Developed financial sectors usually source income from outside interest
Rabat – Manal Wahbi
A new study has revealed that foreign capital is now dominating Morocco's financial sector, with as many as 11 out of 19 national banks registering high amounts of investment from abroad.
The study, carried
out by the Moroccan Competition Council and published on Monday, claimed the state was also the biggest overall player in the sector, maintaining control of seven banks in total.
Four banks in Morocco control 74 percent of deposits and 73 percent of loans, the study said, while two banks (Attijariwafa and Banque Populaire du Maroc) dominate over half the net income -- 25 and 24.1 percent respectively.
The two banks also cover 26 and 23 percent of the Moroccan sector's gross income.
BMCE and Société Générale come third and fourth, while all other banks combined amount to 30 percent of the market share.
The Moroccan Competition Council report claimed that interest is responsible for 75 percent of net income.
Banks in developed countries usually receive their revenue from elsewhere.
The study recommended that Morocco's central bank, Banque al-Maghrib, continue its efforts to reduce the costs of services.