The expansion of our branch network and the progress made in terms of service Belgium, Germany, the Netherlands, Italy and Spain, following the creation of quality and operational efficiency combined with a successful sales activity driven Attijariwafa bank Europe, a French banking subsidiary with European status, which by the creativity and mobilisation of our staff have generated a new growth dynamic should enable us to fully develop our business activities. within the banking business and have enabled us to deliver strong organic growth in 2006. At the same time, the group’s subsidiaries established themselves as In line with our ambitions and to provide an appropriate framework for our genuine centres of excellence, diversifying into new areas of business and posting development, we have modified our operating procedures by strengthening the significant growth in earnings. Given so many positive factors, the group’s net group’s strategic management and supervisory functions and have adopted an organisational structure which is capable of responding to market trends more income registered strong growth and exceeded the MAD 2 billion mark. efficiently. Our human resources policy has also been rethought so as to favour 2006 was also characterised by the first steps taken in our international development the development of skills and talent and to enhance our expertise. The success with the aim of positioning Attijariwafa bank as a leading player in the Euro- of the group is above all that of its employees. Mediterranean region and in West Africa. In Tunisia, Banque du Sud was renamed 2006 was a highly promising year for Attijariwafa bank’s development both Attijari bank, symbolising our intention to roll-out our brand overseas. The bank domestically and overseas. Our employees demonstrated their full commitment to embarked on an ambitious restructuring process aimed at establishing a corporate successfully implementing our 2010 strategic business plan in a spirit of sustainable culture in line with the very best international standards. and shared progress on behalf of our customers and shareholders. Saâd Bendidi Chairman Annual report 2006 7 Governing bodies Board of Directors Major Strategy Mr. Abdelaziz ALAMI Mr. Saâd BENDIDI Mr. José REIG Mr. Hassan OURIAGLI risks committee committee Hononary Chairman Chairman & Chief Executive Officer Director Representative F3I Non-standing members Associate members Mr. Antonio ESCAMEZ TORRES Mr. Abed YACOUBI SOUSSANE Mr. Matias AMAT ROCA Mr. Hassan Bouhemou Include divisional heads or any Mr. Saâd Bendidi The bank’s divisional heads Vice-President Director Representative Corporacion Mr. Jose Reig others whose responsibility Financiera Caja de Madrid Mr. Hassan Bouhemou covers the subjects under Mr. Mounir EL MAJIDI Mr. Javier Hidalgo BLAZQUEZ Mr. Antonio Escamez Torres Guest members Representative SIGER Director Mr. Henri MOULARD discussion Mr. José Reig The Strategy Committee may Director invite any person to its meetings Mr. Hassan BOUHEMOU Mr. Manuel VARELA whom it considers useful for its Representative SNI Representative Grupo Santander Mrs. Wafaâ GUESSOUS work. Secretary Breakdown of share-capital as of December 31st, 2006 Audit & accounts committee Guest members Prestigious partners Mr. José Reig., Committee chairman The Audit & Accounts Committee may invite any Mr. Abed Yacoubi Soussane person to its meetings whom it considers useful for Attijariwafa bank’s reference shareholders include Mr. Henri Moulard its work, in particular the heads of General Audit, several international groups, which are a source Mr. Hassan Ouriagli Group Compliance, Global Risk Management, Group of synergies in many different areas, particularly Recovery and Group Finances. in terms of developing expertise and enhancing shareholder value. General management Groupe ONA Grupo Santander Crédit Agricole SA Committee • Groupe ONA is the bank’s largest • Attijariwafa bank’s second largest • A global banking group, is also one of shareholder and the leading privately- shareholder is Grupo Santander which Attijariwafa bank’s shareholders with which Non-standing members owned group in Morocco. Its activities has the largest capitalisation amongst it is developing strategic partnerships Mr. Saâd Bendidi Include those persons responsible for activities which include mining, construction materials, banks in the Euro-zone. The Spanish across various business lines, notably Mr. Omar Bounjou cover the subjects under discussion. in consumer credit through Sofinco and food processing, retailing and financial bank has established a strong presence Mr. Mohamed El Kettani in asset management through Crédit services and it benefits from alliances in Latin America and has holdings Mr. Boubker JaÏ Agricole Asset Management. Mr. El Houcine Sahib with multinationals such as Danone, in several international industrial Mr. Ismaïl Douiri Auchan and Lafarge. groups. Mrs. Wafaâ Guessous Annual report 2006 9 10 8 16 18 1 3 13 15 2 5 9 11 14 17 4 6 7 12 Executive Board 1 Mr Abdeljaouad DOSS BENNANI 6 Mr Boubker JAÏ 10 Mr Amin BENDJELLOUN TOUIMI 15 Mr Brahim SAÏD Finances Managing Director - Financial Subsidiaries division Specialised Financial Services Corporate Banking - SMEs 2 Mr Youssef ROUISSI 7 Mr Karim TAJMOUATI 11 Mr Omar BOUNJOU 16 Mr El Houssine SAHIB Personal & Professional Banking Corporate Banking - Large companies Managing Director - Retail Banking division Capital Markets & Investment Banking division 3 Mr Abdellatif SEDDIQI 8 Mr Mohamed EL KETTANI 12 Mr Omar GHOMARI 17 Mr Chakib ERQUIZI Human Capital Managing Director - Corporate Banking Compliance Capital Markets 4 Mr Mouâouia ESSEKELLI 9 Mr Hassan BEDRAOUI 13 Mr Ismaïl DOUIRI 18 Mr Mounir OUDGHIRI Banking for Moroccans Living Abroad Information Systems Finance, Transformation & Operations division Transformation of Information Systems 5 Mr Hicham SEFFA 14 Mrs. Wafaâ GUESSOUS Customer Services & Processing General Secretary Annual report 2006 11 Highlights January February August September Launch of the - Launch of the Ratib Card, - Creation of the first Launch of pack - Launch of the Mizane Nouveau Départ, a functional debit card for companies and Call Center dedicated Bila Houdoud, a revolving credit card pack with the aim of employees without a bank account to Moroccans living products and services - Launch of the Confirming providing support for - Partnership agreement signed with Hassan II abroad offer dedicated to service, a solution small- and medium- enabling businesses to and Abdelmalek Essaâdi universities to provide Moroccans living abroad sized businesses in their support