Blog

The Moroccan Economy in Brief: Wednesday, February 20, 2019

Crédit du Maroc invests MAD 1 billion for its structural transformation:
Crédit du Maroc Group is expected to begin its structural transformation process this year against the backdrop of strong performances in 2018. The result is an integrated digitalization of its sales network, a new "core banking system" and a brand new headquarters to be delivered in 2021. Cost of this transformation: MAD 1 billion. Last year, the Moroccan subsidiary of the Crédit Agricole group generated net banking income of MAD 2.3 billion, up 5.4%, and a net profit attributable to the group of MAD 509 million, a significant increase of 39.3%.


"Wraqi" solution in its pilot phase:
Microsoft 4Afrika continues its partnership for the dematerialization of public services in Morocco. Thus, since 2006, the group has been working with the Moroccan startup Algo Consulting to implement its administrative solution "Wraqi". This makes it possible to facilitate administrative procedures for citizens by using machine learning, the Internet of Things and the blockchain.


Saham and Bertelsmann create Majorel:
This is a major upheaval in the customer relations sector in Morocco, and even beyond. The Saham group and its long-standing partner Bertelsmann have just formalized the completion of their project to merge the activities of Arvato CRM Solutions, Phone Group, Ecco Outsourcing and Pioneers, and create Majorel, a new global player in customer relations.


BCP: The "Private Banking Matinées" decode the equity market:
In an effort to provide its clients with relevant information and personalised support, Banque Privée-Banque Populaire devoted the second edition of its quarterly meetings, the "Private Banking Matinées", to a topical theme at the beginning of the year, "Equity Markets: retrospective and projections". Held at the beginning of February, this meeting was an opportunity for Private Banking-Banque Populaire to provide its clients with a clear insight into the overall structure of the equity market and the main principles to be observed in setting up a relevant investment strategy in line with each investor's risk profile and investment horizon.


The Treasury invests 7 billion dirhams of cash surpluses:
The Treasury and Foreign Finance Department (DTFE), under the Ministry of Economy and Finance, on Monday launched two operations to invest cash surpluses totalling MAD 7 billion. This is a 5 billion dirhams repo investment, subscribed over one day at a weighted average rate of 2.22%, the DTFE said in a press release. The second investment, also with a repo of 2 billion dirhams, is subscribed over seven days at an average rate of 2.25%, the DTFE said.