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