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The stake of the Royal Family of Morocco in Attijariwafa Bank, the country’s largest banking and financial services group, has risen by $275 million (MAD2.435 billion) in 56 days.
The bank’s share price on the Casablanca Stock Exchange has increased by about six percent since April 1.
According to the data, the bank’s shares have increased from $48.69 (MAD430) per share on April 1 to $51.52 (MAD455) per share as of the opening of the exchange this morning.
Attijariwafa Bank, the fifth-largest bank in Africa, according to Stata, is majority-owned by the Al Mada private holding company. Almada owns 46.4 percent, or 97,433,137 units of the total issued and paid-up shares of the bank.
Al Mada is a large private company owned by members of the Alaouite royal family.
In addition to their 46.4-percent stake in the bank, Al Mada holds shares in other influential corporations such as Managem, Narva, LafargeHolcim and Marjane.
With Al Mada holding a 46.4-percent equity stake in Attijariwafa Bank, the six-percent gains in the bank’s shares led to a bump in the royal family’s stake from $4.744 billion (MAD41.90 billion) on April 1 to $5.020 billion (MAD44.32 billion) as of the opening of the exchange this morning. In absolute terms, this translates to gains of about $275 million for the royal family in 56 days.
Attijariwafa Bank is Morocco’s largest bank. It has been making critical efforts to expand its operations outside the country. The bank has recently shown an interest in acquiring 49.97 percent of the British Virgin Islands-based financial services group Atlas Mara’s shares in Union Bank of Nigeria Plc, as well as its stakes in other African assets.
