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The Royal Family of Morocco has seen the market value of their stake in Morocco’s largest bank, Attijariwafa Bank, decline by MAD2.48 billion ($272.05 million), or five percent, in 20 days.
Attijariwafa Bank is a Moroccan multinational commercial bank and financial services conglomerate based in Rabat, Morocco. As of June 30, the bank had a total asset value of MAD579.79 billion ($63.42 billion).
The leading financial services group operates as the largest commercial bank in Africa’s fifth-largest economy, Morocco, and one of the largest banks in Africa under the governance of members of the Alaouite Royal Family of Morocco.
The Royal Family, through Societe Nationale d’Investissement (Al Mada), holds a beneficial 45.3-percent stake in the financial services group.
The multimillion-dollar loss in the market value of their stake can be attributed to a recent sell-off in the shares of the Rabat-based financial services provider, as investors booked profit after the stock price surged to a record of MAD510 per share on Oct. 26.
As of press time, Nov. 15, shares in Attijariwafa Bank were trading at MAD484.5, 72-basis points lower than its opening price this morning on the Casablanca bourse.
Since Oct. 26, the bank’s share price declined from MAD510 per share to MAD484.5 ($52.99) as of the time of writing. This translates to a five-percent loss for the shareholders in just three weeks.
Research conducted by Billionaires.Africa revealed that the market value of the family’s stake in Attijariwafa Bank has dropped from MAD49.69 billion ($5.44 billion) on Oct 26. to MAD47.21 billion ($5.17 billion), accruing a total loss of MAD2.48 billion ($272.05 million) for the family.
