Attijariwafa bank s positioning and strategy. BARCELONA - JUNE 29 th, (part I)

Transcription

1 Attijariwafa bank s positioning and strategy BARCELONA - JUNE 29 th, (part I) 1

2 SOMMAIRE Positioning of Attijariwafa bank in Moroccan banking sector Attijariwafa bank s strategy in Morocco Attijariwafa bank s regional expansion Appendix: development of the Moroccan Financial Sector 2

3 MOROCCO IS ONE OF THE MOST ADVANCED BANKING MARKETS IN THE REGION Banking Assets/GDP % en Banking Assets/GDP (2007) : 107% Total assets (2007) : 79.8 USD bn Morocco Penetration of the banking sector Tunisia North Africa Algeria Mali Senegal WAEMU Ivory Coast Mauritania CEMAC Gabon Cameroon Congo (B) GDP/capita in USD wealth Source : World Bank, WAEMU Report, CEMAC Report, HCP (Morocco s Haut Commissariat au Plan) 3

4 CASABLANCA STOCK MARKET IS ONE OF THE MOST IMPORTANT IN THE REGION USD BILLIONS, OCTOBER 2007 North Africa French-speaking Africa Euromed South 1st stock market in North Africa 1st stock market in French-speaking Africa 3rd stock market in Euromed South region Morocco 67.0 Morocco Mauritius Turkey Egypt* Tunisia 4.3 Ivory Coast Tunisia Morocco* Jordan (*) The values of Moroccan and Egyptian capitalizations were 66 $bn and 57 $bn respectively at december

5 MARKET CAPITALIZATION HAS INCREASED SIGNIFICANTLY SINCE 2003 Market capitalization has increased significantly since 2003 % of GDP 2007 Evolution of market capitalization (in MAD million) France 218% Malaysia 155% +362% Saudi Arabia 120% Morocco 119% Chili 119% Spain 113% % of GDP 28% 28% 47% 55% 84% 119% 80% USA 98% Egypt 102% Tunisia 60% Turkey 47% 5

6 BANKING SYSTEM SUSTAINED GROWTH OF THE MAIN BANKING INDUSTRY INDICATORS Penetration Percent of GDP Volumes USD bn CAGR Percent Deposits 13% Loans 15% 1 MAD= USD (December 31 th, 2008) 6

7 POSITIONING OF ATTIJARIWAFA BANK IN MOROCCO Market capitalization (Sept 18 th 09 ; USD bn) 6.9 5, AWB BMCE BCP BMCI CIH CDM Market share of loans (December 08) 25.6% 22.6% 13.3% 9.2% 8.9% 8.0% 6.0% 5.5% 0.9% AWB CPM BMCE SGMB BMCI CAM CDM CIH Autres Largest market capitalization in banking sector (2 nd overall) Undisputed leader in loans Co-leader in deposits Market share of deposits (December 08) 26.8% 26.8% 14.6% 7.9% 7.7% 7.0% 5.1% 3.1% 1.0% CPM AWB BMCE SGMB CAM BMCI CDM CIH Autres 1 MAD= USD (March 26 th, 2009) 7

8 MARKET LEADERSHIP THROUGH A NETWORK OF SPECIALIZED SUBSIDIARIES Subsidiary Description Key facts and figures (2008) Ranking in Morocco Market Share (2008) Wafasalaf The Moroccan leader in consumer credit, offering a wide range of consumer finance products, including repayment loans and revolving credit 1.9 USD bn of outstanding credits # 1 31% Wafa Assurance A major player of the Moroccan insurance sector, focusing on life and personal risk insurance businesses 515 USD m of insurance premiums # 1 22% Wafa Gestion The asset management arm of AWB, responsible for developing and managing investment products and asset allocation services for Moroccan institutional, corporate and retail investors 5,8 USD bn of assets under management # 1 30% Wafacash The cash activities specialist in Morocco, offering quick international / national money transfers products and foreign exchange services to retail customers 1241 USD m of volume of cash transferred Wafacash is the first and largest partner of Western Union in Morocco since 1995 # 1 44% 8

9 NATIONAL LEADER IN THE MARKET ACTIVITIES Activity Market share: 2008 Positioning AWB - Salle de marché 45% 1 First market share in Foreign Exchange activities Attijari Intermédiation 28% 2 The Moroccan leader in brokerage Wafa Gestion 31% The Moroccan leader in asset management Attijari Invest - The Moroccan leader in capital investment Attijari Finances Corp 80% 3 The Moroccan leader in M&A (1) Market share in Foreign Exchange activities (2) Market share 2007 (3) IPO (By volumes) 9

10 RANKED 1ST MOROCCAN BANK AND IN THE TOP TEN AFRICAN BANKS (2007, USD billion) # Attijariwafa bank ranking in Africa Top 10 African banks in terms of total assets Top 10 African banks in terms of loans Standard bank Invest. Corp Standard bank Invest. Corp Absa Group 94.8 Absa Group 67.5 FirstRand banking Group 81.0 FirstRand banking Group 56.7 Nedbank Group 72.3 Nedbank Group 55.3 National bank of Egypt 38.8 National bank of Egypt 14.0 Banque Extérieure d Algérie 31.6 Attijariwafa bank Attijariwafa bank Crédit Populaire du Maroc Crédit Populaire du Maroc Banque Extérieure d Algérie BMCE bank First bank of Nigeria BMCE bank Banque Nationale d Algérie Top 10 African banks in terms of deposits Top 10 African banks in terms of NBI Standard bank Invest. Corp Standard bank Invest. Corp. 3.3 FirstRand banking Group 62.1 Absa Group 2.7 Nedbank Group 56.9 National bank of Egypt 2.6 Absa Group 45.9 Nedbank Group 2.0 National bank of Egypt 29.4 FirstRand banking Group 2.0 Banque Extérieure d Algérie 27.4 Attijariwafa bank Attijariwafa bank First bank of Nigeria 1.0 Crédit Populaire du Maroc BMCE bank Caisse Nat. d Epargne et de Prév. (CNEP) Banque du Caire Crédit Populaire du Maroc Zenith International bank Source : Jeune Afrique hors série n 18 Edition

11 ATTIJARIWAFA BANK IS RATED "INVESTMENT GRADE" BY INTERNATIONAL RATING AGENCIES Rating Agencies Foreign Currency Local Currency Short-Term Long-Term Short-Term Long-Term Fitch Ratings B BB+ F3 BBB- Standard & Poors B BB+ B BB+ Capital Intelligence A3 BBB- A3 BBB- 11

12 SOMMAIRE Positioning of Attijariwafa bank in Moroccan banking sector Attijariwafa bank s strategy in Morocco Regional expansion Latest Financials Appendix: development of the Moroccan Financial Sector 12

13 ATTIJARIWAFA BANK OVERVIEW: SHAREHOLDERS PATTERN Other shareholders 20,0% Wafa Assurance 5.2% Mamda Mcma 7.8% Floating 18.8% ONA Group 33.7% Grupo Santader 4.6% 1 st Moroccan private group with more than a century history Investment holding undertaking activities in the following industries : mining, agribusiness, wholesale, finance, telecoms and utilities. 1st banking group in Spain 1st banking market capitalisation in the Eurozone A large network in Latin America An important portfolio of several industrial groups Strong synergies B/W the 2 groups (corporate banking, immigrant banking, capital markets, investment banking, offshore banking..). 13

14 CLEAR AND QUANTIFIED STRATEGIC LEVERS BMF (Immigrant banking) BPP (retail banking) BE (corporate banking) Capital market 1 Acquisition of new customers 1 Acquisition of new customers 1 Control of NBI/customer 1 Development of fixed income variability within some portfolio activities 2 Customer retention 2 Customer retention 2 Improvement of NBI/customer in 2 Development of the foreign specific portfolio currency activities 3 Improvement of retail products 3 Improvement of loans equipment 3 Retain NBI/customer in other 3 Development of derivatives equipment rate rate (especially mortgage loans) portfolio products 4 Development of x-to-account 4 Improvement of retail products 4 Selective acquisition of new transfers equipment rate corporate accounts 5 Improvement of mortgage loans 5 Growth of services fees 5 Development of all the SME equipment rate portfolio 6 Network headcount optimization 6 Reduction and control of churn rate Acquisition of Middle market SME 7 Corporate Levers SME Levers 8 Development of trade finance for specific SME segment 9 Control of credit risk Transversal levers A «e-btikar», IT strategic plan B Control of credit risk C Management of human resources D Optimization of the commercial organization E Customer Relationship Management 14

15 MAIN INDICATORS OF ATTIJARIWAFA BANK GROUP IN 2012 Clients (by millions) % CAGR % Branches 15% 2,350 1, Employees More than 6 million clients in 2012 More than 1,200 openings of new branches between 2008 and 2012 (banks in Morocco, International and local subsidiaries) 13,700 employees in 2012 (+50%) 8,860 9% 13,

16 SOMMAIRE Positioning of Attijariwafa bank in Moroccan banking sector Attijariwafa bank s strategy in Morocco Regional expansion Latest Financials Appendix 16

17 AWB HAS A SOLID AMBITION TO POSITION ITSELF AS A MAJOR REGIONAL PLAYER Context 1 A leading position in an already concentrated domestic banking system 2 A know-how in the management of large projects, consolidated during the BCM-Wafabank merger process 3 A growing international presence of Attijariwafa bank s customers 4 A strong belief in regional integration and the increasing interdependence of economies 17

18 AN INCREASING CONTRIBUTION OF THE REGIONAL DEVELOPMENT CONFIRMED BY THE TRANSACTION WITH CRÉDIT AGRICOLE * (1/2) Mauritania-Mar Senegal Jul. 2006:A greenfield bank has started less than 12 months ago Jan. 2007:Acquisition of 66,67% in Banque Sénégalo-Tunisienne (13 branches) Nov 2007:Acquisition of 79,15% of CBAO Dec 2008: Completed phases of merger. Acquisition of 95% of Crédit du Sénégal Guinea Bissau-Nov 2007 : SOFIB subsidiary of CBAO Mauritania Senegal Guinea B. Tunisia Tunisia-Nov. 2005: Acquisition of 54% in Banque du Sud Subsidiaries of Attijariwafa bank Group Perimeter of transaction with Crédit Agricole: Senegal, Ivory Coast, Cameroon, Gabon and Congo (cf. details p 30) Libya Libya-Feb. 2008: Establishment of a representative office Mali -Jul 2008 :Acquisition of 51% of BIM (Banque Internationale pour le Mali (54 branches) Mali Ivory Coast Cameroon * Gabon Congo (*) Ongoing process 18

19 AN INCREASING CONTRIBUTION OF THE REGIONAL DEVELOPMENT CONFIRMED BY THE TRANSACTION WITH CRÉDIT AGRICOLE * (2/2) Contribution of the BDDI to the consolidated NBI in 2008 (Pro forma including CBAO and BIM and the African subsidiaries of the transaction * in Senegal, Ivory Coast, Cameroon, Gabon and Congo) Specialized Financial Services(14%) Insurance and real estate (8%) BDDI (26%) The contribution of the BDDI represents more than a quarter of the consolidated NBI when the transaction with Credit Agricole is completed Banks in Morocco, Europe and Tangier s offshore zone (52%) (*) Ongoing process 19

20 A RECENT ACQUISITION OF 5 AFRICAN BANKS FROM CREDIT AGRICOLE Key figures (2007, MAD millions) Countries Banks % of capital Total assets Sh. equity NIB NI Ranking Cameroon SCB Cameroun 65% 5, Gabon Union Gabonaise 59% 3, de Banques Ivory Coast Société Ivoirienne 51% 2, de Banques Senegal Crédit du Sénégal 95% 2, Congo Crédit du Congo 81% 1, Σ = 15,818 Σ = 1,305 Σ = 1,274 Σ = MAD= 0, USD (December 31 th, 2007) 20

21 Positioning of Attijariwafa bank in Moroccan banking sector Attijariwafa bank s strategy in Morocco Regional expansion Latest Financials Appendix: development of the Moroccan Financial Sector 21

22 CONSOLIDATED FINANCIAL STATEMENTS (IFRS) 2008 Net Banking Income (USD m) % Other (4,8%) Consolidated figures (IFRS) Composition of Net Banking Income Dec 08 Market Activities (12,1%) Fee Income (19,6%) Net Interest Income (63,5%) Strong growth in Net Banking Income at December 2008 derived from: - +25% in net interest margin - +26% in fee income - +15% in income from financial market activities Changes in its composition: - +0,1 points in net interest margin - +0,2 point in net fee income - -1,0 points in income from financial market activities (*) 1 MAD= USD (December 31 th, 2008) 22

23 CONSOLIDATED FINANCIAL STATEMENTS (IFRS) 2008 Consolidated figures (IFRS) General operating expenses & amortization charges (USD m) % Gross operating income (USD m) % Expenses under control despite: - In 2007 an additional charge of USD 26m related to IFRS2 rule (employee share offering) - The expansion of the bank s branch network - The bank s development projects Constantly improving cost-income ratio (*) 1 MAD= USD (December 31 th, 2008) 23

24 CONSOLIDATED FINANCIAL STATEMENTS (IFRS) Net income (Group Share) (USD m) ROE Consolidated figures (IFRS) ROA +24% +3.1pts +0.1 pts % 17.8% 20,8% 1.3% 1.3% 1.4% Increase in Net Income (Group Share) High level of profitability Main contributors to the Net income (Group Share) : Attijariwafa bank, Wafa assurance, Wafa salaf, Attijari bank Tunisie, Wafabail ROE = Consolidated net income / Shareholders equity excluding net income during the period ROA = Consolidated net income / Total assets 24

25 CONSOLIDATED FINANCIAL STATEMENTS (IFRS) Composition of Net Banking Income as of December 2008 ASI (9%) SFS (16%) BDDI (15%) Composition of Net Income (group share) as of December 2008 SFS (15%) ASI (10%) BDDI (8%) BMET (60%) BMET (67%) BMET SFS ASI BDDI : Banking in Morocco, Europe and Tanger s offshore zone : Specialized Finance Companies : Insurance and Real Estate : International retail banking 25

26 Positioning of Attijariwafa bank in Moroccan banking sector Attijariwafa bank s strategy in Morocco Regional expansion Latest Financials Appendix: development of the Moroccan Financial Sector 26

27 INTERESTING RECENT MACROECONOMIC EVOLUTION (1/2) GDP Growth In % 15,0 12,0 9,0 Real GDP Non agricultural GDP 6,0 3,0 0,0-3, Prév ,0-9,0 Growth increasingly pulled by domestic demand In % Prev Investment Consumption Trade exchange balance 27

28 INTERESTING RECENT MACROECONOMIC EVOLUTION (2/2) Budget Deficit 5% 0% Deficit excluding compensation Global deficit Deficit excluding privatisation -5% -10% -15% Actu. LF 2008 Continuous fall of treasury debt volume ,8% 66,9% 68,1% 67,2% 70% ,8% 60,9% 58,3% 62,1% 57,4% 53,6% 50,5% 65% 60% 55% 50% % ,9 260,6 268,0 286,5 284,1 290,4 294,3 327,6 331,1 330, Prév % 35% 30% 28

29 DIFERENTIATED IMPACT OF GLOBAL CRISIS ON EMERGING COUNTRIES International context Net recession of the world economy Important reviews of the 2009 world growth projections Difference compared to July 2008 review November 2008 forecast E 2009P Net let up of international trade Advanced economies : Importations : Fall of 3.8 points for 2009 forecasts done on July 2008 compared to those of November 2008 Exportations : Fall of 3 points for 2009 forecasts done on July 2008 compared to those of November 2008 Emerging or developing countries: Importations : Fall of 5.3 points for 2009 forecasts done on July 2008 compared to those of November 2008 Exportations : Fall of 3.4 points for 2009 forecasts done on July 2008 compared to those of November 2008 Deterioration of funding conditions Important increase of Spreads for soverign titles of emerging economies and bond securities in advanced countries Recession of foreign funding to emerging countries In USD billions Direct foreign investment Portfolio investments Net debts of commercial banks Net debts of non banking sector E 2009P 29

30 MOROCCO HAS A SOLID EXTERNAL POSITION AND SLIGHTLY DEPENDS ON CURENCY RESOURCES Current account in % of gdp in % 5% 0% 30 Chine Equateur Thailande Argentine Egypte Indonesie Maroc CoréeduSud Mexique Brésil Colombie Inde Tunisie Turquie Ukraine AfriqueduSud Vietnam Bulgarie -5% -10% -15% -20% -25% Liabilities in currency towards international banks in % of GDP 80% Banking Sector Non banking sector Median 70% 60% 50% 40% 30% 20% 10% 0% Hongrie Bulgarie Slovaquie Pologne Malaisie Chili Turquie Vietnam Egypte Tunisie Brésil Maroc Inde AfriqueduSud Mexique Thailande Argentine Chine

31 SOLID FUNDAMENTALS OF MOROCCAN ECONOMY IN 2008, WITH LIMITED EFFECTS OF CRISIS IN 2009 The business cycle indicators remain well oriented and the economic dynamics absorb the effects of crisis in 2008 : Increase of equipment importations (+27.2%) and semi-products (+22.4%) by the end of September 2008 Sustained progress of business credits (+12.3% by the end of Sept. 08) Positive exchange terms (+20% by the end of September) Good performance at the level of implementation of the 2008 finance law Reduction of the treasury debt volume The crisis effects will be limited on the Moroccan economy in 2009: Negative effects: Recession of exportations Decline of tourist revenues Weak evolution of transfers from Moroccans residing abroad Almost stagnation of foreign direct investment Counter balanced by : The vigor of domestic demand which remains the main motor of growth The fall of gas prices which shall be at 70$/barrel in 2009 The recession of importations under the AT system The 2009 draft finance law stimulates domestic demand and carries on the consolidation of the economy resistence Strong growth of public investment Improvement of the purchasing power and boosting of consumption Diversification of growth sources through the consolidation of current sector policies and implementation of new sector policies (Agriculture, Water, Energy) 31

32 IMPORTANT EFFORTS PROVIDED BY MOROCCAN FINANCIAL GROUPS THAT ENABLE TO CARRY ON THE DEVELOPMENT AND MODERNIZATION OF THE BANKING SYSTEM AND REGIONAL RADIANCE OF THE POSITION OF MOROCCO Regional Development : Geographical zones covered by Moroccan banks Presence of Moroccan banks Africa : Tunisia : Attijari bank Tunisie Senegal : CBAO groupe AWB, Crédit du Sénégal * Mali : Banque international pour le Mali Côte d ivoire : Société Ivoirienne de Banques * Cameroon : SCB Cameroun * Congo : Crédit du Congo * Gabon : Union Gabonaise de Banques * Mauritania : project of creation of a greenfield universal bank Algeria : license application pending Libya : liaison office Europe : Attijariwafa bank Europe Africa : Benin, Madagascar, Cote d Ivoire, Burkina Faso, Senegal, Niger, Kenya, Ouganda and Tanzania : Bank Of Africa Mali : Banque de développement du Mali and Bank Of Africa Congo : Congolaise des banques Algeria : license application pending Europe : MediCapital Bank Africa : Guinea : Banque Populaire Maroco-Guinéenne Republic of Central Africa: Banque Populaire Maroco- Centrafricaine Mauritania : project of creation of greenfield universal bank Europe : many liaison offices throughout the continent (*) on going process 32

33 «NORTH & WEST AFRICA HUB»: THE AMBITION TO MAKE OF CASABLANCA A REGIONAL REFERENCE FINANCIAL CENTRE 4 Strategic Aspects Aspirations 2015 Aspiration Development of foundations for a regional reference multi-profession hub around Casablanca with double side: 1. French-speaking West Africa (UEOMA, CEMAC) 2. North Africa (UMA) 1 Regional HQ Places Morocco as a major centre for the attraction of HQ (financial & non financial) which serve the Fench-speaking region (North and West Africa ) Development of a real «Moroccan Offer» in Casablanca around 5 axes: Infra/Financial Center; Skills; Tax laws, Mobility/fluidity and Doing business Targeting reference transactions : ~100 final buyers among which actors makign part of the French-speaking core target ~100 actors of Fortune % of reference regional HQ competing with Paris, Alger, Tunis and Dakar Irreversible leadership of Casablanca stock market in the region : «First mover» of regional integration around financial services Notoriety of the Stock Market in the region and progressively in the world Construction and sophistication of trades gradualy on realistic bases by clustering around 4 strategic aspects 2 Exchange platforms and regional stock markets Casablanca, reference exchange and funding platform for capital markets of North and West Africa regions Targeted position of the Casablanca Stock Market around 4-5 key trades Gradual development with a differentiated approach between (1) North Africa and (2) Frenchspeaking Africa REgional opening on West Africa: attraction of 20-30% of listings and issuing of the region Regional integration in North Africa around strong strategic partners 1 Regional HQ 3 Investment Bank Places Morocco as a reference centre for advisory and funding in North and West Africa regions Support to development of the main regional sectors Welcome the top most active 10 actors in the region 3 4 Casablanca Investment Bank Hub multiservices 2 Exchange Platform and regional stock markets 4 Multiservice Hub Development of a multiservice centre around key support activities for the financial sector (Audit, IT, Consulting, legal) Targeting the attraction of major international actors in financial support services Presence of Top world 5-10 in every key trade (Audit, IT, Consulting, legal) 1 st country in the region in terms of jobs created in financial support services. 33

34 GOOD MOROCCAN FUNDAMENTALS IN GENERAL Moroccan weaknesses / at GC* Moroccan strength / at GC* skills Skills Costs Infrastructures BOffices IT / telecoms Group of competitors Connectivity Europe Peer Group Tunis Cairo Paris Dakar Johannesburg Africa / Maghreb GCC World class Geneva Vienna Singapore Attraction of Interna. prof. Expat. Tax law Admi. Facil. Lifestyle Doing business entrp. Fiscalité entp. Système judiciaire Services gen. (eg. Transport) * GC: Group of competitors 34

35 MANY INITIATIVES LAUNCHED TO POSITION MOROCCO AT THE REGIONAL LEVEL Incentive sector environ. 1 An massive and exceptional matching of labor tax laws (G.I.T. «real actual rate" limited to 20%, special expatriates system, full exemption from tax of first employment <550 /month, etc.) 2 An Export-oriented tax law already radically lightened (CT at 0% and customs dues less than 2.5%) 3 A lightened administrative system (real One-stop Service per area, total flexibility in the new Labor Code, administrative simplifications «real actual rate"). International Support (visas) Pool of important resources and training aid 4 5 An important and competitive pool of potential resources with the most important profiles, particularly Bac+2 - Bac+4 (annual production of 40-50,000 target profiles) An aggressive National Training Plan which focuses on offshoring trades and French specificities of 15 key sectors (technical and administrative 20,000 to 25,000 qualifying training programs by 2009) 6 A very aggressive post-recruitment training program with 100% payment of initial training programs and 75% of continuing training programs; the average is MAD 50,000 per employee during the 3 first years of employment. "worldclass infrastructures and Services areas (Casa Shore, Rabat Shore, Tangier Shore) specifically devoted to offshoring with offer of services and infrastructures based on the highest quality and cost standards (8 /m 2 /month) A first class telecom offer SLA techniques and sales representatives guaranteed and costs matching the most competitive destinations (discount target of 50 to 75%) A "Ready for Output" approach with equipped offices offer (~250,000m 2 ) and services of "business support" in-site provided by international partners selected on a competitive basis. 35

36 AWB SUBSIDIARIES PRESENTATION BARCELONA, JUNE 29 th, (part 2)

37 UEMOA GENERAL PRESENTATION WAEMU - UEMOA WAEMU/UEMOA - BANKING SECTOR CDS* SOFIB** - 8 member States : Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo credit institutions in activity (96 banks and 20 financial bodies). - Total Balance : Mns MAD (EUR 15.7 billion) - Outlets : Number of accounts: Employees : AWB Group : 6 subsidiaries in 5 countries of the Union including the largest banking institution (CBAO - AWB Group) (*)- Crédit du Sénégal (CDS): en cours de transformation (**)- SOFIB: société financière de transfert d argent en Guinée-Bissau Source: BCEAO, 2008

38 SENEGAL BANKING SECTOR IN SENEGAL Credit institutions : 17 banks (24% of WAEMU/UMOA Dec. 08) AWB s presence : CBAO (1 st Sénégal (7th bank in Sénégal) bank in WAEMU/UEMOA) and Crédit du

39 CBAO - AWB Group : PRESENTATION AND POSITION Presentation - Employees : to end of April Network : 138 outlets (70 branches and 68 desks dedicated to Western Union) Position CBAO is the market leader - Deposits : 26,9% market share to March 31, Credits : 22,6% market share to March 31, 2010.

40 CREDIT DU SENEGAL : PRESENTATION AND POSITION Presentation - Employees : 202 to April 30th, Network : 8 branches (including 2 Corporate barnches), all based in Dakar. Position - Niche bank with a small network, 7 th in terms of market share - Portfolio mainly dominated by corporates representing 80% of the turnover and by middle and high income individuals.

41 MALI BANKING SECTOR IN MALI Credit institutions : 13 banks (12,7% of WAEMU/UEMOA to Dec. 31, 08) Présence de AWB : BIM sa (2 nd banque du Mali)

42 BIM S.A. : PRESENTATION AND POSITION Presentation - Employees : 318 to April 30th, Network : 64 outlets (41 branches, 19 desks and 4 representations abroad) Position -2 nd bank in Mali

43 IVORY COAST BANKING SECTOR IN IVORY COAST Credit institutions : 20 banks (28,1% of WAEMU/UMOA to Dec. 31, 2008) AWB presence : SIB (6 th bank in the country)

44 SIB : PRESENTATION AND POSITION Présentation - Employees : 407 to April 30th, Network : 17 branches Position -6 th bank in Ivory Coast

45 SUBSIDIARIES PRESENTATION IN CAEMC/CEMAC REGION

46 CAEMC/CEMAC GENERAL PRESENTATION CAEMC/CEMAC BANKING SECTOR CEMAC - 6 member States : Gabon, Congo, Camerun, Rep. Central Africa, Equatorial Guinea, Tchad credit institutions in activity (38 banks et 15 financial bodies). SCB* COUNTRY BANKS OUTLETS Camerun Rep. Central Africa 3 7 Congo 4 37 Gabon 8 39 Equatorial Guinea 4 14 Tchad 7 20 TOTAL Total Balance : Mns DH (~= EUR 8.5 billion) - Branches : Employees : AWB Group: 3 establishments in 3 countries of the Union (Gabon, Congo and Camerun) (*)- Société Camerounaise de Banque (SCB) : en cours d acquisition

47 GABON BANKING SECTOR IN GABON Credit institutions : 8 banks ( 32,6% of CEMAC to Dec. 31, 2007) AWB presence : UGB (3 rd bank in Gabon)

48 UGB : PRESENTATION AND POSITION Presentation - Employees : 302 to May 31, Network : 5 branches Position -3 rd bank in Gabon.

49 CONGO BANKING SECTOR IN CONGO Credit institutions : 4 banks ( 9,4% of CAEMC/CEMAC to Dec. 31, 2007) AWB presence : CDC (3 rd bank in Congo)

50 CREDIT DU CONGO : PRESENTATION AND POSITION Presentation - Employees : 206 (incl. 45 temporary) to Dec. 31, Network : 12 outlets (4 branches and 8 desks dedicated to Western Union) Position -3 rd bank in Congo.

51 AWB TUNISIE PRESENTATION

52 AWB TUNISIE : PRESENTATION AND POSITION Presentation - Employees : to Feb Network : 149 branches. Positionnement -6 th bank in Tunisia

53 AWB EUROPE PRESENTATION

54 AWB EUROPE : PRESENTATION AND POSITION Presentation - Employees : 206 collaborateurs (incl. 45 temp.) to Dec. 31, Network : 57 branches (4 corporate desks) in 7 EU countries Position - 2 nd bank of migrants in Europe - Enable the group s susidiairies to be leaders in immigrant banking each in its own market.

55 CBIP PRESENTATION

56 CBIP : PRESENTATION AND POSITION Presentation -Employees: Network : 3 branches (11 if we consider our partnership with African banks) Position - Main partner of African banks in France.

57 ZOOM ON THE INTERNATIONAL RETAIL BANK IRB : KEY FIGURES Presence : 10 susidiairies in 9 countries Employees : Network Number of customers Total Deposits Total Credits par déc. EPS : 400 branches : 1 million : 40 milliards DH (EUR 3.6 billion) : 29 milliards DH (EUR 2.6 billion) : 9 milliards DH (EUR 810 million) Operating Ratio : 62,2%

58 THANK YOU FOR YOUR ATTENTION Contact : a.taadi@attijariwafa.com