barcelona - june 29th, 2010. (part i) - iese.edu taadi - unidas_tcm4-52234.pdf · bmc e bank bmc...

1

Attijariwafa bank’s positioning and strategy

BARCELONA - JUNE 29th, 2010. (part I)

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

MOROCCO IS ONE OF THE MOST ADVANCED BANKING MARKETS IN THE REGION 2005

0

20

40

60

80

100

120

0 1500 3000

Banking Assets/GDP% en 2005

GDP/capitain USD

Algeria

Ivory CoastMauritania

Tunisia

• Banking Assets/GDP (2007) : 107%• Total assets (2007) : 79.8 USD bn

2007

Morocco

North Africa

Congo (B)CEMAC

Cameroon

WAEMU

Mali

Pene

trat

ion

of th

e ba

nkin

g se

ctor

Gabon

Senegal

wealthSource : World Bank, WAEMU Report, CEMAC Report, HCP (Morocco’s Haut Commissariat au Plan)

3

CASABLANCA STOCK MARKET IS ONE OF THE MOST IMPORTANT IN THE REGIONUSD BILLIONS, OCTOBER 2007

North Africa French-speaking Africa Euromed South

1st stock market in North Africa

Tunisia

Morocco

Tunisia

Morocco

1st stock market in French-speaking Africa

Mauritius

Ivory Coast

3rd stock market in Euromed South region

Morocco*

Jordan

Egypt*

Turkey67.0

4.3

67.0

4.4

4.4

4.3

183

103

67

35

(*) The values of Moroccan and Egyptian capitalizations were 66 $bn and 57 $bn respectively at december 2008

4

MARKET CAPITALIZATION HAS INCREASED SIGNIFICANTLY SINCE 2003

Market capitalization has increased significantly since 2003 % of GDP

% of GDP

115206 252

586452

20082006200520042003

28%28% 47% 55% 84% 119%

2007

Evolution of market capitalization (in MAD million)

Morocco 119%

Tunisia 60%

Egypt 102%

Saudi Arabia

120%

Turkey 47%

Chili 119%

France 218%

Spain 113%

USA 98%

Malaysia 155%

2007

532

+362%

80%

5

6

BANKING SYSTEMSUSTAINED GROWTH OF THE MAIN BANKING INDUSTRY INDICATORS

PenetrationPercent of GDP

Volumes USD bn

CAGR 2002-08Percent

2002 2008 2002 2008

6886

33.470.2

Deposits 13%

25.557.8

5271

15%Loans

1 MAD= 0.124 USD (December 31th, 2008)

POSITIONING OF ATTIJARIWAFA BANK IN MOROCCO

Market share of loans (December 08) • Largest market capitalization in banking sector (2nd

overall)

• Undisputed leaderin loans

• Co-leader in deposits

Market capitalization (Sept 18th 09 ; USD bn)

AWB CPM BMCE SGMB BMCI CAM CDM CIH Autres

25.6% 22.6% 13.3% 6.0%8.9%9.2% 5.5% 0.9%

AWB BMCE BCP BMCI CIH CDM

5,0

2.3 1.1 0.81.3

6.9

8.0%

Market share of deposits (December 08)

CPM AWB BMCE SGMB CAM BMCI CDM CIH Autres

26.8% 26.8% 14.6% 7.0%7.7%7.9% 3.1%5.1% 1.0%

1 MAD= 0.121 USD (March 26th, 2009)7

8

MARKET LEADERSHIP THROUGH A NETWORK OF SPECIALIZED SUBSIDIARIES

DescriptionMarket Share (2008)

Ranking in MoroccoSubsidiary Key facts and figures (2008)

• 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# 1 31%31%Wafasalaf

• A major player of the Moroccan insurance sector, focusing on life and personal risk insurance businesses

• 515 USD m of insurance premiums # 1# 1 22%22%Wafa

Assurance

• 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# 1 30%30%Wafa

Gestion

# 1# 1 44%44%• 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

Wafacash

NATIONAL LEADER IN THE MARKET ACTIVITIES

Activity PositioningMarket share: 2008

AWB - Salle de marché

45%1 • First market share in Foreign Exchange activities

Attijari Intermédiation

• The Moroccan leader in brokerage 28%2

Wafa Gestion 31% • The Moroccan leader in asset management

Attijari Invest - • The Moroccan leader in capital investment

Attijari Finances Corp

• The Moroccan leader in M&A80%3

(1) Market share in Foreign Exchange activities(2) Market share 2007(3) IPO (By volumes)

9

RANKED 1ST MOROCCAN BANK AND IN THE TOP TEN AFRICAN BANKS (2007, USD billion) # Attijariwafa bank ranking in

Africa

3.3

Top 10 African banks in terms of NBI

6

Standard bank Invest. Corp.Absa Group

Nedbank Group

FirstRand banking Group

Crédit Populaire du Maroc

Attijariwafa bank

National bank of Egypt

Banque du Caire

First bank of Nigeria

2.6

2.0

0.8

2.0

2.7

1.0

1.0

1.1

0.8

Top 10 African banks in terms of total assets

7

Standard bank Invest. Corp.


Attijariwafa bank

Absa Group

Nedbank GroupFirstRand banking Group

First bank of Nigeria


175.0

94.8

81.0

72.3

38.8

31.6

27.7

20.2

14.0

13.1

Top 10 African banks in terms of deposits




Absa Group

Nedbank Group


Banque Extérieure d’Algérie

Attijariwafa bank

164.8

62.1

56.9

45.9

29.4

27.4

17.8

17.3

9.8

7

10.7

Top 10 African banks in terms of loans



Attijariwafa bank

Absa Group

Nedbank Group


Banque Extérieure d’AlgérieCrédit Populaire du Maroc

Banque Nationale d’Algérie

81.1

67.5

56.7

55.3

14.0

13.9

9.7

9.6

7.7

6.0

6Banque Extérieure d’Algérie

BMCE bank BMCE bank

BMCE bank

Caisse Nat. d’Epargne et de Prév. (CNEP)

Zenith International bank

Source : Jeune Afrique hors série n° 18 – Edition 200810

ATTIJARIWAFA BANK IS RATED "INVESTMENT GRADE" BY INTERNATIONAL RATING AGENCIES

Rating Agencies Local CurrencyForeign 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



Regional expansion

Latest Financials


13

ATTIJARIWAFA BANK OVERVIEW: SHAREHOLDERS’ PATTERN

ONA Group

33.7%

Grupo Santader

4.6%Floating

18.8%

Mamda Mcma

7.8%

Wafa Assurance

5.2%

Other

shareholders

20,0%

1st Moroccan private group with more than a century history

Investment holding undertaking activities in the following industries : mining, agri-business, 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 industrialgroups

Strong synergies B/W the 2 groups (corporate banking, immigrant banking, capital markets, investment banking, offshore banking…..).

14

CLEAR AND QUANTIFIED STRATEGIC LEVERSBMF (Immigrant banking) BPP (retail banking) BE (corporate banking) Capital market

• Acquisition of new customers • Development of fixed income activities

• Acquisition of new customers • Control of NBI/customer variability within some portfolio

1 1 11

• Customer retention• Customer retention • Development of the foreign currency activities

• Improvement of NBI/customer in specific portfolio

2 2 2 2

• Improvement of loans equipment rate (especially mortgage loans)

• Improvement of retail products equipment rate

• Retain NBI/customer in other portfolio

• Development of derivatives products

3 3 3 3

• Improvement of retail products equipment rate

• Development of x-to-account transfers

• Selective acquisition of new corporate accounts

4 4 4

• Customer Relationship Management

• Optimization of the commercial organization

• Growth of services fees • Improvement of mortgage loans equipment rate

• Development of all the SME portfolio

5 5 5

• Network headcount optimization • Reduction and control of churn rate

6 6

• Acquisition of Middle market SME7

• Development of trade finance for specific SME segment

8

• Control of credit risk9

D

E

Transversal levers

Corporate Levers

SME Levers

• « e-btikar », IT strategic planA

• Control of credit riskB

• Management of human resourcesC

MAIN INDICATORS OF ATTIJARIWAFA BANK GROUP IN 2012

•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%)

CAGR%Clients (by millions)

3.36.213%

2007 2012

Branches

1,1502,35015%

2007 2012

Employees

8,86013,7009%

2007 2012

15

16

SOMMAIRE



Regional expansion

Latest Financials

Appendix

17

AWB HAS A SOLID AMBITION TO POSITION ITSELF AS A MAJOR REGIONAL PLAYER

Context

1

2

3

4

A leading position in an already concentrated domestic banking system

A know-how in the management of large projects, consolidated during the BCM-Wafabankmerger process

A growing international presence of Attijariwafa bank’s customers

A strong belief in regional integration and the increasing interdependence of economies

AN INCREASING CONTRIBUTION OF THE REGIONAL DEVELOPMENT CONFIRMED BY THE TRANSACTION WITH CRÉDIT AGRICOLE * (1/2)

Subsidiaries of Attijariwafa bank Group

Perimeter of transaction with Crédit Agricole: Senegal, Ivory Coast, Cameroon, Gabon and Congo (cf. details p 30)

Senegal

Mauritania Tunisia

Libya

Gabon Congo

Mali

Cameroon *

Ivory Coast

Guinea B.

Tunisia-Nov. 2005:Acquisition of 54% in Banque du Sud

Libya-Feb. 2008:Establishment of a representative office

Mauritania-Mar. 2008

SenegalJul. 2006:A greenfield bank hasstarted less than 12 months agoJan. 2007:Acquisition of 66,67% in Banque Sénégalo-Tunisienne (13 branches)Nov 2007:Acquisition of 79,15% of CBAODec 2008: Completed phases of merger. Acquisition of 95% of Crédit du SénégalGuinea Bissau-Nov 2007 :SOFIB subsidiary of CBAO

Mali -Jul 2008 :Acquisition of 51% of BIM (Banque Internationale pour le Mali (54 branches)

(*) Ongoing process18

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)

Banks in Morocco,

Europe and Tangier’s

offshore zone (52%)

BDDI (26%)

Specialized Financial

Services(14%)Insurance and real

estate (8%)

• The contribution of the BDDI represents more than a quarter of the consolidated NBI when the transaction with Credit Agricole is completed

(*) Ongoing process 19

A RECENT ACQUISITION OF 5 AFRICAN BANKS FROM CREDIT AGRICOLE

Sh. equity NIB NITotal assets RankingCountries Banks

SCB Cameroun 344 365 665,292Cameroon 3

Union Gabonaisede Banques

337 339 1023,648Gabon 3

Société Ivoiriennede Banques

318 253 692,742Ivory Coast 6

Crédit du Congo 108 189 721,973Congo 1

Crédit du Sénégal 199 129 32,162Senegal 4

Σ = 15,818Σ = 15,818 Σ = 1,305Σ = 1,305 Σ = 1,274Σ = 1,274 Σ = 311Σ = 311

% of capital

65%

59%

51%

81%

95%

Key figures (2007, MAD millions)

1 MAD= 0,129622 USD (December 31th, 2007)

20

21



Regional expansion

Latest Financials


CONSOLIDATED FINANCIAL STATEMENTS (IFRS)2008

Consolidated figures (IFRS)

Net Banking Income (USD m) Composition of Net Banking Income Dec 08

Net Interest Income (63,5%)

Fee Income (19,6%)Other

(4,8%)

Market Activities (12,1%)

2006 2007

8381 090

27%

2008

1 361

• 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= 0.124 USD (December 31th, 2008)22

CONSOLIDATED FINANCIAL STATEMENTS (IFRS)2008


General operating expenses& amortization charges (USD m)

Gross operating income (USD m)

2006 2007

477566

+26%

2008

759

2006 2007

442524

+17%

2008

601

• 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= 0.124 USD (December 31th, 2008)23

CONSOLIDATED FINANCIAL STATEMENTS (IFRS)


Net income (Group Share)(USD m) ROE ROA

2006 2007

17.7% 17.8%

+3.1pts

2006 2007

1.3% 1.3%

+0.1 pts

2008

1.4%

+24%

24

• 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

ROA = Consolidated net income / Total assetsROE = Consolidated net income / Shareholders’ equity excluding net income during the period

2006 2007

251304

387

2008

20,8%

2008

CONSOLIDATED FINANCIAL STATEMENTS (IFRS)

Composition of Net Banking Income as of December 2008

Composition of Net Income (group share) as of December 2008

BDDI(15%)

BMET(60%)

SFS(16%)

ASI(9%)

BDDI(8%)

BMET(67%)

SFS(15%)

ASI(10%)

BMET : Banking in Morocco, Europe and Tanger’s offshore zone

SFS : Specialized Finance Companies

ASI : Insurance and Real Estate

BDDI : International retail banking

25

26



Regional expansion

Latest Financials


INTERESTING RECENT MACROECONOMIC EVOLUTION (1/2)

-9,0

-6,0

-3,0

0,0

3,0

6,0

9,0

12,0

15,0

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Prév

2008

In %Real GDPNon agricultural GDP

GDP Growth

Growth increasingly pulled by domestic demand

-4

-2

0

2

4

6

8

10

1999 2000 2001 2002 2003 2004 2005 2006 2007 Prev.2008

Investment

Consumption

Trade exchange balance

In %

27

INTERESTING RECENT MACROECONOMIC EVOLUTION (2/2)

Budget Deficit

Deficit excluding compensation

Global deficit

Deficit excluding privatisation

-15%

5%

-10%

-5%

0%

1999 2000 2001 20042002 2003 20072005 2006 Actu. LF 2008

Continuous fall of treasury debt volume

256,9 260,6 268,0 286,5 284,1 290,4 294,3 327,6 331,1 330,1

66,8% 66,9% 68,1% 67,2%

60,9%

50,5%53,6%

57,4%

62,1%

58,3%

63,8%

100

150

200

250

300

350

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Prév2008

30%

35%

40%

45%

50%

55%

60%

65%

70%

28

DIFERENTIATED IMPACT OF GLOBAL CRISIS ON EMERGING COUNTRIES

International context

Net recession of the world economy

• Important reviews of the 2009 world growth projections

2006 2007

3.72.2

2008E 2009P

Difference compared to July 2008 review

5.05.1 1.70.4 November 2008 forecast

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

29

2006 2007 2008E 2009P

566

899

619 56

2

• In USD billions Direct foreign investment

Portfolio investments

Net debts of commercial banks

Net debts of non banking sector

30

MOROCCO HAS A SOLID EXTERNAL POSITION AND SLIGHTLY DEPENDS ON CURENCY RESOURCES

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

Bulgarie

Vietnam

Afrique du S

ud

Ukraine

Turquie

Tunisie

Inde

Colom

bie

Brésil

Mexique

Corée du S

ud

Maroc

Indonesie

Egypte

Argentine

Thailande

Equateur

Chine

Current account in % of gdp in 2008

Liabilities in currency towards international banks in % of GDP

0%

10%

20%

30%

40%

50%

60%

70%

80%

Chine

Argentine

Thailande

Mexique

Afrique du S

ud

Inde

Maroc

Brésil

Tunisie

Egypte

Vietnam

Turquie

Chili

Malaisie

Pologne

Slovaquie

Bulgarie

Hongrie

Banking SectorNon banking sectorMedian

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

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

Presence of Moroccan banks

Regional Development : Geographical zones covered by 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

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)

• 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

Regional HQ

Exchange platforms and regional stock markets

Investment Bank

MultiserviceHub

1

2

3

4

4 Strategic Aspects

• 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 30-40 actors

makign part of the French-speaking core target– ~100 actors of Fortune 500

• 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) French-speaking Africa

• Places Morocco as a reference centre for advisory and funding in North and West Africa regions

• Support to development of the main regional sectors

• Development of a multiservice centre around key support activities for the financial sector (Audit, IT, Consulting, legal)

• Targeting the attraction of 20-30 major international actors in financial support services

Regional HQ

Hub multi-services

Investment Bank

Exchange Platform

and regional stock markets

Aspirations 2015

• 50% of reference regional HQ competing with Paris, Alger, Tunis and Dakar

• 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

• Welcome the top most active 10 actors in the region

• Presence of Top world 5- 10 in every key trade (Audit, IT, Consulting, legal)

• 1st country in the region in terms of jobs created in financial support services.

Casablanca

1

2

3 4

«NORTH & WEST AFRICA HUB»: THE AMBITION TO MAKE OF CASABLANCA A REGIONAL REFERENCE FINANCIAL CENTRE

33

Skills

Costs

BOffices

IT / telecoms

Europe

Africa / Maghreb

GCC

skills

Infra-structures

Connectivity

Attraction of Interna. prof.

Doing business entrp.

GOOD MOROCCAN FUNDAMENTALS IN GENERAL…

Moroccan weaknesses / at

GC*

Group of competitors

• Tunis• Cairo• Paris• Dakar• Johannesburg

• Geneva• Vienna• Singapore

Peer Group

World class

Moroccan strength / at GC*

Système judiciaire

Lifestyle

Expat. Tax law

Admi. Facil.

Services gen. (eg. Transport)

Fiscalité entp.

* GC: Group of competitors

34

MANY INITIATIVES LAUNCHED TO POSITION MOROCCO AT THE REGIONAL LEVEL

8

3 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€/m2/month)

9

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 (~250,000m2) and 10-12 services of "business support" in-site provided by international partners selected on a competitive basis.

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)

6

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)

7

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.

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)

4

Incentive sector environ.

Pool of important resources and training aid

"worldclass“infrastructures and Services

35

AWB AWB SUBSIDIARIESSUBSIDIARIES’’ PRESENTATIONPRESENTATION

BARCELONA, JUNE 29th, 2010. (part 2)

UEMOA GENERAL PRESENTATION UEMOA GENERAL PRESENTATION

- 8 member States : Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo.

- 116 credit institutions in activity(96 banks and 20 financial bodies).

- Total Balance :173 747 MnsMAD (EUR 15.7 billion)

- Outlets : 1 258

- Number of accounts: 4 137 132

- Employees : 16 184

- AWB Group : 6 subsidiaries in 5 countries of the Union including the largest banking institution (CBAO -AWB Group)

WAEMU/UEMOA - BANKING SECTORWAEMU - UEMOA

Source: BCEAO, 2008

CDS*

SOFIB**

(*)- Crédit du Sénégal (CDS): en cours de transformation (**)- SOFIB: société financière de transfert d’argent en Guinée-Bissau

SENEGALSENEGAL

Credit institutions : 17 banks (24% of WAEMU/UMOA – Dec. 08)

AWB’s presence : CBAO (1st bank in WAEMU/UEMOA) and Crédit du Sénégal (7th bank in Sénégal)

BANKING SECTOR IN SENEGAL

CBAO CBAO -- AWB Group : PRESENTATION AND POSITIONAWB Group : PRESENTATION AND POSITION

Presentation

- Employees : 1 047 to end of April 2010.

- 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, 2010.

- Credits : 22,6% market share to March 31, 2010.

CREDIT DU SENEGAL : PRESENTATION AND POSITIONCREDIT DU SENEGAL : PRESENTATION AND POSITION

Presentation

- Employees : 202 to April 30th, 2010

- Network : 8 branches (including 2 Corporate barnches), all based in Dakar.

Position

- Niche bank with a small network, 7th in terms of market share

- Portfolio mainly dominated by corporates representing 80% of the turnover and by middleand high income individuals.

MALIMALI

Credit institutions : 13 banks (12,7% of WAEMU/UEMOA to Dec. 31, 08)

Présence de AWB : BIM sa (2nd banque du Mali)

BANKING SECTOR IN MALI

BIM S.A. : PRESENTATION AND POSITIONBIM S.A. : PRESENTATION AND POSITION

Presentation

- Employees : 318 to April 30th, 2010.

- Network : 64 outlets (41 branches, 19 desks and 4 representations abroad)

Position

- 2nd bank in Mali

IVORY COASTIVORY COAST

Credit institutions : 20 banks (28,1% of WAEMU/UMOA to Dec. 31, 2008)

AWB presence : SIB (6th bank in the country)

BANKING SECTOR IN IVORY COAST

Présentation

- Employees : 407 to April 30th, 2010.

- Network : 17 branches

Position

- 6th bank in Ivory Coast

SIB : PRESENTATION AND POSITIONSIB : PRESENTATION AND POSITION

SUBSIDIARIESSUBSIDIARIES’’ PRESENTATION IN PRESENTATION IN CAEMC/CEMAC REGIONCAEMC/CEMAC REGION

CAEMC/CEMAC CAEMC/CEMAC –– GENERAL PRESENTATIONGENERAL PRESENTATION

- 6 member States : Gabon, Congo, Camerun, Rep. Central Africa, Equatorial Guinea, Tchad.

- 53 credit institutions in activity(38 banks et 15 financialbodies).

- Total Balance : 94 173 MnsDH (~= EUR 8.5 billion)

- Branches : 245

- Employees : 6 541

- AWB Group: 3 establishments in 3 countries of the Union (Gabon, Congo and Camerun)

BANKING SECTOR – CEMAC CAEMC/CEMAC

SCB*

(*)- Société Camerounaise de Banque (SCB) : en cours d’acquisition

COUNTRY BANKS OUTLETS

Camerun 12 128

Rep. Central Africa 3 7

Congo 4 37

Gabon 8 39

Equatorial Guinea 4 14

Tchad 7 20

TOTAL 38 245

GABONGABON

Credit institutions : 8 banks ( 32,6% of CEMAC to Dec. 31, 2007)

AWB presence : UGB (3rd bank in Gabon)

BANKING SECTOR IN GABON

Presentation

- Employees : 302 to May 31, 2010.

- Network : 5 branches

Position

- 3rd bank in Gabon.

UGB : PRESENTATION AND POSITIONUGB : PRESENTATION AND POSITION

CONGOCONGO

Credit institutions : 4 banks ( 9,4% of CAEMC/CEMAC to Dec. 31, 2007)

AWB presence : CDC (3rd bank in Congo)

BANKING SECTOR IN CONGO

Presentation

- Employees : 206 (incl. 45 temporary) to Dec. 31, 2009.

- Network : 12 outlets (4 branches and 8 desks dedicated to Western Union)

Position

- 3rd bank in Congo.

CREDIT DU CONGO : PRESENTATION AND POSITIONCREDIT DU CONGO : PRESENTATION AND POSITION

AWB TUNISIE PRESENTATIONAWB TUNISIE PRESENTATION

AWB TUNISIE : PRESENTATION AND POSITIONAWB TUNISIE : PRESENTATION AND POSITION

Presentation

- Employees : 1 485 to Feb. 2010.

- Network : 149 branches.

Positionnement

- 6th bank in Tunisia

AWB EUROPE PRESENTATIONAWB EUROPE PRESENTATION

AWB EUROPE : PRESENTATION AND POSITIONAWB EUROPE : PRESENTATION AND POSITION

Presentation

- Employees : 206 collaborateurs (incl. 45 temp.) to Dec. 31, 2009.

- Network : 57 branches (4 corporate desks) in 7 EU countries

Position

- 2nd bank of migrants in Europe

- Enable the group’s susidiairies to be leaders in immigrant banking each in its own market.

CBIP PRESENTATIONCBIP PRESENTATION

CBIP : PRESENTATION AND POSITIONCBIP : PRESENTATION AND POSITION

Presentation

- Employees : 26.

- Network : 3 branches (11 if we consider our partnership with African banks)

Position

- Main partner of African banks in France.

ZOOM ON THE INTERNATIONAL RETAIL BANKZOOM ON THE INTERNATIONAL RETAIL BANK

Presence : 10 susidiairies in 9 countries

Employees : 4 000

Network : 400 branches

Number of customers : 1 million

Total Deposits : 40 milliards DH (EUR 3.6 billion)

Total Credits par déc. : 29 milliards DH (EUR 2.6 billion)

EPS : 9 milliards DH (EUR 810 million)

Operating Ratio : 62,2%

IRB : KEY FIGURES

THANK YOU FOR YOUR ATTENTION

Contact : [email protected]

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