2013 - Attijariwafa Bank · 2013 Annual report Attijariwafa bank, a limited company with a capital...

2013Annual report

Attijariwafa bank, a limited company with a capital of 2,035,272.260 DH. Head office : 2, boulevard Moulay Youssef, Casablanca. Approved as a credit institution by order of the Minister of Finance and Privatization n° 2269-03 of the 22 December 2003 as amended and supplemented. Trade Register n° 333.Tel. : +212 522 29 88 88 - www.attijariwafa.com

RECOGNITION AND DISTINCTION

• For two consecutive years (2013 and 2014) Attijariwafa bank has been crowned by Global Finance Magazine as « The Best Bank in Morocco ».

• Attijariwafa bank ranked, in 2013 by African Banker, as the « Best North African Bank » in 2013.

• Attijariwafa bank ranked « Best Bank », in 2013, by The Banker

• Attijariwafa bank ranked by Jeune Afrique Magazine as « African Bank of the Year » during The Africa CEO Forum 2014.

• Attijariwafa bank ranked by Euromoney Magazine as « Best Bank in Morocco » in 2013 for the third time in 2010, 2013

• « National Human Resource Award » 2013 by l’Association Nationale des Gestionnaires et Formateurs des Ressources Humaines (the National Association of Human Resource Managers and Trainers)

• 2013 Trophy for « Best Legal Information System » during the 5th edition of the Annual Meeting Days on Legal Performance

RECOGNITION AND DISTINCTION

ANNuAl REpORT 2013

• « SEDAR 2012 » Trophy for African Integration, awarded in 2013 to M. Mohamed El Kettani by Nouvel Horizon Magazine

• M. Mohamed El Kettani, elevated to the rank of « Commandeur »in 2013 by the Senegalese President Macky Sall

• 2013 « Straight Through Processing » trophy awarded to Attijariwafa bank Europe by Deutsche Bank for the Euro payment quality

• « Deal of the Year 2014 » Award, delivered by The Banker and TMT Finance for advisory service provided by the Bank’s Middle East subsidiary to Etisalat on the acquisition of the 53 % majority participation of Vivendi shares in Maroc Telecom

• International Arch of Europe Award « GOLD CATEGORY » awarded to Wafa Immobilier during the 26th edition of the International Congress on quality held in 2013

• « AAAmmf (mar) » - the best score on the rating scale awarded in 2013 by Fitch Ratings to « Attijari Monétaire Jour » Monetary Fund (managed by Wafa Gestion)

• Confirmation, in 2013, by Fitch Ratings of the Asset Manager National score (« Highest Standards (mar) » awarded to Wafa Gestion

• Ranking of Wafa Gestion by World Finance as the « Best Investment Management Company » in Morocco in 2013 • Attijari Intermédiation elected « Best

Broker » in 2013 at AEF Equities Summit on the Casablanca Stock Exchange, according to the volumes procesed

contents

CHApTER 1

p.10GROWTH, PERFORMANCE AND SHARED PROGRESS

THE GROup’S pROFIlE ...................................................... p.12

KEY FIGuRES 2013 ............................................................... p.14

HIGHlIGHTS 2013 ................................................................. p.18

CHApTER 2

p.22PERFORMANCE DRIVEN BY GOOD GOVERNANCE AND STRATEGY

MANAGEMENT AND COORDINATION COMMITTEE ............ p.24

CORpORATE GOVERNANCE ................................................. p.26

STRATEGY ............................................................................. p.30

p.8THE CHAIRMAN & CEO'S MESSAGE

CONTENTS

CHApTER 4

p.64SUPPORT FUNCTIONS: SOME MAJOR STRUCTURING PROJECTS

GROup GlOBAl RISK MANAGEMENT ................................ p.66

GROup INFORMATION SYSTEMS ........................................ p.68

GROup SERVICES AND pROCESSING ................................ p.70

GROup lEGAl ADVISORY .................................................... p.72

CHApTER 5

p.74A SOCIAL RESPONSIBILITY DEEPLY ANCHORED IN THE GROUP’S CULTURE AND SET OF VALUES

QuAlITY, COMplIANCE AND pROFESSIONAl CONDuCT..... p.76

GROup HuMAN CApITAl ..................................................... p.78

ATTIjARIwAFA BANK FOuNDATION ................................... p.84

ENVIRONMENT ..................................................................... p.94

pROCuREMENT .................................................................... p.95

CHApTER 3

p.32

A COMMITMENT TO DEVELOPING CLOSER CUSTOMER RELATIONS AND EXCELLENCE IN ALL CUSTOMER SEGMENTS

GROup TRANSACTIONAl BANKING ................................... p.34

GROup CORpORATE & INVESTMENT BANKING ................. p.36

GROup CApITAl MARKETS ..................................................p.38

RETAIl BANKING ................................................................. p.40

MulTI-CHANNEl BANKING .................................................p.47

SpECIAlIZED FINANCIAl COMpANIES .............................. p.48

wAFA ASSuRANCE ............................................................... p.54

INTERNATIONAl RETAIl BANKING .................................... p.55

p.96MANAGEMENT REPORT

ANNuAl REpORT 2013

THE CHAIRMAN & CEO'SMESSAGE

Mohamed EL KETTANI, Chairman and Chief Executive Officer

Faithful to the values that define our corporate culture, namely citizenship, leadership, solidarity, commitment and ethics, our group has always been keen on balancing economic performance with social and cultural development in Morocco.

In the course of a few years, and through a willful approach which integrates social, environmental and economic concerns, we have been able to consolidate the bonds that link us to our staff members, and make stronger the trust of all our partners whether they be shareholders customers or suppliers.

We have made possible the emergence of a genuine and typical Attijariwafa bank ethical corporate culture, with a scrupulous observance of the regulatory standards, and compliance with the ethical and quality rules. We also take pride in observing that this mindset is presently well anchored at all levels of our businesses.

On the other hand, and being both a Maghrebian and Panafrican group, our social responsibility filters through all the commitments of our subsidiaries the performance and efficiency of which prove it. Concerning its African dimension, the Group is, from now on, positionned as a reference player wich is strongly committed to the economic, social and environmental development of the 23 countries where it operates, whether through funding major projects or outreach actions aiming at improving the local populations’ financial inclusion.

8

THE MANAGING DIRECTOR’S MESSAGE

Our social and environmental responsibility, apparent in each of our businesses, can also be witnessed through the civic engagement of our Foundation ranging from culture, art, education and pre-school learning to academic research. Whether acting on the side of NGOs or on its own behalf, Attijariwafa bank Foundation has made some great achievements during the last decades. The yield of this commitment is urging us to go even further by giving more proofs of inventiveness, and by paying closer attention to our community. In this we are driven by a real will to contribute to the inclusion of disadvantaged citizens – a will that can only be rivaled by our ambition to sensitize our youth to the social, societal and economic problems of our time in order to develop their intellectual curiosity.

Such is the mission of the Foundation’s publishing and cultural debate division which we have recently set. Being convinced that the debate and knowledge stand at the root of progress, we offer – through the mobilization of our men and women at Attijariwafa bank – our contribution to the well being of our community and the development of our country. It is indeed a country whose financial system owes a lot to people like the former Chairman and CEO of the Banque Commercial du Maroc the late Abdelaziz Alami, along with the former Managing Director and CEO of Wafabank the late Abdelhaq Bennani; two great visionaries to whom we pay a great tribute on the occasion of the submission of the present annual report.

tribute to the founding chairmenA page in the history book of our group has irretrievably been turned with the loss of two prominent figures, namely late Abdelaziz Alami and late Chairman Abdelhaq Bennani – two emblematic chairmen who passed away in the spring of the same year – within a few days of interval – leaving behind them a deep feeling of sadness and grief within the Attijariwafa bank family.

With their human and managerial qualities, with their styles and more particularly their vision, these two extraordinary leaders have eternally influenced not only several generations of bankers and financiers but also some high officials both in the public and private sectors.

Could it be sheer coincidence that the late Abdelaaziz Alami and the late Abdelhaq Bennani had both – and at a young age – chosen to seal their fates to that of two banking institutions? Body and soul, and for three decades, they respectively endeavored to make into benchmark banks and pioneering corporate citizens the Banque Commerciale du Maroc and Wafabank. Accordingly, these two institutions became genuine symbols of modernity and key drivers of economic growth for the banking sector and for the Moroccan economy as a whole.

Those who had the privilege of working with the late Abdelaziz Alami and the late Abdelhaq Bennani keep the memory of two bank CEOs that were « like no others ». While one was a humanist and a poet, and the other was a tech savvy, both were meeting on the ground of the passion they had for culture and

art. Visionaries as they were, they had the stroke of genius of anticipating the major mutations of their trade by deploying large investments, and more particularly by putting their trust in the youth.

Thus, matching tenacity to open-mindedness, the two founding fathers of Attijariwafa bank have, each in his own way, laid the foundations for a solid Moroccan banking sector, characterized both by innovation and high performance. This left a priceless legacy which allows us today to face all the challenges within the Kingdom and outside its borders. As of now, it is our collective responsibility as men and women belonging to Attijariwafa bank Family to continue to maintain this precious heritage and make it more productive, for it is a lifetime achievement bequeathed by the late Abdelaziz Alami and the late Abdelhaq Bennani

May their souls rest in peace

« Visionaries as they were, they had the stroke of genius of anticipating the major mutations of their trade by deploying large investments, and more particularly by putting their trust in the youth. »

ANNuAl REpORT 20139

CHApTER 1

1•GROWTH, PERFORMANCE AND SHARED PROGRESS

An undisputed leader of the banking and financial sector in Morocco, Attijariwafa bank’s stock continues to offer the best balance between growth and value of the banking sector in the Kingdom. The year 2013 was marked by the signature of some flagship partnerships with international institutions, thus increasing corporate finance capabilities and foreign investments in Africa. Being an exclusive partner with these institutions, Attijariwafa bank became the main gateway to Africa for our partners’ clients and vice versa.

THE GROUP’S PROFILE 12

KEY FIGURES 2013 14

HIGHLIGHTS 2013 18

* In 2013, two non-recurring elements negatively impacted the Net Income Group Share: wafa Assurance’s tax control regulations and the effect on 12 months versus 8 months of the capital increase reserved for employees.Excluding exceptional items, the Net Income and the Net Income Group Share respectively decreased by 0.3% and by 3.7%.

ANNuAl REpORT 2013

17,9 (+4,9 %)

NET BANKING INCOMEMAD billions

9,9 (+6%)

GROSS OPERATING INCOMEMAD billions

5,1 (-4,6 %)

NET INCOME *MAD billions

4,1 (-8%)

NET INCOME GROUP SHARE *MAD billions

Figures at December 31, 2013

11

THE GROup’S pROFIlE

CHApTER 1

With 16 081 employees, as of Dec. 31st 2013, Attijariwafa bank operates in 23 countries

and serves more than 6.8 million customers. The group has at its disposal the largest branch network in Morocco and the densest in Africa with 3197 branches. With a day to day activity, driven by citizenship, leadership, solidarity, commitment and ethics, Attijariwafa bank mobilizes the aggregate of its resources to best serve the African Continent.

An undisputed leader in the banking and financial sector in Morocco, Attijariwafa bank is a reference actor whether in the collection of savings, or in the financing of the economy. It is also the number one actor in the Maghreb Union, in the West African Economic and Monetary Union (WAEMU) or within the Central African Economic and Monetary Community (CAEMC).

sHAReHoLDInG stRUctURe

SNI Group Institutions Free-float and others Grupo Santander Group employees

At December 31st, 2012SHARE CAPITAL 2,012,430,860 MAD

48.0 %

23.9 %

5.3 %

19.3%

3.5 %

12

CHApTER 1

AnnUAL AND SOCIAl RESpONSIBIlITY REpORT 2013

At December 31st, 2013SHARE CAPITAL 2,035,272,260 MAD

46.8 %

28.3 %

5.3 %

14.4 %

5.1 %

SNI Group Domestic institutions Free-float and others Grupo Santander Group employees

BRAncH netWoRK, cUstoMeRs AnD eMPLoYeesAt 31 december 2013

23COUNTRIES

2,541 branches in Morocco

193 branches in the Maghreb

74 branches and representative offices in Europe and the Middle East

297 branches in West Africa

92 branches in Central Africa

16,081EMPLOYEES

3,197BRANCHES

6.8MILLION CUSTOMERS

ANNuAl REpORT 201313

KEY FIGuRES 2013

totAL cUstoMeR LoAnsMAD billions

230.7

12/31/11 12/31/12

247.6

12/31/13

250.7

+7 %+1 %

totAL cUstoMeR DePosItsMAD billions 218.8

227.0237.6

+4 %+5 %

12/31/11 12/31/12 12/31/13

30.3

35.4 37.9

+17 %+7 %

12/31/11 12/31/12 12/31/13

totAL AssetsMAD billions

net BAnKInG IncoMeMAD billions

GRoss oPeRAtInG IncoMeMAD billions 8.7 9.4

9.9

+8 %+6 %

12/31/11 12/31/12 12/31/13

Breakdown of consolidated net banking incomeat December 31, 2013

contribution to consolidated net banking income by activityat December 31, 2013

Net interest income

Fee income

Income from Market activities

Income from other activities

Banking in Morocco, Europe and Offshore zone

International Retail Banking

Specialized financial Companies

Insurance

ALL InDIcAtoRs FLAsHInG GReen DesPIte tHe econoMIc sLoW DoWn

A DIVeRsIFIcAtIon stRAteGY DRIVen BY GeoGRAPHY AnD tRADe – sPecIFIc consIDeRAtIons

Attijariwafa bank Group’s business model is driven by a concern for diversification of the financial services it offers and the geographical areas it operates in.

343.5

368.3385.6

+7 %+5 %

12/31/11 12/31/12 12/31/13

CHApTER 1

3.6 %

59.2 %

20.8 %

16.4 %

26.1 %

53.6 %

11.7 %

8.6 %

sHAReHoLDeRs’ eQUItYMAD billions

15.917.0

17.9

+7 %+5 %

12/31/11 12/31/12 12/31/13

14

Breakdown of net banking income of Moroccan subsidiaries*at December 31st, 2013

Breakdown of Internatinal Retail Banking’s net Banking income by countryat December 31st, 2013

*Insurance and Specialized Financial Companies

In the face of the economically troubled conditions which marked the year 2013, Attijariwafa bank pursued its growth and development strategy through the diversification of its products and business activities and also through the development of further synergies between its subsidiaries.

Marked by a 5% improvement of the net banking income, the performances achieved confirm the relevance of the Group’s economic model.

net IncoMeMAD billions

cost oF RIsKIn %

non-PeRFoRMInG LoAn RAtIonIn %

RoAIn %

RoeIn %

eARnInGs PeR sHAReMAD billions

5.3 5.35.1

+0.1 %-5 %

12/31/11 12/31/12 12/31/13

23.1 22.420.3

-3 %-9 %

12/31/11 12/31/12 12/31/13

0.31 %0.48 %

0.71 %

+0.17 pt

+0.23 pt

12/31/11 12/31/12 12/31/13

4.9 % 5.1% 6.3 %

+0.2 pt+1.2 pt

12/31/11 12/31/12 12/31/13

21.2 % 17.6 % 15.4 %

-3.6 pt-2.2 pts

12/31/11 12/31/12 12/31/13

1.5 % 1.4 % 1.3%

-0.01 pt

-0.1 pt

12/31/11 12/31/12 12/31/13

CHApTER 1


ANNuAl REpORT 2013

Wafasalaf27.7 %

Attijari Factoring2.0 %

Wafa Immobilier7.2 %

Wafabail 8.1 %

Wafacash 8.1 %

Wafa LLD4.4 %

Wafa Assurance42.4 %

Tunisia27.6 %

Senegal22.1 %

Congo7.0 %

Mali5.8 %

Gabon10.3 %

Ivory Coast12.8 %

Cameroon12.1 %

Mauritania1.9 % Togo

0.4 %

15

tRenDs In contRIBUtoRs to net IncoMe GRoUP sHARe AT 31 DECEMBER 2012

stocK MARKet PeRFoRMAnceAttijariwafa bank stock enjoyed in 2013 an average daily volume of MAD 26.0 millions on the Central Market up 35.4% compared to 2012.

In 2013 the share was representing the best growth / valuation combination of the Moroccan banking sector with a PER level of 14.99 versus an average of 19.50 for the banking sector.

At December 31st 2013, Attijariwafa bank stock price dropped by 2.6% in line with the general index MASI.

tHe tRenD oF AttIjARIWAFA BAnK sHARe vs MAsI FROM DECEMBER 31ST 2009 TO APRIL 4TH 2014

- The first capitalization in the banking

sector and second in the country:

MAD 62.1 billion at 31 December 2013.

- At 31 December 2013 Attijariwafa

bank dropped by -2.6 %, in line with

MASI (-2.6 %).

- At 30 March 2013, the year – to – date

performance of Attijariwafa bank was

+4.2 % versus +4.9 % for MASI.

Attijariwafa bank vs MAsI from 12/31/2009 to 4/02/2014

KEY FIGuRES 2013

CHApTER 1

Floating MASI ATTIJARIWAFA BANK

65

90

115

140

165

190

12/31/09 09/12/10 25/05/11 02/04/12 10/16/12 06/28/13 03/10/14

Base 100 dec 09

AWB: -10.6% MASI: -15.1%

2011

2012

2013

AWB: -14.0% MASI: -12.9%

AWB: -2.6% MASI: -2.6%

AWB: +50.7% MASI: +21.2%

2010 2014

AWB: +4.2% MASI: +4.9%

16

2011 2012 2013 CAGR

Banking in Morocco, Europe and Offshore zone -3.6 % +3.9 % -16.5 % -5.8 %

Specialized finance companies +14.2 % +9.6 % +1.9 % +8.5 %

Insurance +36.9 % -19.1 % - 20.5 % -4.2 %

International Retail banking +51.8 % +5.1 % +32.7 % +28.4 %

RAtInG

FItcH RAtInG August 2013

long-term foreign currency BB+

Short –term foreign currency B

long-term local currency BBB-

Short-term local currency F3

Outlook stable

cAPItAL InteLLIGence August 2013

long-term BBB-

Short-term A3

Financial Strength BBB

Outlook stable

stAnDARD & PooR’s December 2013

long-term BB

Short-term B

Outlook stable

Year 2010 2011 2012 2013

Closing price (MAD) 407 350 313 305.0

Market capitalization at year end (MAD - K) 78,549,356 67,567,886 62,989,086 62,075,804

Year high 420 475 377.45 345

Year low 253 345 304.5 300

Weighted average price (MAD) 313 390 332.4 317.7

Average daily volume – Central Market (MAD M) 27.4 20.5 19.2 26.0

Average daily volume – Block Trade Market (MAD M) 26.0 8.8 15.1 0.0

Share price performance 50.7 % -14.0 % -10.6 % -2.6 %

Return on Equity (RoE) 20.4 % 21.2 % 17.6 % 15.4 %

Dividend per Share (MAD) 8.0 8.5 9.0 9.5

P/E 19.15 x 15.15 x 14.0 x 14.99x

D/Y 1.97 % 2.43 % 2.88 % 3.11 %

sHAReHoLDeR PeRFoRMAnce INDICATORS

Source: Attijari intermediation

CHApTER 1



HIGHlIGHTS 2013

FIRST QuARTER

Mr. Mohamed el Kettanidecorated by President Macky sallIn February 2013, Mr. Mohammed El Kettani, Attijariwafa bank’s Chairman and CEO was elevated to the rank of Commander of the National Order by THE Senegalese President Macky Sall. This high mark of trust speaks the respect and esteem of the highest authorities of the Republic of Senegal towards the Group’s CEO. It rewards the Group’s contribution to the economic development of Senegal through CBAO and Crédit du Sénégal in the scope of the consolidation of Moroccan Senegalese cooperation.

For the sake of a permanent and transparent social dialogueIn its permanent endeavor to improve its managerial culture, Attijariwafa bank launched in February the campaign which it entitled « à votre écoute » (tr. We are listening to you). For the first time, an in house company survey was conducted in order to measure the Bank’s social climate. The campaign was run by an independent firm and marked an exceptional 81 % response rate. According to the survey results, 85 % of the employees expressed their pride to belong to the Group. Of these latter, 86 % declared their full compliance with the strategic guidelines of the Group. Thanks to the aforementioned campaign, weekly meetings were planned to ensure dialogue with the employee representative bodies, and maintain the employees’ commitments.

Morocco/France: the new highways to growth

Now an inescapable meeting for dialogue and exchange of experience, Attijariwafa bank’s Economic Conference was held in March. The theme of the conference’s 3rd edition was « Morocco – France: the New Highways to Growth ». Chaired by Mr. Mohamed El Kettani, the event gathered renowned speakers and an audience of more than 500 economic operators from the two countries. The purpose of this meeting was to analyze the Moroccan - French development and growth levers. The Topics that were brought up tackled the Kingdom of Morocco’s industrial potentials, and its role as a regional platform. Interest was also dedicated to co-development. The leading topic of the conference was geared towards the economic relations between France and Morocco.

CHApTER 1

18

SECOND QuARTER

Attijariwafa bank pursues its expansion in AfricaIn May 2013, Attijariwafa bank Group became the majority shareholder of Banque Internationale pour l’Afrique au Togo BIA-Togo, after the sale of the Togolese State of 55% of its share capital. This operation allowed Attijariwafa bank Group to reinforce its leading vocation as a regional operator, and consolidate its role in the South – South regional economic cooperation.

Financing and guarantee agreement signed between Attijariwafa bank and the French Development Agency (AFD)With the purpose of stepping up the funding dynamics, and improving the support mechanisms in aid of operators in the African Continent, Attijariwafa bank and the French Development Agency (AFD) signed a Memorandum of understanding in April. In this way, Attijariwafa bank reinforced the already existing partnership by offering a joint product for debt finance, stockholders’ equity and guarantees.

Mr. Mohamed el Kettani receives the « seDAR 2012 » trophyMerit, performance and ethics ; such are the values rewarded by the « SEDAR 2012» African Integration Trophy which was awarded in May by the Nouvel Horizon Magazine to Mr. Mohammed El Kettani. The SEDAR is a distinction conferred to the worthiest Africans who commit themselves to serving the causes of their countries and those of the African Continent as a whole. For its 10th edition, the SEDAR acclaimed Mr. Mohammed El Kettani, Attijariwafa bank Group Chairman and C EO, «Man of the Year 2012 », succeeding to the Ivoirian President Mr. Alassane Ouatara, the holder of the « SEDAR 2011 ».

signature of a strategic agreement between Attijariwafa bank and Bank of china

In June, Attijariwafa bank and Bank of China signed in Beijing a memorandum of understanding with the aim of promoting and developing trade and investments between China and the African countries where Attijariwafa bank has a direct presence. Founded in 1912, Bank of China is the most ancient Chinese bank. It is one of four Chinese banks that are active in Africa, and operates in 36 countries in Asia, Europe, America and Africa.

Human capital awardedIn June 2013 Attijariwafa bank was awarded « The National Trophy for HR » in the « Large Enterprise » Category. Awarded by l’Association Nationale des Gestionnaires et Formateurs des Ressources Humaines (AGEF). This trophy rewards the best RH management practices and promotes them within the enterprises that operate in Morocco. The prize was received by Mr. Omar Ghomari, DMD in charge of the Group’s Human Resources, and was personally handed in by Mr. M. Abdelâadim El Guerrouj, Minister of Public Service and Administration Modernization, in the presence of Mr. Omar Bounjou and Mr. Ismail Douiri.

CHApTER 1



THIRD QuARTER

strategic protocol agreement signed between Attijariwafa bank and Qatar national Bank (QnB)In July, Qatar National Bank (QNB) signed with Attijariwafa bank a major international protocol. This partnership agreement aims at promoting and developing trade and investments in the countries where the respective groups are actively present. With a US $ 122 billion balance sheet at Dec. 31, 2013, and an operational presence in 26 countries, QNB is the first bank in Qatar. A 7 year US $ 80 million loan was granted by QNB to Attijariwafa bank. Attijariwafa bank,

1st VbV certified bank in MoroccoIn July, and for the first time ever in Morocco, Attijariwafa bank launched the Verified by Visa (VbV) service. Having become a reference worldwide, this transaction verification system has been Invented by Visa and provided for free on the internet, making possible the securing of on-line payments.

Reaching the top togetherMotivation and mobilization were the key words during the Group committee meeting which was held in September at Attijariwafa bank Club. It gathered the main Group managers and a total of 220 employees coming from the different domestic and international subsidiaries of the Group. The ambition of the event was to share a cohesive and motivating vision in order to give impetus to the Group’s strategy while consolidating the values of cooperation, permanent improvement, and leadership by innovation. This was the occasion for the Chairman and the CEO and the Co-CEOs to openly discuss these values with each participant.

HIGHlIGHTS 2013

CHApTER 1

20

FOuRTH QuARTER

the launch of cBAo nigerAttijariwafa bank continues to widen its African base by opening, for the first time, in November a branch in Niger, its ambition being to cover the whole zone of the WAEMU (West African Economic and Monetary Union). Mr. Mohammed El Kettani had chaired the official ceremony for the opening of the Niamey branch and availed himself of this opportunity to congratulate the CBAO team which was fully involved to secure a smooth start of this new subsidiary. Mr. Kettani’s visit to Niger was also the opportunity to speak to the local Prime Minister Mr. Brigi Rafini before being received by Mr. Mahamadou Issoufou, the President of the Republic of Niger.

Attijariwafa bank and citibank for the support of Moroccan sMeIn November, Attijariwafa bank signed an agreement with two major American institutions: Overseas Private Investment Cooperation (OPIC), a Federal financial institution with an international reputation, and Citibank, an international bank operating in 160 countries, including Morocco. On this occasion, a MOU was signed for allocating the Group a $ 100 million loan which aims at facilitating access to credit for SMEs both in Morocco and in a number of Sub-Saharan countries where Attijariwafa bank group has direct presence. This memorandum is subsequent to the one signed in July 2013 by Attijariwafa bank Group with Citibank for a total amount of $ 40 million which is backed by a risk sharing agreement between Citibank and OPIC, aiming at supporting access for Moroccan SME to credits.

strategic partnership between Attijariwafa bank and ex–Im BankIt was on the sideline of the official visit of his Majesty King Mohammed VI to Washington in November that Attijariwafa bank Group proceeded to the signature of a memorandum of understanding, the objective of which is to promote and develop trade and investments between the United States of America and the countries where Attijariwafa bank Group has a direct presence. The agreement offers further opening of the American market to the customers of Attijariwafa bank Group, along with the possibility of securing their sources of supply. It equally offers the American business community the possibility of being better supported in their market prospection, in regions like North Africa, West Africa (WAEMU = West African Economic and Monetary Union) and Central Africa (CAEMC = Central African Economic and Monetary Community).

CHApTER 1



CHApTER 2

2 • PERFORMANCE DRIVEN BY GOOD GOVERNANCE AND STRATEGY

For many years, the Group has relied on clearly formulated governance rules based on four specialized committees which give rulings on all business areas.

Being a main pillar for good governance, planning is subject to a strategic plan entitled « Attijariwafa 2015 » which was initiated in 2012. Its four priorities are leadership consolidation in Morocco; its positioning as a reference bank within the high potential segments; sustained development at the continental level, and operational efficiency based on the best international standards.

3,197NUMBER OF BRANCHES

23NUMBER OF COUNTRIES

MANAGEMENT AND COORDICNATION COMMITTEE 24

CORPORATE GOVERNANCE 26

STRATEGY 30

ANNuAl REpORT 2013


23

MANAGEMENT AND COORDINATION COMMITTEE

1 - Mohamed eL KettAnI Chairman and Chief Executive Officer

2 - Boubker jAI Managing Director (Co CEO) Corporate and Investment Banking Capital Markets and Financial subsidiaries Division

3 - I smail DoUIRIManaging Director (Co CEO) Finance, Technology and Operations Division

4 - omar BoUnjoU Managing Director (Co CEO) Retail Banking Division

5 - Wafaa GUessoUs Deputy Managing Director, Group Logistics and Purchasing

6 - Hassan BeDRAoUI Deputy Managing Director, Group Transactional Banking

7 - saad BenWAHoUD Deputy Managing Director, North West Region

8 - Hassan BeRtAL Deputy Managing Director, Corporate Banking

9 - talal eL BeLLAj Deputy Managing Director, Global Risk Management

10 - chakib eRQUIZI Deputy Managing Director, Group Capital Markets Banking

11 - omar GHoMARI Deputy Managing Director, Group Human Resources

12 - Mounir oUDGHIRI Deputy Managing Director, Greater Casablanca Region

13 - saad BenjeLLoUn Deputy Managing Director, Group Corporate and Investment Banking

14 - Youssef RoUIssI Directeur Général Adjoint Banque de Financement & d’Investissement Groupe

15 - said seBtI Deputy Managing Director, North East Region

1

2

3

5

4

6

7

8

9

11

12

13

10

14

15

CHApTER 2

24

16 - Mohamed BoUBRIK Executive Director, South West Region

17 - Younes BeLABeD Executive Director; Support and Reources, Retail Banking Division

18 - Malika eL YoUnsI Executive Director, Group Information System

19 - saloua BenMeHReZ Executive Director, Group Communications

20 - Rachid eL BoUZIDI Executive Director, Banking for Moroccans Living Abroad

21 - soumaya LRHeZZIoUI Executive Director, Group Information Systems

22 - Mouaouia esseKeLLI Executive Director, Managing Director Attijariwafa bank Europe

23 - Ismail eL FILALI Executive Director, Group General Audit

24 - Mohamed soUssI Executive Director, Group Services and Processing

25 - Driss MAGHRAoUI Executive Director, Personal and Professional Banking

26 - Fouad MAGHoUs Executive Director, South Region

27- Rachid KettAnI Executive Director, Group Finance

28 - noufissa KessAR Executive Director, Private Banking

16

17

24 25

26

18

22

27 28

20

19

23

21

CHApTER 2



CORpORATE GOVERNANCE

A set of Internal rules defines the missions, the organization modalities and the meetings to be held by the Board of Directors, within which 9 members serve for a six year term. In 2013, the Board of Directors held five meetings with a 60% participation rate.

A Director’s Charter specifies the rights and duties relating to the Directors’ functions, particularly for what concerns the information confidentiality, the management of interests and trading operations relating to the Bank’s values. Apart from these Rules, which are meant to secure the proper functioning of the Board, the governance system observes the general corporate governance principles. Thus, this system comprises 4 specialized committees stemming from the Board of Directors:

the Board of Directors’ committees

Functions number of committee members

number of meetings held and participation rate in 2013.

strategic committee Ensures the Group’s control and monitoring

4 permanent members4 associate members

3 meetings (90%)

Audit and Accounts committee

Analyses the Group’s accounts, examines the statutory auditors’ intervention programs and checks the efficiency of risk controls as well as internal and external audit services

3 permanent members 6 meetings (100 %)

Major Risk committees

Decides on global risk policies and validates the Group’s major commitments

4 permanent members 3 réunions(+ rotating pV) (100 %)

Appointment and compensation committee

3 meetings (+ rotating pV) (100 %)

2 members At least once a year (100 %

CHApTER 2

26

Observing the collegial principle of decision making within the Group, different committees that are made up of the Bank’s officials and/or business line specialists rule on all the business activities at different levels of competency.

upstream of this structure comes the General Management Committee which has, at its disposal, a synthetic view of the Group’s operational activities. It steers the major strategic projects, and prepares questions to be submitted to the Board of Directors.

The Management and Coordination Committee is in charge of the Group’s operational and administrative management which it secures through the holding of monthly meetings. These latter represent some genuine moments of coordination and knowledge sharing concerning major projects.

CHApTER 2



STRATEGIC COMMITTEE Members Position

M. Mohamed EL KETTANI Chairman and Chief Executive Officer Attijariwafa bank

M. Hassan BOUHEMOU Director, representing SNI

M. Antonio ESCAMEZ TORRES Vice-Chairman

M. José REIG Director

Permanent Members Position

M. Mohamed EL KETTANI Chairman and Chief Executive Officer Attijariwafa bank

M. Hassan BOUHEMOU Director, representing SNI


M. Talal EL BELLAJ Deputy Managing Director, Global Risk Management

Guest members

M. Ismail DOUIRI Managing Director (Co-CEO) Finance, Technology and Operation Division

MAJOR RISK COMMITTEE

CORpORATE GOVERNANCE

CHApTER 2

28

AUDIT AND ACCOUNTS COMMITTEEMembers Position

M. Abed YACOUBI-SOUSSANE Chairman

M. Hassan OURIAGLI Director

M. Jose REIG Director

Guest members

M. Talal EL BELLAJ Deputy Managing Director - Group Global Risk Management

M. Ismail EL FILALI Executive Director - Group General Audit

M. Rachid KETTANI Executive Director – Group Finance

Mme Bouchra BOUSSERGHINE Official in charge of Group Compliance

APPOINTMENT AND COMPENSATION COMMITTEEMembers Position

M. Mounir EL MAJIDI Director - Representing SIGER


BOARD OF DIRECTORSM. Abdelaziz ALAMI *Honorary Chairman

M. Mohamed eL KettAnIChairman and Chief Executive Officer

M. Antonio escAMeZ toRResVICE-Chairman

M. Mounir eL MAjIDIDirector - Representing SIGER

M. Hassan BoUHeMoUDirector - representing SNIM

M. josé ReIGDirector

M. Abed YAcoUBI-soUssAneDirector

M. javier HIDALGo BLAZQUeZDirector

M. Manuel VAReLAAdministrateur - Representing Grupo Santander

M. Hassan oURIAGLIDirector

Mme Wafaa GUessoUsBoard Secretary

* M. ABDElAZIZ AlAMI deceased on May 11, 2014

CHApTER 2



STRATEGY

Strategic planning plays a major role in the corporate governance of Attijariwafa bank Group which started the year 2012 with a new strategic vision it called « Attijariwafa 2015 ». The objective of this strategic vision is to consolidate its operational and financial performances around a creative corporate project that creates values for the customers, the employees, the shareholders and the economies of the countries where the Group is actively present.

The annual review of the strategic plan makes possible the follow up of the major fulfillments and the adjustment of the strategic initiatives, while taking into account the economic, regulatory and technological environment. In a less favorable macroeconomic context at the international level, and a highly competitive banking market, Attijariwafa bank Group reaffirms in 2013 its great strategic ambitions and launches new initiatives to pursue a sustained development.

« AttIjARIWAFA 2015 » SERVING THE GROup’S AMBITION

Consolidating leadership position in Morocco in all business lines and segments strengthening customer's loyalty and increasing revenue synergy

Becoming the reference bank on underserved customer segments and taking pioneering positions in the new activities

tHe GRoUP’s 4 MAIn stRAteGIc AMBItIons

Achieving sustained growth at the continental level, increasing subsidiaries’ contribution to revenue and deepening the Group’s African presence

Maintaining alignment of operational efficiency and risk management with the highest international standards

CHApTER 2

30

The 2007-2012 strategic plan allowed the Group to strengthen its position in virtually all the business lines and banking areas. « Attijariwafa 2015 » strategic plan aims at further strengthening its universal banking model which offers a complete range of financial products and services. The purpose behind this is to meet all customer segments from low income earning citizens to wealthy customers, and from very small enterprise/small and medium enterprises to multinationals.

In order to strengthen its leading position and bring the highest satisfaction to its customers, the Group proceeds to the development of an outreach ,multi-channel and customer-oriented banking, thanks to:

- a dense network coverage,

- an optimal and innovative quality service,

- an acceleration of market breakthrough and equipment with high value added products, and

- the intensification of cross selling between the bank and the subsidiaries.

For an ambition, « Attijariwafa 2015 » strategic plan sets the reinforcement of the subsidiaries’ contribution to the Group’s income thanks to a more sustained growth than that in Morocco and developing new markets.

As a bank leader, the Group provides a long experience at the service of economies where it is actively present through the massive extension of banking services, the support provided for VSE/SME, the funding of Inter-African trade and major national structuring projects.

The pursuit of network-meshing, the systematic transformation of the newly acquired banks, the reinforcement of the steering process and the deployment of the Group’s expertise businesses aim at making of Attijariwafa bank a universal bank of reference in each host country.

The group is intent on capitalizing on its knowhow and on mobilizing its human capital in order to accelerate the capture of the economies of scale and lift up management practices, service quality standards and risk controlling devices according to the best international practices.

Investing in innovative information systems, accelerating the pooling of the operation expenses and capturing synergies with the subsidiaries in Africa will lead to the optimization of the required human and financial resources for reaching our objectives.

The new « Attijariwafa 2015 » strategic vision makes of financial inclusion, in aid both of low income households and very small businesses one of its main objectives, the purpose being the facilitation of access to financial services for some population fringes, the mobilization of savings and the financing of economic development

During the last few years, Attijariwafa bank Group has built two innovative business models ( Wafacash – a leader in low income banking, and Dar Assafa – a leader in alternative finance) which constitute long term strategic growth drivers. The Group also developed some commercial and technical resources dedicated to Very Small Businesses through the setting of a hundred expertise centers, which represents a genuine innovation in the banking sector.

consolidating leadership position in Morocco

Achieving sustained growth at the continental level

Maintaining an operational efficiency and risk management at the highest international standards

Becoming the reference bank on underserved customer segments

LeVeRs AnD stRAteGIc PeRsPectIVes BY AMBItIon

CHApTER 2



3 • A COMMITMENT TO DEVELOPING CLOSER CUSTOMER RELATIONS AND EXCELLENCE IN ALL CUSTOMER SEGMENTS

Attijariwafa bank is committed to excellence and proximity towards all its client segments. private Individuals, professionals, Moroccans living abroad, international clients, investors and corporates of all sizes are served through dedicated product offerings and specific support and assistance for all their banking, financing and insurance needs.

The branch network extension continued in 2013. The product offering was enlarged through various innovations, such as wajda card which was awarded the financial inclusion prize for « the Best Card Acquisition and usage Campaign ».

Offers towards corporates were particularly enriched by products targetting the very small entreprises, and cash management products, in addition to export solutions, in full alignment with the Group’s strategic priorities.

CHApTER 3

+ 600,000NEw CUSTOMERS

+ 315NEw BRANCHES

TRANSACTIONAL BANKING GROUP 34

CORPORATE AND INVESTMENT BANKING 36

CAPITAL MARKETS BANKING 38

RETAIL BANKING 40

MULTICHANNEL BANKING 47

SPECIALIZED FINANCIAL COMPANIES 48

WAFA ASSURANCE 54

INTERNATIONAL RETAIL BANKING 55

ANNuAl REpORT 2013


33

GRoUP tRAnsActIonAL BAnKInG

Group transactional Banking includes services geared towards both local flow (cash Management) and international flow (trade Finance and

Financial Institution Group). GtB's objective is to consolidate its leadership in Morocco by sustaining its already position with large corporates while reaching out to other client segments through a high quality offering. Its ambition is also to strengthen the Group’s regional positioning as a reference operator in Africa by providing operators with assistance in their Panafrican activities.

In 2013, Global Transactional Banking pursued its double digit growth rate, which made its net banking income rate reach 17% , carried by its international activities (+12%), and Cash Management activities (+24%). This latter activity’s progression can be grounded on the good development of electronic payment solutions and on the marketing of new cashing management solutions for enterprises. Cash Management also expanded its international foreign trade activities with the double purpose of supporting multinational companies, settling in Africa, in their flow management, and reinforcing Group synergy on this business line.Despite the slowdown of Morocco’s foreign trade, the Trade Finance activity marked an income increase of 12% which was backed up by a rise in the intra-group uptake rates (80%) – a result which illustrates the Group efficient synergies.The Global Financial Institution activity (Correspondent Banking) gets on with its ambition to promote the Group among the world leading financial and institutional operators, marking thus a growing 19% net banking income (NBI).

In 2013, the Global Transactional Banking sustained the development of a diversified offer of high added value banking services through:

• The improvement of the Cash Management Offer by means of banking solutions for inflow and outflow management and cash flow optimization;

• The development of Export offers through an Export Package, bringing support solutions, linking international operators and organizing promotional events;

• The search for attractive funding sources in order to better support international business trade.

NOUVEAU PACK PMEAVEc SOLUTION ExPOrT

OUVRIR DE NOUVEAUX

MARcHÉS AUX PME

www.attijariwafabank.com

Attijariwafa bank société anonyme au capital de 2 035 272 260 DH - Siège social : 2, boulevard Moulay Youssef, Casablanca. Agréée en qualité

d’établissement de crédit par arrêté du ministre des finances et de la privatisation n° 2269-03 du 22 décembre 2003 tel que modifié et complété - RC 333.

CHApTER 3

34

Attijariwafa bank Group has set an international strategy for the development of partnerships with some international financial institutions in order to stimulate and support investment toward Africa. Hence, in 2013, two partnership agreements were signed with Bank of China and Qatar National Bank for the promotion of trade and investments in the Sub-Saharan countries where the Group is actively present. An agreement was reached with OPIC in connection with the setting of a $100 million credit line to support the allocation of credits in favor of SME in Morocco as well as in the Sub – Saharan countries where the Group has a direct presence. Finally, a MOU was signed with The Export import bank of the United States with the objective of organizing joint events, promoting the exchange of knowledge co-funding of projects.

ATTIJARI-ENCAISSES PROSolution de gestion de vos encaissements référencés sur l’ensemble du réseau Attijariwafa bank


AIDER LES ENTREPRISESÀ SImPLIfIER ET ACCÉLÉRERLEURS ENCAISSEmENTS




ratib✚Carte De paiement et retrait

FaCiLitEraUXENtrEPriSES

LEPaiEMENtDESSaLariÉS

NONbaNCariSÉS



GtB MoBILIZes Its ResoURces FoR tHe PRoMotIon oF FoReIGn tRADe

On the ground, Attijariwafa bank fosters foreign trade through some periodic events and via linking operators. Accordingly, and throughout the year, breakfast gatherings on export and cash management, B to B meetings between Moroccan and Canadian as well as Brazilian businessmen, and active participation in the 7th edition of Export Caravan are some of the events which marked out 2013. To round off this set of activities, the 5th edition of the annual conference on « Risk Countries » took place on the theme of « International Risks and Opportunities for Moroccan Operators ».

Attijariwafa bank also co-sponsored the 2nd edition of the Morocco – Asia Business Forum which was held in collaboration with the accredited Asian Embassies in Morocco and the Ministry of Foreign Affairs and Cooperation. This annual business meeting was an occasion to recall the strategic support role which the Group can provide for the development of exchange between the two continents - Africa and Asia. Over 200 enterprises counting among the Group’s customers were invited and took advantage of the B to B meetings which were organized by the sales teams on this occasion.

CHApTER 3



GRoUP coRPoRAte & InVestMent BAnKInG

Group corporate & Investment Banking (cIB) offers customers a comprehensive and integrated value proposal, covering financing, project finance, investment

banking, private equity, venture capital, and Group’s real estate management.Group cIB also offers its services to national and multinational investors in sub-saharan Africa, supporting the strong development dynamics in the region.through its business lines and the strong synergy that has been developed with the other lines of expertise, Group cIB provides guidance and tailor-made solutions in Morocco and in the other countries where the bank is present. In this manner, the Group is strengthening its forefront position as a benchmark bank for corporate customers whether national, regional or international.

LARGe coRPoRAtes

With its strength drawn from a 3% evolution of engagements and a double digit growth rate of sight deposits, the Group confirmed its position on the Corporate banking scene thanks to an added value offer, combining the multiple lines of expertise (Cash management, equity market, specialized financial subsidiaries, assets management …). During the year 2013, the Group pursued its back up strategy in favor of large scale enterprises in order to meet the whole range of their financial needs whether in terms of advisory or in terms of dedicated products and services. The coordination of business oriented actions along with the optimal steering of cross selling activities contributed to a number of reference achievements.

PRoject FInAnce

In 2013, Attijariwafa bank consolidated its status as a market leader in financing structuring projects in Morocco. Inspired by the best international standards in terms of arrangement, structuring and operational monitoring, this highly specialized business line provides customized funding solutions for large scale and/or complex projects.Many significant operations, particularly in the infrastructure real estate and tourism sectors have been concluded. The group also backed up the financial restructuring and turnaround of many industrial and hotel businesses. As a Lead Arranger, Attijariwafa bank also launched the due diligence process and restructuring of many important projects in the history of the Kingdom in the power generation sector, a coal plant in Safi with an energy generation capacity of more than 1300 MW.Finally, strongly present on the Moroccan market, the Bank’s Project Finance Division actively assists and supports the regional investment momentum through the management and monitoring of several projects in Sub-Saharan Africa in close synergy with the concerned banking subsidiaries.

MAD 16billions of resources

MAD 107billions of loans

CHApTER 3

36

AttIjARI InVest

With a three division structure (Real Estate, Private Equity and Infrastructure), Attijari Invest activity is mainly geared to structuring, investment fund raising and investment fund management.With over MAD 4 billion of managed commitments and assets under direct or indirect management ,Attijari Invest is one of the main private equity operators in Morocco. The funds it provides offer the targeted enterprises not only specific finance solutions, but also assistance for the setting of some transparent and efficient organizational patterns. The diversity of the managed funds both in terms of shape and in terms of investment strategy makes way for meeting the funding needs of several enterprises that are in quest for growth catalysts.In 2013, Attijari Invest undertook some value generating as well as investment and disinvestment operations which were mainly concerned with:

• The implementation of a disinvestment in agribusiness;

• The diversification of its offer for the creation of new Africa – oriented investment structures.

AttIjARI FInAnces coRP.

At the domestic and regional levels, Attijari Finances Corp. Confirms its leader status in the corporate finance trades thanks to its expertise in counseling and merger and acquisition, and in primary market for stock and bonds.Regularly running strategic operations among large scale domestic and international groups, Attijari Finances Corp. provides its customers with a comprehensive 17 year old integrated expertise, besides providing them with advice in the field of structuring projects. To that effect, it operates on all the segments of the value chain by means of assistance throughout the whole process, ranging from strategic reflection to post operational monitoring, including commercial canvassing, structuring, origination and execution.In this way, Attijari Finances Corp. propped its leading position in counseling, merger and acquisition while maintaining its presence on the Equity Capital Market. With a multidisciplinary team, actively deployed in the Casablanca and Tunis offices (Attijari Finance, Tunisia), just as it is present in Dakar (Attijari Finance, Senegal), Attijari Finances Corp. enjoys a renowned domestic and international experience, and plays an active role in monitoring South – South investment as well as in the emergence of local dynamic markets.

MAD 4billion of commitments manged by Attijari Invest

CHApTER 3



GRoUP cAPItAL MARKets

In 2013, Attijariwafa bank capital Markets pursued its development and maintained its forefront position. the Group maintained its leading position

in stock Brokerage as well as in the Bond Market, in which trading volumes progressed by 48%, reaching a sum total of MAD 252 billion. on the derivative market, volume rose by 27% reaching MAD 3 billion.

WAFA GestIon

With a 27 % market share, Wafa Gestion is the first asset management company in Morocco. By the end of 2013, the assets under management (AUM) totaled MAD 66.3 billion. The year was marked by three distinctive features :

• The attribution by the Fitch Financial Ratings Agency of the « AAAmmf (mar) » grade to the monetary fund « Attijari Monétaire Jour» - the top grade at the Agency’s rating scale. This assessment indicates the very strong capacity of this UCITS (Undertaking for Collective Investment in Transferable Securities) to preserve the capital and maintain liquidity, while limiting, the credit, the market and the liquidity risk on the Moroccan market.

• The confirmation by Fitch Ratings Agency, of the «Highest Standards» (mar) grade to the National Asset Manager for all the asset management related activities;

• The « Best Investment Management Company » award attributed to Wafa Gestion by the referential World Finance magazine.

WAFA BoURse

Specialized in the stock market on line, the subsidiary pursued in 2013 its development strategy through the adaptation of its tariff offer and the launching of new services. The on line stock market share reached 31%. The site maintained its development with the addition of a « messaging service » that allows the customers to follow their bank account operations. Concerning the product side, Wafa Bourse proceeded to the widening of its UCITS by including the contractual fund « Attijari Gold », the first UCITS in Morocco to track the gold performance.On the « retail » segment, Wafa Bourse confirmed its leadership position, on the occasion of the public offering of the JLEC company as the first stock exchange company specializing in order collecting on the second payment which is dedicated to subscriptions that are lower than MAD 250 000.

CHApTER 3

31 % of the market share

MAD 66.3 billion of assets under management

27 % of the market share

38

AttIjARIWAFA BAnK contRIBUtes to tHe GRoWtH oF tHe cAsABLAncA stocK MARKet

As a historical shareholder of the Casablanca Stock Exchange, Attijariwafa bank is also the first contributor to this financial market with a notable participation into the major IpO operations and a 31% of the Central market share. Strongly represented in the decision taking sphere, the Group is legitimately taking the companion position in the development process undergone by the Casablanca Stock Exchange. It is also assisting the latter to fulfill the main tasks of financing the economy, of maintaining the cash flow level and the valuation of its assets. In this scope, and through the contribution of its human resources, competencies and expertise, Attijariwafa bank actively participates to two main areas relating to HR and computing. The group is also member of the Technology commission.

AttIjARI InteRMeDIAtIon

By the end of 2013, Attijari Intermédiation generated a total volume of MAD 30.3 billion, 21.8 billion out of which had been generated on the Central Market (+ 0.4%). Despite the shrinkage undergone by the volumes on the central market, Attijari Intermediation reached a market share of 29.7% (-1.9%).

In 2013, the subsidiary’s turnover totaled MAD 34.8 billion with a 24 % increase. The net income amounted to MAD 17.4 million. Attijari Intermédiation consorted the new positioning of the Casablanca Stock Exchange by increasing the Moroccan financial market visibility, particularly through the publications of the Analysis & Research Team. In 2013, the publications concerned the bond and money market.

cUstoDY

With a 33% market share, Attijariwafa bank confirmed its leading position on the custody services. Based on a large network of custodians, the Global Custody assists both local and international investors in their foreign market operations.The year 2013 witnessed further development in the Local Custody activities in Africa through a service offer on the Tunisian market and throughout the WAEMU and CAEMC zones.

MAD 1,329 billion in the total change volume

MAD 38 billion in the exchange derivatives

MAD 252 billion in the bond market share

95,991 commodity contracts

CHApTER 3


ANNuAl REpORT 2013

MAD 30.3 billion brokerage volume

29.7 % market share on the Central Market

MAD 429.5 billion of active outstandings in conservation

33 % Market share

39

RetAIL BAnKInGpERSONAl AND pROFESSIONAl BANKING

WAjDA cARD: AttIjARIWAFA BAnK ReWARDeD FoR Its FInAncIAL IncLUsIon

As an innovation made by the Group, the wajda Card received in May 2013 the « Best Card Acquisition And usage Campaign » Award during the 8th edition of the African Forum on Card Trade and technologies. This distinctive prize awards each year a financial institution or product for its inclusive practices in favor of population with little or no banking services. Its offer, as well as a wide range of targeted clientele won over the jury. Equally awarded was the « Carte wajda » communication campaign which proved to be in full compliance with the best quality and transparence standards.

In pursuance of its proximity approach towards its personal and professional customers, Attijariwafa bank opened 256 new branches in 2013 reaching

thus a total of 2215 branches. the year ended in a satisfactory growth thanks to an ongoing innovation of the constant efforts deployed to make banking accessible, in addition to the multiple targeted marketing actions.

Attijariwafa bank pursued its innovative strategy with the launching of a new range of prepaid and reloadable cards carrying the name of Wajda. Whether nominative or anonymous, these cards allow Attijariwafa bank account holders to make cash available for banked or non banked persons, promoting savings and leading to a better budget management. These cards also allow the beneficiaries to undertake withdrawal and purchasing operations. To that effect, an in order to meet the needs of the different customer segments, five specific cards have been developed in addition to the standard version. These other card types are: Wajda Ambition for students, Wajda Ma-Kart for teenagers, Wajda Kado to offer as a present, Wajda pour’L for women customers, and Wajda Bila Houdoud for Moroccans living abroad.

2,215 branches in Morocco, of which 1 129 are Wafacash branches

256 new branches, of which 176 branches are Wafacash


d’établissement de crédit par arrêté du ministre des finances et de la privatisation n° 2269-03 du 22 décembre 2003 tel que modifié et complété - RC 333.www.attijariwafabank.com

LA CARTE WAJDA POUR’ L ELLE A TOUT POUR VOUS

SÉDUIRE !

CARTE PRÉPAYÉE RECHARGEABLE

SANS CONDITIONS

Gratuite

en mars

EXPIRE À FIN 07/15

5311

Bila Houdoud

CHApTER 3

40

The Borj CRM tool constitutes an important lever for the customer relation development. It leads to a detailed knowledge of the clientele and to an improvement both of the commercial proactiveness and the service quality. In 2013, a Borj CRM based and customer oriented marketing campaign was deployed, with the professional and personal clientele in mind. The subject matter was the generation of contact opportunities for the trading community and the consolidation of customer relation. Borj CRM equally made possible the launching of actions with the purpose of completing sales transactions initiated by the Customer Relation Center.Within the country’s shopping malls and within modern and functional spaces, this branch concept provides shopper, on a 7 days a week basis and with extended opening hours, with an ongoing self service banking. Today the bank has at its disposal ten « shopping bank » spaces, 3 out of which were opened in 2013 at « Anfa Place » (Casablanca), « Marjane Taza » and « Marja Meknes » supermarkets.

On the practical field, Attijariwafa bank confirmed its youth oriented strategic positioning by developing a partnership with « le Forum International de l’Etudiant » (The National Student Forum) at Casablanca, Tangiers, Marrakech and Fez. In this frame work, several successful animations of workshops and public debates were organized within higher schools, public and private sector universities. The employee and civil servant segment also benefitted from some actions on the ground in the form of animation sessions which took place in targeted gathering sites such as training centers, administration buildings and clubs.

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VERSEMENTS EN TOUTE SIMPlICITÉ


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OUVERTE 7J/7

DU DIMANCHE AU JEUDI : 10H-21H

VENDREDI ET SAMEDI : 10H-21H30

AU REZ-DE-CHAUSSÉE DU MOROCCO’MALL

Agence SHoppINg BANk

Attijariwafa bank société anonyme au capital de 2 012 430 860 DH - Siège social : 2, boulevard Moulay Youssef, casablanca. Agréée en qualité

d’établissement de crédit par arrêté du ministre des finances et de la privatisation n° 2269-03 du 22 décembre 2003 tel que modifié et complété - Rc 333.www.attijariwafabank.com

CHApTER 3



As a leader in migrant banking, Attijariwafa bank continues to put an emphasis on proximity to its customers, on service quality and on strengthening

the links between the migrant communities and their countries of origin. the Group continues to extend its branch network, develop its product offering and expand its alliances and partnerships geared towards Africans Living Abroad.

tHe eURoPeAn netWoRK

In Europe the Group has 73 branches in 7 countries (France, Germany, Belgium, the Netherlands, Italy, England and Spain). 4 of these branches were opened in 2013. By the end of the same year, 15 other CBIP (la Compagnie de Banques Internationales de Paris, filiale de CBAO) branches were absorbed by the Group, subsequent to the merger of the two subsidiaries. The European countries where the Group is not present are equally covered by a network of local partners. In terms of performance, the transfers of Attijariwafa bank Europe marked a 9% increase, which represents 6 more points in comparison to 2012, despite a slight decline in transfers of the Moroccan Diaspora (-9%). Transfers made in Europe towards by Attijariwafa bank network towards Morocco also made a good 10% growth increase.

Attijari has pursued the expansion of its product and service range in order to serve its customers in the best possible way ever. In 2013, Tran’s Pack, a comprehensive transfer tools was made at the disposal of customers in France. It allows a thoroughly safe cash transfers to be made towards Morocco and Tunisia. Also in France, the Silat’Wasl (= Link) partnership which links Attijariwafa bank Europe to the French Banque Postale on the Trans’Med product gained impetus in 2013 thanks to the strengthing of the animation devices and a wide media plan.After France and Belgium, the Spanish subsidiary of Attijariwafa bank Europe launched an international payment and withdrawal card called Tawassoul Mastercard. Similarly, Injad sans Frontière, the body repatriation assistance product, is now available for Spanish and Italian customers.In Italy, the MAV service came to enrich the money transfer product range which now allows the Italian clientele to make cash transfer towards Morocco in a much easier manner without having a nearby Attijariwafa bank branch.

J’ai choisi Trans’Med pour

faciliTer Mes TransferTs

d’argenT de la france

vers le Maroc

SERVICE SIMPLE ET RAPIDE

TRANSFERT SÉCURISÉTARIF AVANTAgEUxDISPONIBLE DANS VOTRE

BUREAU DE POSTE EN FRANCE

Attijariwafa bank société anonyme au capital de 2 012 430 860 DH - Siège social : 2, boulevard Moulay Youssef, Casablanca. Agréée en qualité d’établissement de crédit par arrêté du ministre des finances et de la privatisation n° 2269-03 du 22 décembre

2003 tel que modifié et complété - RC 333.

La Banque Postale - Société Anonyme à Directoire et Conseil de Surveillance au capital de 3 185 734 830 € Siège social : 115 rue de Sèvres 75275 Paris CEDEx 06. RCS Paris 421 100 645. Code APE 6419Z.

Attijariwafa bank société anonyme au capital de 2 035 272 260 DH - Siège social : 2, boulevard Moulay Youssef, Casablanca. Agréée en qualité d’établissement de crédit par arrêté du ministre des finances et de la privatisation n° 2269-03

du 22 décembre 2003 tel que modifié et complété - RC 333.

Operations in 7 European countries

73 branches

13,200 new customers (+21 %)

+4 % growth in deposits

+9 % growth in transfers to Morocco

RetAIL BAnKInGMIGRANT BANKING

CHApTER 3

42

AL FARHA BILA HoUDoUD

In 2013, Attijariwafa bank supported Moroccans living abroad along their summer visits to Morocco through the new campaign entitled Al Farha Bila Houdoud, by creating a strong emotional link around the joy concept. Accordingly, a large scale set of measures was put in place to make more pleasant our fellow citizens’ stay in Morocco. These actions were deployed in ports, airports, Marjane supermarkets, Afriquia gas stations which were all equipped with mobile exchange offices.

660,000 Moroccans living abroad

47,000 new customers (+8 %)

+8 % growth in deposits

+10 % growth in transfers to Morocco

As for the model of relay activity which is currently operated for Morocco, Attijariwafa bank Europe gives the possibility for its Tunisian customers living in Germany to have access to information on the products offered by Attijari bank Tunisia.In the Netherlands, and thanks to Trans’Contant Service, the Bank’s customers have presently the possibility of making cash transfer towards Morocco from their Dutch bank.

MoRocco netWoRK


miFTAH bilA Houdoud

Financement jusqu’à 100%

Durée jusqu’à 20 ans

Marocains résidant à l’étranger

Envie de devenir

propriétaire au maroc?

Attijariwafa bank société anonyme au capital de 2 035 272 260 DH - Siège social : 2, boulevard Moulay Youssef, Casablanca.

Agréée en qualité d’établissement de crédit par arrêté du ministre des finances et de la privatisation n° 2269-03 du 22 décembre

2003 tel que modifié et complété - RC 333.

Attijariwafa bank Europe - S.A au capital de 46 640 180,00 €. Siège social : 6, rue Chauchat - 75009 Paris Swift BCMAFRPP -

RCS PARIS 485 031 181 - Code APE 64 19Z - N° TVA : FR 47 485 031 00244


ZIDOU ÂLA L’FARHA, ARRAHA

Attijariwafa bank société anonyme au capital de 2 012 430 860 DH - Siège social : 2, boulevard Moulay Youssef, Casablanca. Agréée en qualité d’établissement de crédit par arrêté du ministre des finances et de la privatisation n° 2269-03 du 22 décembre 2003 tel que modifié et complété - RC 333.

CHApTER 3



Given their key role in job creation and their contribution to the country’s economic growth, small and medium enterprises enjoy a forefront position in

Attijariwafa bank's strategy. the Group dedicates highly innovative and adapted resources to assist sMes and Vses in a proactive way throughout all phases of their life cycle.

sMALL AnD MeDIUM enteRPRIses

In 2013, Attijariwafa bank , maintained its forefront position on the SME market. 2000 new SME joined Attijariwafa bank who extended its network with the opening of 4 new branches for corporate customers in Tangiers, Casablanca, Marrakech and Fez. The number of products dedicated to the Bank’s clientele marked a 28 % growth rate. A major partner in the Imtiaz program initiated by l’Agence Nationale pour la Promotion de la Petite et Moyenne Entreprise ( [= ANPME] the National Agency for the Promotion of Small and Medium Enterprises), Attijariwafa bank Group – once again – reaffirmed its major position as a main contributor to this national program in aid of small and medium enterprises. Accordingly, Attijariwafa bank’s corporate customers made up for the third of application files that had been selected.Innovation wise, a new version of PACK PME has been launched with three new cash management and export modules which have enriched the pack in order to meet, in a more specific manner, the customers’ needs. Besides, the «Simulator» web platform was launched, to provide the customers with exhaustive legal, fiscal, accounting or customs information. For the sake of a better management of their business, the platform also provides SMEs with regulatory and financial information. Finally, the Massarif Card was created in order to help enterprises rationalize their employees’ professional expenses whether in Morocco or abroad.

Field activity is also part of the Bank’s proximity strategy. Six regions of the network benefitted from a wide scale tour with the purpose of bringing out the bank’s dedicated offers in terms of support provided for the enterprises’ development and modernization. Attijariwafa bank also took part in several important shows (SIAM, Halieutis, Gulf Invest), and sponsored some major events such as Gulf Investment third edition and the Congress of women Entrepreneurs. Last but not least, a one day seminar was organized for the business center employees for the improvement of these latter’s commercial efficiency. The ultimate objective of this is to smooth out performance through an approach which will make a thorough use of assets.

RetAIL BAnKInGSMEs and VSEs

CHApTER 3

2,000 new customers

+28 % growth in product dales

42 business centers and corporate branches


ATTIJARIWAFA BANK 1eR PARTeNAIRe DU PRogRAmme ImTIAz



RENFORCERLA COMPÉTITIVITÉDES PME

44

VeRY sMALL enteRPRIses (Vses)

Attijariwafa bank pursued the consolidation of its position on the side of very small enterprises (VSE). Tens of thousands of new VSEs had been recruited in 2013. Their deposits and equipments, particularly in terms of bank insurance maintained the ascendant trend.

Four new products spangled the year: the Rasmali pour’L financing offer backed up by the guarantee of the CCG (= Caisse Centrale de Garantie), and dedicated to women entrepreneurs; the premium Rasmali Premier card, the Rasmali Decouvert overdraft and the Rasmali Campagne solutions which both come to complete the credit offer.On the field, communication actions were led all year long. This is particularly the case with the regional tour which was concerned with the presentation of the CCG different mechanisms and other program tools of the ANPME. Besides these actions, proximity operations were led, particularly a direct operational collaboration with the Chambers of commerce and craft industry as well as the different federations.

AttIjARIWAFA BAnK cReAtes Vse centeRs

Ten years ago, Attijariwafa bank led some innovative actions by creating VSE dedicated centers. Today, the Bank is hailing VSE. Accordingly, and in the framework of its reinforced orientation towards this segment, Attijariwafa bank set expertise centers which are provided with a dedicated sales force, which represents a real innovation in the banking sector. They are 100 centers that offer the customers a unique expertise provided by experts having highly advanced technical, commercial and relational competences. These centers’ mission is to bring adequate responses and solutions to the specific needs of this clientele segment by giving advantage to the proximity element, and by offering a comprehensive commercial approach which includes both the private and professional needs of the customers. These 100 VSE centers provide additional support to the 1086 branches of the network by leveraging their expertise on this specific target.

RASMALI PREMIER

RASMALI Pour’L

LE FINANCEMENT DÉDIÉ AUX FEMMES

Au Maroc, une entreprise sur dix est créée par une femme. Pourtant, bien plus d’une femme sur

dix rêve de créer sa propre entreprise. Cette femme c’est peut-être vous ? Avec Rasmali Pour’L,

Attijariwafa bank réalise votre rêve en finançant la création de votre entreprise à hauteur d’un

million de dirhams. Alors, n’hésitez plus!

Les femmes

rêvent aussi de donner vie

à leur entreprise


Attijariwafa bank société anonyme au capital de 2 035 272 260 DH - Siège social : 2, boulevard Moulay Youssef, Casablanca. Agréée en qualité d’établissement de crédit

par arrêté du ministre des finances et de la privatisation n° 2269-03 du 22 décembre 2003 tel que modifié et complété - RC 333.

CHApTER 3



A market leader in private banking, Attijariwafa bank has, throughout the years, developed advanced expertise and know-how in the field of asset

management, legal, fiscal, and investment–related advisory services. the investment products are in line with the best international standands, in terms of diversification and innovation. In 2013, Group Private Banking's organization was revised and optimized.

In order to capitalize its assets and better define the needs and expectations of its clientele, the commercial structure of the Private Banking subsidiary was reshuffled in 2013 on four main segments: Family Office, Private, Patrimonial and Customized Banking. A new « non-resident » cross department function has been created. The patrimonial solutions offered to the customers have been planned and implemented with the technical support and expertise of the Asset Engineering Team.Backed up by the Support entities which are dedicated to the improvement of commercial and operational efficiency, the new Private Banking organization caters for regional coverage of the whole Moroccan territory.In 2013, Attijariwafa bank ’s Private Banking subsidiary pursued its « Rendez-vous du Patrimoine » cycle of meetings which focused on the societal topics relating to patrimony. To that effect, meetings with the Group’s customers and renowned professionals were organized along the year and throughout Morocco. These meetings treated the tax system, health welfare or assets planning as well as other present day reflections and topics.Through this original initiative, Attijariwafa bank did crystallize its contribution to the spreading of cultural and scientific knowledge by favoring the intellectual debate.

A conFeRence AnIMAteD BY eMMAnUeL toDD

On the theme of « Family Organizations: A Key to the understanding of Tomorrow’s world», the last conference of the «Rendez vous du patrimoine (Assets Meeting) » cycle was organized in December 2013 and animated by Emmanuel Todd, a renowned anthropologist, demographer, sociologist and essayist. This conference was based on almost 40 years of work relating to «family systems» which play a key role in the history and building up of both religious and political ideologies. «these are topics which are of importance to us and which calls us out as individuals, families, and as a society in quest for the right mix between the tradition of roots and the modernity of aspirations ,» said Ms. Noufissa Kessar, the Group private Banking Executive Director in her introductory speech.

RetAIL BAnKInGGROup pRIVATE BANKING

CHApTER 3

46

For some years, Attijariwafa bank focused on the development of different alternative distribution channels through Multi – channel Banking which

provides the customers with a whole range of telephone, Internet and sMs in addition to AtM services

In 2013, the Customer Relation Center strengthened support to the Sales force by multiplying its outgoing call interventions.The Bank’s large ATM network also offers the customers a panoply of on line secure services that are available round the clock, seven days a week namely:

• Cash deposit;• Check deposit* ;• Exchange *;• Telecom bill payments and mobile phone recharge• Inter account transfer;• Check book ordering ;• Bank account identity (RIB) editing;• Changing the credit card PIN code;• Cash provision;• Recharge of pre paid cards;The service relating to the change of banking card PIN code at the ATM level was launched in 2013, and so was the cash provision for customers and non customers through the Cash Express Automatic product. This inter ATM cash provision was pioneered by Attijariwafa bank. The launching of the prepaid Wajda card took place concurrently with the recharge service made possible through the ATMs.

From an organizational standpoint, 2013 was marked by the creation of the network’s animation and awareness cell for the promotion of the Bank’s Multi – channel products. To that effect, the Bank set a change management strategy. The objective is to assist the salespeople in the mastery of the different channels. The other objective is to develop the customers’ behavior by encouraging these latter to make use of those channels for their standard operations. The strategy also aims at favoring the counseling moments and the added value operations within the branches. Ultimately, the 2013 Multi – Channel Banking actions lie within the customer loyalty and satisfaction strategy by accompanying the network in fulfilling its commercial objectives and relational proximity.

1,106 ATMs,

99 out of which were set in 2013

(*) a portion of ATMs

centre de relation client

Ma banque au bout des doigts

Attijariwafa bank société anonyme au capital de 2 035 272 260 DH - Siège social : 2, boulevard Moulay Youssef, Casablanca. Agréée en qualité d’établissement

de crédit par arrêté du ministre des finances et de la privatisation n° 2269-03 du 22 décembre 2003 tel que modifié et complété - RC 333. www.attijariwafabank.com

*Pri

x d’

une

com

mun

icat

ion

loca

le

GUICHET AUTOMATIQUE BANCAIREMa banque au bout des doigts

Attijariwafa bank société anonyme au capital de 2 035 272 260 DH - Siège social : 2, boulevard Moulay Youssef, Casablanca. Agréée en qualité d’établissement de crédit par arrêté du ministre des finances et de la privatisation n° 2269-03 du 22 décembre 2003 tel que modifié et complété - RC 333. 05 22 58 88 88

GUICHET AUTOMATIQUE BANCAIREMa banque au bout des doigts

Attijariwafa bank société anonyme au capital de 2 035 272 260 DH - Siège social : 2, boulevard Moulay Youssef, Casablanca. Agréée en qualité d’établissement

de crédit par arrêté du ministre des finances et de la privatisation n° 2269-03 du 22 décembre 2003 tel que modifié et complété - RC 333. 05 22 58 88 88

MULtI–cHAnneL BAnKInG

CHApTER 3



specialized Financial companies consolidated their leading positions on their respective markets while unlocking intra-group synergies in terms of

income, fees, know-how and expertise. Building on their skills and strengths, they are aligning their strategies with the Group's international development strategy. In 2013, two subsidiaries (Wafasalaf and Wafabail) were awarded Group Quality trophies for their internal cooperation.

12 % contribution to the Group’s NBP (MAD 2147 billion)

11 % contribution to the Group’s net income (MAD 471 million)

Over 330 own branches and 890 partner branches

Over 2,000 employees

WAFA IMMoBILIeR

Wafa Immobilier further strengthened its position as a specialist in the mortgage loan market and real estate development.

Jointly with Attijariwafa bank, It was able to end its financial year with a 24.4% banking market share. Mortgage outstandings marked a 9% rise while the real estate development reached 6%.

In 2013, Wafa Immobilier was awarded the « Gold Category » international Arch of Europe Award in parallel with the 26th edition of the Frankfurt International Quality Congress in the presence of 52 countries and several decision makers. Wafa Immobilier was awarded by its peers for the efforts it had made to continually improve its customer and partner oriented managerial procedures and service quality.

An institutional campaign was launched in 2013 around the slogan « An expert vision – a life giver to your ambitions ». This campaign puts into relief the orientation and support provided by Wafa Immobilier to its customers in order to facilitate for these latter access to property.

sPecIALIZeD FInAncIAL coMPAnIes

CHApTER 3

48

To get yet closer to its customers, the subsidiary joined the caravan organized by the General Directorate of National Security (DGSN), which traveled around Morocco, with the purpose of offering, on site, appropriate finance solutions to the DGSN staff. The subsidiary also marked a sustained presence to different real estate trade shows both in Morocco and abroad including – for the first time – the Montreal show. Sport, cultural and social events had been sponsored by the subsidiary, in addition to multiple days of conference and debate which were organized in coordination with the major real estate operators in Morocco..

MAD 40.2 billion homebuyer outstandings

MAD 40.2 billion of outstandings in real estate development

19,000 released credit files

WAFAsALAF

As a subsidiary specialized in consumer credit, Wafasalaf maintained its market leading position in the sector with a 26.7% market share in production and 29.2% in outstandings. To keep

pace with the rise in e-commerce in Morocco, Wafasalaf maintains its dynamics on the web. The internet channel contributed with 5.4% in the short circuit production – a 40% increase in comparison to 2012. Besides, Wafasalaf maintains its forerunner role in the Third Party Asset Management and Providing lines of business with 31%, of the overall of consumer credits.

In 2013, the marketing actions engaged by Wafasalaf were the result of a differentiation and diversification strategy which puts the customer/partner at the heart of its activity. Accordingly, it was awarded by the Group the silver trophy for the «best cooperation». The levering of the Group synergy to which the hiring dynamics is added made possible the signature of 26 conventions and agreements with renowned organizations. The year 2103 was marked by the implementation of a new behavioral segmentation leading to a better balance between the offered services and the end consumer’s expectations.

The subsidiary equally places itself as a responsible operator who gets fully involved in the country’s socio-economic dynamics. Many actions punctuated the year 2013, particularly with NGOs such as Al Jisr and Injaz Al Maghrib, which led to the involvement the employees who mindful of playing their social responsibility roles.

MAD 23.8 billion Total outstandings

MAD 10.4 billion total production

44 branches

CHApTER 3



MAD 42.8 billion of flows

MAD 16.6 billion transactions

1,129 branches

WAFAcAsH

A leader and expert in money transfer in Morocco, Wafacash offers innovative services for unbanked persons trough a dedicated network of 1129 branches, among which 176 were opened in 2013.

Notwithstanding a difficult context, Wafacash achievements do remain favorable for the year 2013 with a + 18 % increase and a flow volume that totaled MAD 42,8 billion in 2013. In parallel with this, the number of transactions rose to 16.6 million, with a + 23% development compared with 2012.

Product wise, Wafacash activity was marked in 2013 by the launching of Sigue International Transfer. The same year was also marked by the launch of Binga – Pay Cash, the first Internet cash payment channel in Morocco. In 2013, the subsidiary launched of its web site – a shop window for all the subsidiary’s products where one can find all the features and advantages of each product and service, in addition to the subsidiary’s engagement in the different social actions undertaken throughout the Kingdom.

In 2013, Wafacash maintained its commitment to charity sponsorship and extended its social action by signing a partnership convention with the AMANI Association for the fostering of 10 disadvantaged children who would be provided with school tutoring.


CHApTER 3

50

DAR AssAFAA

Dar Assafa is the first financial Moroccan company which is exclusively dedicated to alternative financial services. It is an independent subsidiary of Attijariwafa bank Group.

It offers credit formulae based on the murabaha principle through the Safaa – Immo products for the purchase of a real estate property, Safaa – Auto for the purchase of a vehicle, and Safaa – Tajhiz for the purchase of an equipment, the whole range of products being addressed to customers who are in quest for alternative financing. In 2013, Dar Assafa signed two partnership conventions: one with the Mohammedia Foundation for Social Works of the Magistrate and the Ministry of Justice’s civil servants; the second convention was signed with the Mohammed VI Foundation for the social works of education and training. These two conventions allow the respective foundation members to finance their real estate projects at advantageous conditions.

WAFA coURtAGe

A specialized subsidiary in insurance brokerage, Wafa Courtage positions itself among the market leaders by offering

its customers competitive and advantageous products that are negotiated on the best coverage and rate terms. In case of disaster, it steps up the customers’ case until completion. In terms of total performance, Wafa Courtage scored a 34% progression of contracts managed, draining thus a 13% prime progression and generating a commission increase which totaled 23%.

Thanks to these results, the brokerage firm confirms its determination to consort with the Group’s development strategy regarding insurance.The financial year 2013 was marked by the effective incorporation of the subsidiary to the specialized financial company division, leading to a further optimization of the Group’s synergies and subsidiaries.

CHApTER 3



WAFABAIL

In 2013, Wafabail, the Group’s subsidiary specialized in leasing, consolidated its market leader position and confirmed its locomotive status in the Moroccan leasing market. While production was undergoing a 5.5% market decline,

Wafabail was scoring a 1.7% increase which led the subsidiary’s leasing market share to 29.5%. In terms of outstandings, the market share of Wafabail reached 26.7% In compliance with its 2012 - 2013 strategic development plan, Wafabail pursued the reinforcement of its teams in order to meet the increasingly sophisticated demand, and usher the commercial development of the VSE division. As such, Wafabail financed the Moroccan VSEs with an amount that totaled MAD 600 million.In parallel with this, Wafabail maintained in 2013 the deployment of structuring projects geared to the improvement of operational efficiency and the strengthening of the intra-Group synergies.

It is in this framework that an important expertise sharing program has been engaged for setting the leasing activities in the Group’s Sub-Saharan subsidiaries. La Société Ivoirienne de Banque and SCB Cameroun were the first to benefit from this expertise.In March 2013, Wafabail inaugurated its new headquarter at 39, Boulevard Moulay Youssef in Casablanca.

MAD 3.8 billion of total production

MAD 11.5 billion in financial outstandings

3,872 customer applications processed

AttIjARI FActoRInG

A market leader in its sector with a 42% market share, Attijari Factoring undertakes factoring and confirming operations by means of a whole range of

services offered to enterprises operating both locally and internationally.

The range of services covers the management and the monitoring, as well as the collection of account receivable and financing receivables and recovering at 100% rate of insolvency risk covering both for Moroccan and foreign issuers.

In a factoring market marked by a 10% growth in 2013 and by the entry into force of new operators, Attijari Factoring, just like the three

former financial years, marked a significant 29 % production increase, special operations exclusive.

This growth was generated by the very good performances of the domestic factoring activities (+34%) and the confirming activities (+22%), in addition to a resumption of import factoring operations (+34%) which benefitted from a number of an increasing number of contracts entrusted by the Factors Chain International correspondents, the first world factoring network. Export production was able to reach a 5% growth rate despite a significant demand slump from the main ordering customers and a risk deterioration of foreign buyers.


CHApTER 3

52

Nous changeons de siège,

pour encore mieux vous servir.

Wafabail - Société anonyme au capital de 150 000 000 DH. Siège social : 39-41

angle boulevard Moulay Youssef & rue Abdelkader El Mazini, 20100 Casablanca.

Agréée en vertu de l’arrêté n° 1220-96 du 19/06/1996. RC 35 763.

Depuis sa création, Wafabail a fait des valeurs de professionnalisme, d’écoute et de

rigueur, le coeur de sa philosophie. Pour vous servir dans les meilleures conditions,

Wafabail aura le plaisir de vous accueillir dorénavant dans son nouveau siège social.

Un espace qui est pensé pour vous et qui vous est entièrement dédié.

BIENVENUE DANS VOS NOUVEAUX ESPACES WAFABAIL :

39-41 angle boulevard Moulay Youssef & rue Abdelkader El Mazini - 20100 - Casablanca.

TÉL. : 05 22 43 60 00 - 05 22 26 55 19 (LG) - FAX : 05 22 50 26 43 - 05 22 26 06 31

WAFA LLD

Specializing in long term vehicle leasing, Wafa LLD includes in its portfolio the largest companies and public institutions in Morocco. 40% of the bids had been won by

the subsidiary with a 70% customer loyalty. Its market share represents nearly 20% of the activity sector in 2013.

A socially responsible enterprise, Wafa LLD renewed its partnership with M.J.I.D. Foundation for youth and Development. It also sponsored The Fez Festival of World Sacred Music and the Mawazine Festival. Very recently, Wafa LLD launched the Wafa VO mobile application for the sale of its used cars.

MAD 30 million of net income (+ 145 %)

56 % RoE (+20 pts)

CHApTER 3



WAFA AssURAnce

In 2013, Wafa Assurance consolidated its n°1 position in the insurance industry in Morocco with a 21.5% market share. Its turnover grew by 0.2%

reaching MAD 5.7 billion. net Income increased by 6.5%. this growth is the combined result of several trends.

WAFA AssURAnce: A ReFeRence PARtneR In tHe AUtoMoBILe BUsIness

wafa Assurance sponsored three major events related to the car industry sector:

• The Marrakech Grand prix wTCC

• The 1st edition of the Gentlemen Drivers Magazine Awards

• The Car Trophies

• The turnover of the non-life insurance segment grew at a 7.8% rate and totaled MAD 2.9 billion, and a net income growth of 8%. This growth is the result of the good performances marked on the corporate and automobile market.

• With only MAD, 2.8 billion, the life insurance segment witnessed a 6.7% recession due to the savings activity which decelerated in a tense liquidity context of the banking system. The net income, however, is witnessing a steady growth with a 9.4% progression.

Thanks to these overall good performances, the net profit rose by 6.5% to reach MAD 780 million.

turnover volume:

In 2013, the network expansion was further consolidated with 23 POS to reach the number of 223 exclusive agents and direct offices. The number of Brokers remains unchanged with a total number of 172.The year was marked by the launch of the Fam’otop community- a communication platform that gathers women drivers around the Fam’oto product.The concept aims at creating tools both for information and exchange between these women, and develop a proximity relation between Wafa Assurance and its female customers whether present or potential. On the other hand, My Wafa is the first mobile application of its kind in Arabic and French in Morocco to be launched in 2013. It is an application with a multitude of functionalities; it offers the customers the possibility of geo-locating the Wafa Assurance agencies and, in case of accident or breakdown, contact the assistance services. It also helps develop the good prevention reflexes and have access to a panoply of emergency services.In the framework of the extension strategy of Wafa Assurance in Africa, the financial year 2013 knew the effective launching of Attijari Assurance in Tunisia – an insurance company which was born of a partnership between Attijari bank and Wafa Assurance. The objective of this joint venture is to widen the range of financial services offered to the customers of Attijari bank Tunisia. Accordingly, insurance products can meet the long term savings needs and death insurance.

CHApTER 3

MAD 5.7 billion revenue

MAD 2.8 billion life premiums

MAD 2.8 billion non life premiums

54

InteRnAtIonAL RetAIL BAnKInG

A sUccessFUL DeVeLoPMent stRAteGY

Market share in Morocco 1

Net

inco

me

in M

AD b

illio

n

Stoc

k M

arke

t Cap

italiz

atio

n in

MAD

bill

ion

December 2004- Merger between

BCM and wafabank

january 2007- Acquisition of 67% of

la Banque Senegalo-Tunisienne, followed by Attijariwafa bank merger

july 2007- Granting of a banking

license in libya

22,00020,00018,00016,00014,00012,00010,000

8,0006,0004,0002,000

0

May 2011- 51% acquisition of of la

Banque Commerciale de Banque Cameroun

April 2008- Acquisition of 79% of CBAO

Sénégale by Attijariwafa bank; ONA / SNI

november 2008- Beginning of Attijariwafa bank’s

presence in Guniea Bissau subsequent to the CBAO acquisition

- Acquisition of 51% of la Banque International pour le Mali

December 2008- Merger between Atiijari Bank

Senegal and CBAO

september, December 2009- Acquisition of Crédit du Congo and

of l’union Gabonaise de Banque (two subsidiaries of Crédit Agricole)

- Acquisition of la Société Ivoirienne and of Crédit du Sénégal (two subsidiaries of Crédit Agricole)

December 2010- (67%) acquisition by a consortium

made of Attijariwafa bank and Banque populaire Group (33 %) of 80 % pNB paribas Mauritania which becomes Attijari bank Mauritania

- launching of banking activities in Burkina Faso

september 2013

- Acquisition of BIA – toGo by Attijariwafa bank

november 13

- Inauguration of cBAo niger

september 2005- Granting of a banking license in Senegalnovember 2005- 54% acquisition of in la Banque du

Sud in Tunisia in consortium between Attijariwafa bank and Grupo Santander, which gave rise to Attijari bank Tunisia.

- Creation of Attijari bank Europe

21.6 %

18.3

5.114 5.6377.415 8.793

10.96713.255

14.667 15.882 17.049 17.877

23.9

44.4

59.449.7

52.1

78.5

67.663.0 62.1

22.6 % 25.0 % 25.4 %

0 2 2 3number of African countries where the

bank is actively present (excluding Morocco)

25.6 %

5

25.6 % 25.8 % 26.0 % 26.4 %

8 10 11 11

26.3 %

13

2007 2008 2009 2010 2011 2013

9 % 14 % 15 % 22 % 25 %24 % 26 %

9080706050403020100

ne Morocco

International ne

Attijariwafa bank stock market capitalization

7 %

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

(1) Credit market share

2004 2005

CHApTER 3



International Retail Banking (IRB) is a genuine interface between the African subsidiaries and the different lines of business, as well as the Group’s specialized entities. As such, it deploys actions with the purpose of:

• Following closely the upgrading and gradual appropriation, by the subsidiaries, of the different organizational, managerial and governance standards which are considered best practice at the Group level;

• contributing to the continuous improvement of the subsidiaries’ commercial performance by putting clients at the center of its actions and initiatives and leveraging the Group's expertise and capabilities.

Two IRB activity poles work concurrently with the management of the different subsidiaries :

tHe DeVeLoPMent DIVIsIon

The main missions of this division hinge on three main entities:

• «Global account management » through the putting under management and the close monitoring in the scope of a « coverage» approach of a «corporate » portfolio customers via a parent company dedicated interlocutor.

• «Distribution, products and markets » whose role consists in optimizing the approaches of distribution, animation, products offer and commercial activity by capitalizing the parent company’s good practices and the levers of synergy between the different Group entities (business line, specialized subsidiaries and IRB subsidiaries).

• «Deals and business opportunities Monitoring » which plays the role of receiving, advising and orienting economic operators from all nationalities in a South – South or North – South logic, and who are intent on making investments, building relationships or developing their current businesses in the countries where the Group is operational.

• Financial supervision through steering and monitoring the subsidiaries’ financial performances, which consists in assisting the setting of midterm plans, steering the budget and financial reporting processes.

• Providing assistance in conducting the subsidiaries’ structuring projects in the different fields of competence in order to upgrade the key processes and support the subsidiaries’ commercial performances.

• Monitoring, in consultation with the local control entities, setting and animation of bodies for governance, audit, and monitoring operational risks.

• Contribution to the different acquisitions of new international subsidiaries.

tHe « FInAnce, PRojects AnD sUPPoRt » DIVIsIon

13 countries

582 branches

5,335 employees

1.7 million customers


CHApTER 3

56

AttIjARI BAnK, A BAnK oPen to UnIVeRIstIes

Attijari bank is a founding member of the « Enactus Tunisia » program (formerly known as Slfe Tunisia ) which aims at developing and anchoring the entrepreneurial spirit among young graduates by encouraging them to start their own businesses. This program makes student teams from different Tunisian colleges compete with each other with the participation of CEOs and professionals.

To the same end, Attijari bank renewed the convention with « the Qairouan enterprise incubator » which aims at accompanying and helping young entrepreneurs for the creation and the launching of new projects.

The Bank also launched the « jamiati » card in partnership with a private ICT college. This card gives its holders access to several services, as well as some advantages on campus.

noRtH AFRIcA

tUnIsIA Attijari bank

Deposits:

MAD 20.1 billion

Credits:

MAD 18.5 billion

Network:

189 branches

The first banking network in Tunisia, Attijari bank, holds over 8% market share in terms of credits. In order to accompany the Bank’s development, a new headquarter with international standards spreading over 42 000 m², received the Bank’s teams in 2013.2013 was also marked by the consolidation of the commercial dynamics while making the service quality into a genuine commitment towards the customers.

The product offer was enriched both for individuals (Privilege offer, bankinsurance), non residents (Tunisians without borders), and

enterprises through « Enterprise Solutions ». It makes way for an efficient and reinforced accompaniment by means of « E-Banking » solutions for the sake of a fast and secured processing of transactions. The subsidiary also proceeded to the migration of all its cards towards chip technology in order to further secure operations in which cards are being used.On the other hand, the « Cap Entreprise » plan contributed to the improvement of Attijari bank Tunisia on the enterprise market (all segments included), with a growing interest shown by SME and VSEs.Finally, the upgrade of Attijari bank by the international rating agency Capital Intelligence comes to crown the year long efforts made by the Bank.

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In 2013, Attijari bank Mauritania led two major socially responsible actions. Some Bank employees mobilized for the planting of shrubs on a 1 hectare surface area, participating thus in the reforestation of the green belt in order to protect the city of Nouakchott from desertification.

The subsidiary pursued its support for the reduction of poverty actions in the most precarious areas of Noukchott by supporting the « Marmite du partage» Association.

seneGAL CBAO and Crédit du Sénégal

Deposits:

MAD 10.8 billion

Loans:

MAD 9.8 billion

Network:

168 branches

In Senegal, Attijariwafa bank is taking the n° 1 position with a 22,1 % loan market share and 160 CBAO branches and 8 Crédit du Sénégal branches.In pursuit of its regional expansion, CBAO opened, by the end of 2013, a branch in Niger, the second branch after Burkina Faso. It is also intent on taking an active part in financing the Nigerien economy.

MAURItAnIA Attijari bank Mauritania

Deposits:

MAD 730 million

Credits:

MAD 522 million

Network:

5 branches

The Mauritanian subsidiary holds 5,2% of the loan market share and 7,6% of the deposit market share.

Attijariwafa bank Group is present in the WAeMU (West African economic

and Monetary Union) through the following subsidiaries: cBAo, crédit du sénégal (cDs), Banque Internationale pour le Mali (BIM), la société Ivoirienne de Banque (sIB), cBAo Burkina Faso (a cBAo branch), soFIB in Guinea Bissau (a cBAo branch) and cBAo niger (a cBAo branch) since november. In May 2013, the Group became the majority shareholder of la Banque Internationale pour l’Afrique (BIA togo).

West AFRIcA


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Backed up by the Group, and in anticipation of its training needs, the subsidiary launched its training academy in order to acquire the best competence development tools for all banking trades,. On this same period, the subsidiary founded the Deontologist function in order to make sure that the professional ethics and standards are duly observed.In the Interbank electronic banking forum, CBAO was awarded by GIM UEMOA (WAEMU Electronic Interbanking Group) the first prize for service quality and performance of the e-payment system, and the second prize for the increase of the transactions volume in comparison with 2012. Product wise, the prepaid KALPE card was launched in favor of the largest number of customers and non customers, intent on becoming a real «electronic portfolio» at the service of banking inclusion.After many months of preparation which mobilized virtually all its employees, le Crédit du Sénégal was able to achieve the MEHARI Project in 2012. The migration from the old information system to the new one was made possible in excellent conditions in November 2013. The new solution aims at unifying all the bank subsidiaries’ information systems. It brings modernity and performance and goes along with the Group’s ambitious development program, as well as the improvement of the service quality offered both to the customers and partners

MALI la Banque Internationale pour le Mali (BIM)

Deposits:

MAD 4.5 billion

Loans:

MAD 2.9 billion

Network:

82 branchesLa Banque Internationale pour le Mali is ranked fifth with 11.1% in the loan market. A co-leader in the collect of resources with a 13.5% market share, it is also the first collector of the Malian Diaspora savings with a market share exceeding 30%.

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The subsidiary has at its disposal the densest network with 82 branches, three of which were opened in 2013. Internationally, It also has an important representation and partner network in France, Spain, the USA, Côte d’Ivoire, Congo-Brazzaville and Gabon.Since June, 2013, BIM is the sole bank in Mali whose ATMs can accept Master Cards. For quite a while now, the subsidiary’s automated teller machines also accept Visa Cards.BIM was distinguished by GIM-UEMOA forum as the first operator in Mali, and the fourth most performing operator in the sub-region in terms of both operations increase and of banking cards sales.The product range was extended through the launching of 7 new products namely the Youth and adult savings account ( Compte Epargne Jeunes et Adultes), Home Savings Plan ( Plan Epargne Logement), Mortgage Loans ( Crédit Immobilier), Motorcycle loans ( Crédit Casque), Car Loans, Haj Pilgrimage savings account (Compte Epargne Hadj)…

testimony:« we are among the very few banks in Mali which can guarantee an exchange rate. we are also the sole bank which can guarantee and exchange rate. we are virtually the sole bank that can offer its clientele the possibility to negotiate the foreign currency buy or sell rates on the international market for justified and rule abiding transactions, since we are working in a well defined regulatory context. »

Abdelahad Kettani, BIM’s CEO


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côte D’IVoIRe Société Ivoirienne de Banque

Deposits:

MAD 6.5 billion

Loans:

MAD 5.6 billion

Network:

43 branches

La Société Ivoirienne de Banque (SIB) comes fourth in terms of loans. Two new branches were opened in 2013, which made the network reach the number of 43 branches. The information system change, launched in 2012, reached its denouement in April 2013.Supportive of the CEO’s managerial vision, a number of large scale internal communication actions were initiated in 2013. The objective was to reinforce the team spirit. This led to the holding of several meetings with fifty young employees to discuss the strategy and the perception which these latter have of SIB.

toGo BIA-Togo

Deposits:

MAD 0.9 billion

Loans:

MAD 1.0 billion

Network:

8 branches

La Banque Internationale pour l’Afrique au Togo, BIA-Togo, is ranked 7th with a 5.1% market share.

sIB coMMItteD to PRoMote tHe HeALtH coMPonent

The partnership agreement reached, in 2012, between SIB and the l’Institut de Cardiologie d’Abidjan (fICA) Foundation led to the funding, in 2013, of various solidarity actions namely:

- Medical care for children suffering from heart diseases;

- participation to the sensitization and hypertension screening caravane in the cities of Abidjan, Dabou, Sikensi and Tiassalé

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the cAeMc (central African economic and Monetary community) Region

is covered by the Group’s following subsidiaries: Union Gabonaise de Banque (UGB), crédit Du congo (cDc) et société commerciale de Banque cameroun (scB).

GABon union Gabonaise de Banque

Deposits:

MAD 4.7 billion

Loans:

MAD 3.9 billion

Network:

19 branches

In Gabon, Attijariwafa bank subsidiary is ranked third with a 14% loan market share. The outstanding resources and assets increased by 30%. The year 2013 was marked by the signature of a convention with the ministry of housing which resulted in the concretization of an operation with a construction enterprise, and to the signature of a convention with La Compagnie Minière de l’Ogooué (COMILOG) for the granting of mortgage loans to the staff members. At the Bank’s headquarter, commercial spaces had been developed such as: Espace OR, Espace Elite and Espace Grand public in order to serve the customers in the best way.

conGo Crédit du Congo

Deposits:

MAD 4.6 billion

Loans:

MAD 1.4 billion

Network:

33 branches

The Congolese subsidiary comes fifth with a 9.8% market share. In2013, le Crédit du Congo was granted the license for financing two structuring projects: a cement plant and a polyclinic. Le Crédit du Congo’s ties and synergies have been reinforced with BIM with which a convention was signed, just as was the case with UGB through some jointly financed operations. Le Crédit du Congo is also engaged in more than a socially responsible operation. Accordingly, it made, in 2013, a donation of a four classroom building in favor of anassociation for children. Three major sponsoring operations also marked the year 2013: the first edition of the Bank Fair; the General Assembly of the Congolese Notary Chamber at Pointe Noire, as well as the Brazzaville Employment Fair.

centRAL AFRIcA


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cAMeRoon Société Commerciale de Banque Cameroun

Deposits:

MAD 6.0 billion

Loans:

MAD 4.3 billion

Network:

40 branches

The Cameroonian subsidiary comes fifth with 11% of the market share in terms of loans. In 2013, ten new branches were opened to reach the number of 40 branches and make of the SCB the first banking network of the country. The branch model had been renovated in order: to consolidate proximity with the clientele, keep up the polyvalence culture among the staff members, and optimize the costs. Beyond the support it provides for enterprises, SCB was distinguished in 2013 by its back up for the structuring projects initiated in some countries of Central Africa like the States of Cameroon and Tchad for which the Bank had provided counseling and monitoring services on successful investments in debenture bonds covering the sum of € 300 million.The year 2013 was equally marked by the transformation of the Bank’s information system and the computer switch took place in February. The bank now has a more modern computing system, with a better performance that can go hand in glove with the Bank’s development.In the same year, and building on the Academy of Morocco, SCB Cameroon proceeded to the inauguration of its regionally oriented Training Academy. Developed on three levels, it is equipped with some technical functionalities with the highest standards for the reception and the improvement of the employees’ capacities.

cooPeRAtIon BetWeen tHe MoRoccAn AnD cAMeRoonIAn cItIes FoR sUstAInABLe DeVeLoPMent

From April 18 to 27, 2013, the Moroccan Association for Eco-Cities (AMEV = Association Marocaine des Eco - Villes) organized the first study and cooperation trip to Morocco in favor of 15 Cameroonian city mayors, of five high officials from the Ministry of Territorial Administration and Decentralization. By means of this project, AMEV implements the terms of cooperation and knowledge sharing between the member cities and the Cameroonian communes in order for the two parties to carry forward the vision of a common future built on sustainable development principles. On the other hand, the trip also aims at positioning the local governments in the two countries as a boosting element for the already excellent friendship ties existing between Morocco and Cameroon.

On this occasion, Mr. Boubker jai, the Managing Director of Attijariwafa bank Group and Chairman of the South – South Development Commission within CGEM, received this delegation within the Bank’s head Office.

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4 • SUPPORT FUNCTIONS: SOME MAJOR STRUCTURING PROJECTS

Information systems, services and processing, global risk management and legal counseling; these are some of the key functions that are crucial to the conducting and success of Attijariwafa bank ’s megaprojects. As levers for the Group’s development plan, they also contribute to the global and continuous process of risk management, competitiveness and efficiency.

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MAD 85BILLION CASH PROCESSEd

30MILLIONS ATM wITHdRAwALS

9MILLION CHEQUES IN MOROCCO

90 %VIRTUALIZEd SERVERS

GROUP GLOBAL RISK MANAGEMENT 66

GROUP INFORMATION SYSTEM 68

GROUP SERVICES AND PROCESSING 70

GROUP LEGAL ADVISORY 72

ANNuAl REpORT 2013


65

Group Global Risk Management's (GGRM) mission is to measure and control all the Group’s inherent business risks through a differentiated approach by type of risk: loans, markets and operations. this organization is completed by support entities: surveillance, steering and risk management.Its permanent missions consist of formulating recommendations regarding risk policies, analyzing credit portfolio with a prospective vision, approving credits and trading activities, but also ensuring the procedures’ efficiency, and – last but not least – defining risk measurement methods.

Risk market management is seen as an important steering lever of performance by preventing and mastering market risks (rate risk, exchange risk, equity risk and basic product risk)

Credit risk concerns lending activities in addition to other activities such as transactions on the capital market or on settlement and delivery operations. The credit activity is led by the prudential rules issued by Bank Al Maghrib in terms of counterparties’ rating and sectorial diversification in order to reduce the concentration risk.Risk management stands upon the Global Credit Policy (GCP) which has for a purpose the definition of the reference framework which governs the risk generating activities of the bank’s counterparties.These strategies are, nevertheless, adapted to each trade and rely on global limits, intervention criteria and a rating backed delegation mechanism.

The mechanism is based on an operational risk cartography classified by trade and by macro process. Operational risks that have been identified and assessed are associated to measuring indicators and action plans.The operational risk system provides an organized animation process based on two management levels:

• A 1st level which is run by a central unit dedicated to this purpose within the GGRM (Group Global Risk Management) in order to supply information trades about their operational risk level;

• A 2nd level, which is run by the incident collection and management trade and the implementation of risk hedging actions.

As a complement for the operational risk management mechanism, and in compliance with Basle II and the regulations in force, a Business Continuity Plan (BCP) has been set. Accordingly, to cope with a loss, the BCP provides procedures and risk management tools, activity resumption procedures as well as rescue solutions.

cReDIt RIsK

MARKet RIsK

oPeRAtIonAL RIsK

GRoUP GLoBAL RIsK MAnAGeMent

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A process for monitoring the undertakings makes possible the watching over the quality of these latter and secure, in a permanent manner, the early detection of difficult files.Defect detection is based on a warning light system which leads to a close monitoring of risk factors (credit overrun, freezing of funds, outstanding payments). This can warn the network as a whole by means of periodic statements. By basing itself on this detection system, the audit of commitments proceeds to a detected files analysis and affects them according to their level of sensitivity.

The Risk Steering and Reporting Entity proceeds to the consolidation of risks at the level of the bank and its subsidiaries. For this it relies on a regular upstream risk reporting, which allows the GGRM to make sure that the development of activities is taking place in safe conditions of profitability, risk control, conformity and alignment with the respective prudential frames of reference for each host country. This mechanism is completed by a quarterly examination of the subsidiaries which is oriented to the identification of risk areas and to the formulation of mitigation recommendations.In 2013, the GGRM initiated a project which aimed at setting a computing solution for the automation of risk management per country, while complying with Bank Al Maghrib’s directives.

The GGRM acquired an entity dedicated to risk management systems, the purpose being the alignment with the best risk management practices underpinned by the Basle II reform. This entity caters for the design and monitoring of rating models at the Group level, the steering of the rating cartography, and the continuous improvement of the risk management mechanism.Spurred by the central bank and by the bank management, Attijariwafa bank has, since 2007, been engaged in a process of migration towards the advanced risk management approach. A renovated enterprise rating system has been implemented since 2010. To that was added a risk Data warehouse in 2013 as well as a Group Third Party Base which aim at consolidating risks.Since 2013, the bank has set in place a scoring and decision making tool(very small enterprises) based on customer related quantitative, qualitative and behavioral data. By means of this, the decision industrialization and risk control have been made possible. This confirms the Group’s commitment to address the VSE segment in a highly efficient manner. Presently, the extension of the rating system to the international subsidiaries is in progress (ATB, CBAO, SIB …)

LoAn MonItoRInG

RIsK steeRInG RIsK MAnAGeMent

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While securing the necessary technological alignment to the bank strategy, Group Information Systems (GIS) is central to the bank development and environment. GIS implements the infrastructure which provides all banking operations with the capacity and flexibility required by their activities and products.A harmonious and strong architecture supports the infrastructure, networks and software solutions, in compliance with the successive IT strategy masterplans. These assets evolve through a portfolio of projects with different time horizons and priorities that are reexamined periodically.An adequate organization, optimal procedures and methods and competent employees; such are the key words of the information systems efficiency within Attijariwafa bank. Group Information System, with a size comparable to that of the largest Moroccan IT services companies, are at the exclusive service of the Group. Thanks to a highly selective recruitment process, a training program keeping pace with the best standards and technological trends in addition to adapted career plans, GIS's human capital is an asset dedicated to building and maintaining of an information system complying with the highest levels of availability and performance. It is worth noting that an important part of the Bank’s software assets is internally built and maintained.These assets are also made of the best international software solutions. The implementation and integration of these solutions helped build the technical base, that favors business initiatives, and supports and facilitates the Group’s development both nationally and internationally.This base is complemented by an integration layer which leads to the interconnection of all

the infrastructures and application domains, offering a unified and harmonized vision of the different systems.Customer Relationship Management was a pioneering project of the first masterplan. Since then, the Bank has had innovative instruments to track customers needs, prospects and sales opportunities. Built on Siebel's Solution, this system is fully integrated in the « in house » decisional and risk management information system, which led to adapting a global approach to commercial efficiency puting the customer at the center of all the Bank’s entities. It has accordingly improved the steering of the commercial performance throughout the bank and allowed, among all those involved sharing common homogenous indicators.The re-numbering of account numbers was necessary made by means of anticipation of the development of the Bank’s branch network and services; but the reshuffling of the information systems involved benefitted from the latest digital innovations and allowed the journey from multichannel to cross channel approach. These major projects that were conducted on several channels, namely the branch, internet banking, mobile banking, the call center and e-banking. By continually adapting to its customers’ context, the Bank is offering immediate access to all its services in a permanent and omnipresent way. Customers have the same information on the progress status of their operation (such as transfers, withdrawals or cancellations, … ), whatever the access channel (branch, call center, internet, mobile or ATM).Thanks to the gradual implantation of content management solutions, the road map for the thorough dematerialization and digitization of the

With an expertise in structuring projects, launching new products and improving commercial operational efficiency, Group Information systems

(GIs) permanently supports the Group in its development both domestically and internationally.

GRoUP InFoRMAtIon sYsteMs

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coMMItteD AnD socIALLY ResPonsIBLe GIsSeveral optimization and energy reduction programs exist within the bank such as that of server virtualization, which led not only to a direct gain on energy spending but also on space. This, in turn, led to a further reduction in consumption of the quantity of energy and necessary scooling fluids for air conditioning. 90% of the servers have been virtualized since 2012, and all software put into production during 2013 are based on virtualization.Following a socially responsible approach, Attijariwafa bank assists a large number of small suppliers often in their start-up phases in order to ensure an efficient transfer of know-how and skills. This is particularly the case for GIS which relies on many subcontractors for the maintenance and the securitization of its IT assets and networks.

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ANNuAl REpORT 2013

process and documents will contribute to better operational efficiency and allow the management of all information in a digital format, thus also contributing to the protection of the environment.Along with the international – and most particularly African – expansion of the bank, a first step consisted, through GIS, in defining and implementing a high performance model for all the Bank subsidiaries’ information systems. All subsidiaries that migrated to the new standard system, accelerated their development and offered the customers a wider and more innovative range of products and services. Through this transformation, the Bank’s ambition is to share its expertise with its subsidiaries and boost their performance through a better service quality in compliance with the best standards. This step also implied improving the organizational models, and favored local development.Hardware and network infrastructures are no exception. The latest technological and security developments are implemented, offering thus to the whole Group resilient and efficient systems. The hosting room is a typical example of such infrastructure as it meets the international standards (Tier III) and saw the implementation of security initiatives in line with the 27 001 security standards.

And tomorrow …. Around a new IT strategy master plan, GIS will support the new Group’s developments and future technological innovations. At the same time, it will keep improving the governance of the information system, including its financial aspects.The present IT services are about to undergo higher interconnection at the Group level. This will facilitate international flows and offer customers a more consistent at the service Group levelFinally, the improvement of project management and of information systems in general will strengthen GIS’ contribution to cost rationalization. The process will also help their conversion into a profit center.

69

Bringing together all of the Bank’s back–offices, the Group services and Processing (GsP) department covers international market operations,

securities, payments, card processing, customers’ relations, mail, and cash processing as well as collateral and loan agreements. GsP keeps a permanent focus on improving service quality, minimizing operational risk, ensuring regulatory compliance and rationalizing costs.

A number of actions with an impact on the quality service rendered to the customer have been set in 2013. An automatic exchange channel has, accordingly, been implemented between the back-office and the network, which led to the prompt treatment of international operations. Created in 2012, the foreign currency help desk led to a gradual increase, with the aim of providing assistance services to the distribution network in terms of information about the transaction processing status. The other purpose is also to provide regulatory and technical counseling. 4009 applications were processed in 2013 accordingly.This year did also know the pilot deployment of the Lean Management Approach which consists in analyzing the operational processes and eliminating the detected wastage in all its forms, the core issue being the acceleration of the service and product delivery to the customer. This approach led to the reduction of 70 % of the delays in the processing of complaints linked to contentions of ATM withdrawals. The same approach also reduced by 43% the global volume of complaints during the whole year. All this can but be seen as the fruit of the mobilization of the teams working for customer relation and networks center.

Given the high sensitivity of back offices, the year 2013 knew the setting of an advanced process for the mastery of operational risks. This device aims at reducing, not to say eliminating, any operational risk related incident which can be detected, and whose impact might be critical. The device also aims at reinforcing the control of the risk whose impact might be strong. Accordingly, in 2013, and over a three month time span, the first results of this mechanism showed a 89% of incident decrease on the basis of 14 risks ranked as « strong ».

oPeRAtIonAL eFFIcIencY A BetteR RIsK contRoL

GRoUP seRVIces AnD PRocessInG

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195,000 international transfers

MAD 85 billion of transported funds

9 millions checks issued in Morocco

30 million of ATM withdrawals in Morocco

In 2013, the decision was taken to create in Casablanca a pooled E-Banking Service Center (EBSC). This led to the extension of the Attijariwafa bank e-banking to all its subsidiaries abroad. The Center creation was subsequent to an opportunity and feasibility study entitled in French « Cap Monétique » and conducted between May 2012 and May 2013. The EBSC will offer a wide range of services which target the subsidiaries’ expectations, particularly in terms of assistance for the enrichment and development of their catalogues of e-banking products.Along the year 2013, the GSP pursued their policy of Group synsergy reinforcement. El Beida perimeter (processing of documentary credit, and transfer operations for Attijariwafa bank Europe) has been extended to include, from now on, 100% of the subsidiaries’ service requests addressed by Attijariwafa bank Europe.

AttIjARIWAFA BAnK FIRst FRAncoPHone BAnK to Be ceRtIFIeD « VeRIFIeD BY VIsA »

Attijariwafa bank equipped itself with a verification system of internet transactions « Verified by Visa » (VbV), which can secure on line payments. Invented by Visa, this free technology is today a reference in the whole world.

while making on line purchases, customers should usually provide some classic information (banking card number, cryptogram (Cvv2) and expiry date). with the VbV system, transactions are further secur thanks to an additional password. This password is generated and sent, in real time on the mobile of the customer who will be the only person able to validate the transaction at the certified shopping websites.

The first Moroccan bank to offer the VbV service, Attijariwafa bank is presently the main issuer of e-commerce transactions in the country with over 26% of market share and the highest penetration rate.

sYneRGY stRenGtHenInG

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Being at the intersection of all of the Group's businesses, the main mission of the Group Legal Advisory is to defend its interests and support its

competitiveness. this is performed by intervening in a proactive manner through advisory services and legal engineering, and in a corrective manner through its expertise in addressing difficulties which might be experienced by the Group’s different stakeholders.

MAIn MIssIons

The Legal Advisory Department brings its support and legal assistance to the network through a dedicated entity that deals with annual average of 100 000 consultations.

The Legal Department secures the treatment and follow up of the litigation forwarded or not to the legal authorities whether in penal, commercial, social or administrative affairs.

It brings its large contribution to the implementation of the Bank’s structuring projects, whether they be of a commercial, supporting or regulatory nature. Its legal expertise cannot be overlooked in the process of setting up of contracts or drafting acts for all business lines of the Group, while taking into account their specificities as well as the evolution of their environment both nationally and internationally.

The Legal Advisory Department is also in charge of the Bank’s social acts and the powers of its representatives via the updating of the collection of signatures with about 3000 authorized agents.

QUest FoR PeRFoRMAnce

In order to reinforce its organization and adapt it to the Group’s growth and to the trades’ needs, the Group’s Legal Advisory department committed itself, since 2008, to rank its plans amongst the Bank’s strategic axes, particularly the risk control and optimization of resource interventions.Driven by its quest for performance, the Entity launched a structuring project in 2011 which consisted in acquiring an IT legal solution named e-stichara. This integrated computing solution meets a need for operational risk control and for an improvement process related to the automation and reliability of the data flows.With the acquisition of this software solution, the Legal Advisory Department’s objectives are:

• An optimization of tasks in favor of high added value interventions;

• A permanent and comprehensive visibility of the managed perimeter (volumes, cross cutting issues, decisional elements);

• The quality and efficiency of the rendered service by the processing of more files, in a much faster way and with an observance of time frames and deadlines;

• A mastery and sharing of information;• Risk control through the setting of a warning

system relating to the key steps of each file, the follow up of disputes and issues;

• The federation of decentralized teams around a shared knowledge base.

GRoUP LeGAL ADVIsoRY

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The achievement of these objectives has been launched since the general deployment, in February 2013, of the modules covering the internal advisor activities of contract management and dispute management, which led today to the development of a data base of shared and securitized exchange flows on these perimeters. More than 5000 employees of the Retail Banking network, and a hundred operational stakeholders from other trades are today connected. This makes them pass all their entreaties via the e-stichara tool.E-stichara whose perimeter is being extended to the other transversal activities of the Group, is a pioneering project which takes part in the innovative and creative project portfolio within the Group.

Around 2,000 of managed contracts

10,000 consultations per year

5,000 Employees connected to e-stichara

The « best legal computing program » trophy was awarded to Attijariwafa bank, during the 5th edition for the legal performance Day held in paris by l’Association Francaise des juristes d’Entreprise (AFjE), l’Association Européenne des juristes d’Entreprise (EClA) and lEGAl SuITE S.A.S.By this trophy, Attijariwafa bank Group had been awarded for:• project management quality ;• the project’s ambition ;• the positionning of the legal function in the

enterprise.

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5 • A CORPORATE SOCIAL RESPONSIBILITY DEEPLY ANCHORED IN THE GROUP’S CULTURE AND SET OF VALUES

whether relating to the operational or cultural side of Attijariwafa bank , corporate social responsibility is at the center of the Group’s concerns. Quality, conformity and professional ethics – in addition to the human capital – represent the ground rock of the Group’s sustained growth. The year 2013 was particularly pivotal for the human capital which was awarded « the National prize for Human Resources ».

Attijariwafa bank contributes to Morocco’s social and societal development through its foundation which is made of four divisions: Education, Art & Culture, Discussion and Debate meetings, and support for charities.

All along the Group’s value chain, environmental impact control is also one of the Group’s major concerns which finds particular expression in the logistic functions and purchases, services and processing as well as information systems.

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QUALITY, COMPLIANCE AND PROFESSIONAL CONDUCT 76

GROUP HUMAN RESOURCES 78

ATTIJARIWAFA BANK FOUNDATION 84

ENVIRONMENT 94

PURCHASING 95

16,081EMPLOyEES

39.1 %OF wOMEN

1,419TRAINEES


ANNuAl REpORT 2013

75

QUALItY, coMPLIAnce AnD PRoFessIonAL conDUct

the trust relationship between the Group and its different stakeholders is obtained and maintained thanks to the observance of standards, laws and

regulations, in addition to professional and ethical standards.

QUALItY

As a lever of strategic differentiation between the banks, quality is given a top priority position within the Group, the purpose being the permanent improvement of the customer relation, and the deployment of a culture quality within the Group.In 2013, the Customer Empathy Program was enriched with new indicators, the total number of which has presently reached 269. This program, which is made of customer satisfaction surveys, of barometers for the measurement of service commitment, of focus groups, and of mystery shopping covered a sample of 9000 SME customers, individuals, professionals and Moroccans living abroad. The results showed a satisfaction rate of 88%.Furthermore, and in order to provide more smoothness for inter- entity relations within the group, an in house customer empathy program is deployed every year. The objective here is to measure the cross level of satisfaction between the bank’s different networks, on one hand, and the subsidiaries and centralized services on the other. 24 300 participations were registered in 2013 on the daily cooperation aspects such as telephone reception, request handling, operation processing and complaint management. The in-house Customer Empathy program is completed by Qualimesure –a steering device and measuring processes of in house performance.On the basis of the results of these different measures, a Quality Prize is awarded, each year, to celebrate the male and female Bank staff members who were able to take the fore, thanks to the quality of their respective services.

InteRnAL contRoL

The internal control instruments that have been implemented within Attijariwafa bank represent a corner stone for the Bank’s functioning. They aim at reinforcing operational efficiency, risk control, and strategic achievement monitoring.These instruments primarily rely on the operational staff members. A second level of permanent independent control is exercised by some dedicated functions with a central piloting across the Group. Internal Control activities are subject to regular monitoring undertaken by the main authorities at the level of the Managing Directorate and the Board of Directors.In 2013, the international subsidiaries, supported by the central entity, consolidated their internal control tools, while securing the convergence of the structures and methodologies.

.

88 %Customer satisfaction rate

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AntI-MoneY LAUnDeRInG

In compliance with the best international practices, Attijariwafa bank pursues the implementation of its actions for anti-money laundering and combating the financing of terrorism (AML/CFT), guided in this by a Chart, a procedure Manual, training and adapted management tools.The year 2013 was marked by the coverage of some new subsidiaries and the deployment of an awareness campaign on the vigilance culture.

PRoFessIonAL conDUct

Attijariwafa bank has always been concerned with the ethical reality and the various inherent risks linked to its activities. Professional conduct is meant to watch over the Group’s observance of the financial market regulations and the profes-sional standards. These steps lie within a global risk approach as has been recommended by the Basel II and Basel III. They aim at:

• protecting the Bank in its heritage and responsibi-lity towards third parties, particularly its relations with the clientele (confidentiality, duty of diligence, customer interest primacy, etc. …);

• providing protection for employees while under-taking their duties;

• maintain in house relations (loyalty, transparency, etc.)

• managing the Bank’s reputational risk.The professional conduct and anti-corruption tools rely, in the first place, on a generalist code called the Code of Good Conduct. Each year, training and awareness sessions are organized in favor of the newly recruited staff members for whom pedagogical kits are provided. Practically, all the Group’s employees have been trained and sensitized to the Code of good Conducts in Morocco and in the European and African subsidiaries. The training is now also based on an e-learning module which, till the last quarter of 2013, benefitted to 7150 of the Bank employees. To this Code of good conduct are added other codes that are suited to the exercise of some functions or activities such as “sensitive”, procurement, or administration functions.In 2013, the expansion of this system upon the Group’s subsidiaries was pursued. To be noted is the appointment of an Ethics Officer at the CBAO, the Group Senegalese subsidiary. By means of compliance to the latest regulatory obligations in force in the European countries, a new code of Good Conduct was set in place at Attijariwafa bank Europe. 80 officials had benefitted from an awareness campaign on the new code; so that it can be embedded into the employees’ daily practices.

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ANNuAl REpORT 2013

12,000Employees provided with training on the Code of Conduct

77

GRoUP HUMAn cAPItAL

the human capital management policy plays a key role in conducting the changes provided by « Attijariwafa 2015 » strategic Plan. this plan

implies a combination of sustained growth, major regionalization, and the adaptation of managerial practices.

tHe GRoUP’s HUMAn PRoFILe

Attijariwafa bank pursues its development in the high potential geographic areas. Accordingly. the Group is present in 23 countries with a total of 16 081 employees at the end of 2013.A proactive policy of competence transfer and support on local skills goes along with the Group’s international expansion. On that ground. only 41 expatriates can be counted among the Bank’s staff members.

In the Group, all age layers are represented with an over-representation of the youth at the network level. The numerous retirements which took place in 2013 reflect the Group’s general dynamics.

HeADcoUnt PeR GeoGRAPHIcAL ReGIon (GRoUP)

12.31.2011 12.31.2012 12.31.2013 VARIAtIon 12-13

Morocco 9,246 9,628 10,061 4.3 %North Africa (excluding Morocco) 1,829 1,921 2,014 4.6 %West Africa 2,231 2,260 2,491 9.3 %Central Africa 1,041 1,128 1,143 1.3 %Europe 332 345 363 5.0 %Middle East 7 7 9 22.2 %Group Total 14,686 15,289 16,081 4.9 %

Of which bank employees 6,826 7,090 7,443 4.7 %

Female

Male

Seniority pyramid in 2013 - GROup

12 %

13 %

8 %

13 %

15 %

6 %Over 20 years

12 – 19 years

5 – 1 1 years

2 – 4 years

under 2 years 8 %

5 %

10 %

10 %

Female

Male

4 %

8 %

11 %

13 %

25 %

2 %Over 55 years

46 – 55 years

36 – 45 years

26 – 35 years

under 25 years 5 %

5 %

9 %

18 %

Age pyramid 2013 (GROup)

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78

VALUes & cULtURe

The Group’s values (leadership. citizenship. solidarity. commitments and ethics). represent the ground rock of Attijariwafa bank ’s culture.The Group looks forward to increasing permanently its managerial culture on the basis of a closer link between the managers and their employees. and on the maintenance of a strong team spirit.In the beginning of 2013. and for the first time. an in-house opinion poll was conducted among the employees. with 81% of participant mobilization. The poll’s main objective was to measure the corporate social climate. The poll also showed that 85% of the interviewees were taking pride in belonging to the Group. and that 86% among them showed their adherence to the Group’s strategic orientations.In the same year too. Attijarwafa Bank was awarded the « Prix National des Ressources Humaines» [The National Prize for Human Resources] which is attributed by l’Association Nationale des Gestionnaires et Formateurs des Ressources Humaines (AGEF) [the National Association of Human Resource Mangers and Trainers]. This prize rewards the best practices of human resource management.

85 % of the employees take pride in belonging to the Group

86 % of the employees show their full adherence to the Group’s strategic orientations

The number of employees with more than 12 years of service (31%) shows these latter’s loyalty to the Group. As for the fact that there are staff members having less than four years of service, this can account for the sustained growth policy and for the numerous branch openings (315 new branches opened in 2013).

52 % executive staff

94 % permanent saff

PRIoRItY GRAnteD to eMPLoYMent stABILItYAttijariwafa bank commits itself to combating job insecurity. On the ground of this fact, permanent staff members count for 94% of the Bank’s wage earners. Between 2010 and 2013 the Bank’s management staff ratio rose by 21% leading the percentage of executive staff to 52 %. In the same vein, in house promotion has known a double digit growth: 31.8% for the network and 22.9% for the head quarter.

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InteRnAL coMMUnIcAtIon

Internal communication aims at uniting all the Group’s workforces around its values and ends. It relies on holding meetings which favor the exchange of views and favor adherence to the Group’s strategic plan.« Together to reach the top » was the theme chosen for the meeting held by the Group Committee in September 2013 at Attijariwafa bank Club in Casablanca.This meeting which gathered the main leaders and executives of the Bank and its subsidiaries had the ambition of sharing a coherent and motivating vision in order to give momentum to the Group’s strategy which focuses on the values of cooperation, self surpassing and leadership by innovation.

Held by the General Operating Committee, in 2013 and in the presence of all the networks leaders and the Head Office entities, the four meetings were occasions on which the year’s fulfillments and prospects were analyzed. As usual, the convention relating to the market of Moroccans living abroad got off the ground the campaign dedicated to this clientele. For all the market stakeholders it was the occasion to take stock of the steps achieved and develop a road map.

The Group General Audit meeting gathered the audit officials at the Bank’s level, as well as at the levels of domestic and international subsidiaries with the purpose of sharing the best practices and synergies.In order to share with the largest number the great moments which marked the Group’s current developments, electronic flashes and internal quarterly newsletters constitute for Attijariwafa bank the means by which information could be relayed among all the Group’s employees.

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GRoUP HUMAn cAPItAL

80

DIVeRsItY

For the sake of parity, Attijariwafa bank endeavors to guarantee a good representation of the women portion in its headcount. Accordingly, the percentage of women employees reached 39.1% in 2013.With 37.4% of female executives, the Group shows its primary concern for the respect of equality – a concern which stands for one of the fundamentals enshrined in the Group’s Code of Good Conduct.

As always, and by means of gratitude and recognition expressed to these women, Attijariwafa bank celebrated, in 2013, Women’s International Day. This was an occasion on which tribute was paid to the commitments and talents of in house women employees through the distribution of presents to all the women of the Group. An exhibition was also organized to show the works of women artists at the corporate Head Office restaurant.

In order to serve its growth oriented ambition, the bank adapts its recruitment methods and receives, each year, several young graduates. To that effect partnership agreements are constantly concluded with universities, major schools and student associations. Among the Bank’s recruitment actions, one can recall the i – Days, the first virtual recruitment show to be held in Morocco, or the recruitment caravan throughout the five regions of Morocco.

This head hunting proactive policy is translated by a population of young employees aged 30 and below, with a percentage reaching 49%.The host and support program is deployed with the purpose of facilitating the integration of these young recruit. For one day, an integration seminar named «Cycle Sindbad » was organized in favor of young recruits who are initiated to the Group’s values and culture by encouraging challenge and leadership in an ethical, citizenship and solidarity spirit.

In line with this, « Afak » Cycle was set for the sake of integrating our executives, still with same spirit of bringing closer the young newly hired staff members to the values and culture of the Group.With a willingness to play a socially responsible role vis-à-vis the Moroccan public higher education and its excellence stream, Attijariwafa bank hosted 1 419 trainees in 2013.

During the year, 129 employees with a medium seniority (35.4 years of service) celebrated their retirement during a ceremony in which they were paid tribute. The meeting was the occasion for the Managing Directorate to express its gratitude the devotion and commitment of these persons who had put their competence at the service of the Bank.

39.1 % of the headcount are women

37.4 % of executives are women

17 % of the Management and Coordination Committee are women

49 % of employees are aged 30 and below

1,419 trainees in 2013

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coMPetence DeVeLoPMent

In a context of rapid growth, competence development for all the employees is a strong challenge for Attijariwafa bank . The training strategy combines job training provided by Attijariwafa bank Academy through the various trade curricula (varying from Retail Banking, Personal and Professional Banking, or Corporate Banking to managerial and behavioral training ) in the scope of structuring cycles. In this capacity, a new training cycle was launched in partnership with two international firms, under the title of «For a Maghrebian Managerial Culture ». The objective of this course is to coach the Group’s managers in the development of managerial practices, especially concerning their proximity to their employees, the purpose being the improvement and the reinforcement of the teams’ cohesion.Set in place in April 2010, the e – learning device stands for the third pillar of this strategy: the launching of this training mode and its openness on all the staff members is the first of its kind in the Moroccan banking sector.The training offered is rounded off by a Interbanking pooled diploma course program: the conventional curricula for the obtaining of a Banking Certificate and those offered by l’Institut Technique de Banque. The year 2013 counts 218 beneficiaries.

Another key element for competence development is career management which pursues its mission of attending the professional and personal development of each employee, in coherence with the Group’s present and projected needs.

Succession plans, at different responsibility levels, are implemented in order to identify, prepare and valuate the necessary talents for the bank’s future development.Also, and in addition to the continuous monitoring undertaken by the teams in charge of career management, 93% of eligible employees benefitted, in 2013, from an assessment plan where prospects for career development were reviewed.

The Group’s expansion in many countries offers new opportunities for career development to its employees in terms of international mobility.

Around 25,700 training days/person1

3.5 training days per employee on average1

93 % of the Bank’s eligible employees benefitted from an annual evaluation review

1- Scope: bank (parent)

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GRoUP HUMAn cAPItAL

82

coMPensAtIon AnD eMPLoYMent BeneFIts

Reducing disparities, questing for equity, favoring attractiveness and loyalty, rewarding performance; such are the three main objectives of the Bank’s remuneration policy.This policy leans on compensation rules which take into account the appraisals figuring on the annual evaluation review, internal positioning, in addition to positioning with relation to the external market, particularly the banking sector.To this is to be added the employee share ownership program – an ambitious policy which aims at associating employees to the Group’s performance, as was the case, in 2012, through the increase of the Group’s share capital exclusively reserved for the employees.To the employees’ contractual remuneration a social wage has been added in the form of some benefits such as:

- Insurance covers for the protection and prevention against risks of sickness, invalidity and disability;

- Health centers in the major cities for medical visits, vaccination, screening and awareness campaigns;

- Loans on favorable terms;- A mutual aid offer through solidarity and rescue

funds in case of serious diseases or handicaps;- Sport and arts school in addition to summer camps

for the Bank’s employees and their children.

In HoUse HeALtH seRVIces

On the ground of its concern for the well being of its employees, the Bank takes part in many health events of international scope. Accordingly, Attijariwafa bank took part in a sensitization and prevention initiative in 2013 on the World No Tobacco Day. On the same occasion, the Bank organized a panel discussion chaired by Professor Abdelkrim Bahlaoui, Head of the Respiratory Diseases Department at the Ibn Rochd

University Hospital, and President of the Moroccan Respiratory Disease Society.It was the occasion for Professor Bahlaoui to remind the audience of the dangers of smoking both for active and passive smokers.In the same spirit, and on the occasion of the World Diabetes Day, a diabetes prevention campaign in the different cities of the Kingdom was celebrated. During this campaign, employees could know their respective states of glycemia. At the Bank’s head office on Avenue Moulay Youssef, a lecture

on this topic was given by Professor Ahmed El Farouqui, Head of the Endocrinology and diabetology Department at Ibn Rochd University Hospital in Casablanca, former Dean of the Faculty of Medicine, and international Expert in diabetes studies. The Professor’s topic « Diabetes: a Silent disease and a global pandemic disease ».

4,009 medical visits1

1,470 beneficiaries of the medical campaign1

Pour les fumeurs passifsla nuisance esT active

31 mai Journée mondiale sans Tabac Aujourd’hui Aussi

teAM sPIRItTeam spirit and internal cooperation are part of Attijariwafa bank’s culture. Awb, « mini - foot » international competition Cup are part of this approach. They constitute, for the employees coming from all the Group’s countries of presence, an opportunity for sharing experience, exchanging and learning from each other's differences.On the sidelines of this event, the Organizing Committee had taken the initiative to renovate a secondary school located in a disadvantaged area, which reflects the Bank’s involvement in social and charity works. 1- Scope: bank (parent)

CHApTER 5



With a force drawn from over 30 years of experience, Attijariwafa bank

Foundation has confirmed its commitment in some major areas for economic, social and societal development in the Kingdom. Its strong involvement in education, art, culture and debates ranks it today as a fully acknowledged actor for its structuring actions with a strong citizen connotation.

By looking at all its achievements, Attijariwafa bank Foundation acquires its own visual idnetity which hails its strategic choices of citizenship, while confirming its strong attachment to the parent company.Thus, the Foundation’s logo makes way for an immediate identification of the Group thanks to the Atlas sign with yellow and red colors. The merging of colors and calligraphic outlines convey the idea of cultural blending. The green flat tint translates the interest held for the preservation of the environment. Finally, the open frame symbolizes the freedom of expression with a prospect for permanent evolution by the constant enrichment of what already exists and the exploration of new fields of intervention.By acquiring its own logo, the Foundation affirms its will to consolidate its acting citizen role which is firmly committed to serving the community.

The colors used in the Group’s logo are completed by a green flat tint in order to convey, as a complement to the Foundation’s basic missions, a sustainable development vocation.

The space offers a free expression environment on which the Atlas symbol comes to be settled, bringing the Bank’s reassurance and its use of words to express itself

The Arabic typography at the background expresses the roots and culture – one of the first missions of the Foundation.

The matching of colors and calligraphies conveys the idea of interbreeding junction and cultural apprenticeship, along with exchanges of ideas about all the problems faced by the population, particularly the youths at the economic, social and societal levels.

The trade mark block expresses the idea of the socle on which the Foundation will base itself in order to fulfill its missions: writing and education Art and culture publishing and debates

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84

ARt & cULtURe

In line with Attijariwafa bank Group development throughout the African continent, the art and culture segment acts in favor of the development of

artistic culture and increase of artistic access. Its mission is deployed through five orientation axes:

• The Memory segment : once a year, the great figures of art are made accessible to the public through retrospective exhibitions which rely on the Group’s collection and that of art collectors, resulting in the publishing of catalogues.

• The Arts Academy: during a season which may vary from one to three renewable years, workshops of artistic expressions, writing and multimedia are designed in partnership with the Greater Casablanca’s Regional Academy of Education and Training, with the aim of providing public school pupils with opportunities of artistic self fulfillment. Relying on the Group’s painting collection, this program is always closed with a major exhibition at the Actua art gallery.

• Intercultural exchange: this axis aims at creating Panafrican meeting and exchange opportunities between young and senior artists. It may take the form of exhibitions initiated by the Art & Culture segment, as it may express itself through the support of regional projects submitted to the Foundation.

• Support to regional culture: events or projects brought by associations and promising cultural actors, for the sake of a widespread and homogeneous coverage of the Group in the regional mapping, and for an opening to a range of diversified disciplines: visual arts, performing arts, cinema, music, audiovisual art …

• Cultural lookout and broadcast: this axis makes possible the valuation of the activities of the Art & Culture activities through the lending of the art collection work, publications, conferences during professional meetings for the Foundation’s international influence. For twenty years, Attijariwafa bank Foundation internally developed some effective mediation and analyses resources and tools that can act at the service of the artistic sector and companion the African subsidiaries for the sake of setting a unified sponsoring policy.

A tRIBUte to MeHDI QotBI

The « Mehdi Qotbi : Colors and writings, 40 years of painting » exhibition was part of the « Memory » axis. The exhibition was meant to extend the Foundation’s orientation towards a wider knowledge of Moroccan art history, and share its art collection with the wider public.This exhibition came next to that of Hassan El Glaoui (2011/2012), and that of Ahmed Benyessef (2012 - 2013). The Art & Culture Segment devoted itself to a meticulous research, which took many forms and media of expression, on biography, iconography, creative process and on the artist’s influence. The exhibition course, extending from 1969 to 2013, had been broken into four main phases highlighted by an air and colorful scenography. The exhibition was opened to the public and was, in 46 days, visited by over 2300 Moroccan and international visitors, among whom came 450 students and school pupils on guided visits.

CHApTER 5



ARt & cULtURe

tHe ARts AcADeMY

For three consecutive years, the Art & Culture Segment received 130 public schools students, aged between 10 an 17, and all enrolled in the 2010 weekly training/creation program named « Académie des arts ». Having reached maturity in 2013, the training cycle gave the possibility to 5% of the participants were able to be enrolled at secondary schools’ plastic arts section. They had also been given recognition awards. An art exhibition held at Actua Art Gallery hosted the works of 130 students; and here is a brief selection of potential talents’ creations.

copyright Attijariwafa bank / photos Jean-Claude Laffit

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86

« oRIent ARt eXPRess » FestIVAL At oUjDAA major cultural and artistic event, conducted by l’Agence de l’Oriental and the Art 48 Association which, each year in August, gathers artists, speakers, intellectuals, art passionate or amateurs in day and night open venues for the public. This festival spotlights the Region’s new artists, and brings into relief the Maghrebian artists’ concerns and challenges worldwide. The Festival aims at bringing closer the population with the most contemporary artistic expressions and making of the City of Oujda a beacon of contemporary art. This 4th edition was held under the theme of « thinking without borders ». The Art & Culture segment took part in a three day colloquium, with a mixture of text and images, on the « African crossing viewpoints »; and more particularly on the art education program for the youth. In this manner the segment was acting as a stimulating factor among the local artists.

HeRItAGe PReseRVAtIon

Attijariwafa bank has opted for the development of the urban and architectural heritage through its moral and financial participation to the Casablanca «Heritage Days »; organized during the period of April 5-7, 2013in conjunction with Casamémoire Association, the whole event being in the ambit of UNESCO’s International day for Monuments and Sites.The « Heritage Days » event consists of organizing guided visits, that are free and open for all, to the sites of the private, public and institutional architectural heritage of the XX Century. The event also includes workshops, conferences and shows in the public spaces. In this scope, the Foundation supported the component relating to « the Training of voluntary Guides », which allowed 139 voluntary citizens to conduct tours and visits to more than 20 historical sites. The Foundation was also involved in the organization and implementation of the same call for internal voluntary work in aid of 1200 school pupils in the framework of partnership with AL-Jisr Association. A first participation had proven fruitful, for it had reached (within a three day time span) 22 500 Moroccan and non – Moroccan visitors, among whom there were 3 400 school pupils.

sPoRt & cULtURe to tHe BeneFIt oF ReGIons

In the year 2013, and in order to contribute to the cultural initiatives of the different regions, Attijariwafa bank Foundation supported and took part in several events in different regions of Morocco namely:

• The Agadir Timitar and Plastic Arts Festival in the South of Morocco;

• El Jadida’s Jawharat El Hayat (The Pearl of Life) Festival in the Atlantic Plains at El Jadida;

• The Fez World Sacred Music Festival at Fez;• The Oujda International Raï Music Festival at Oujda;• Two major event at Casablanca : A 100 hundred

day celebration of the Casablaca Port’s Centenary, and a 10 day celebration of the Casablanca International Festival;

• The Atlas Pro golf Tour organized by the Hassan II Trophy Association in 6 cities (from North to South) of the Kingdom.

rendez-vous du 18 Au 21 JuIn 2014

pour célébrer SA 11e édition.


Attijariwafa bank société anonyme au capital de 2 035 272 260 dH - Siège social : 2, boulevard Moulay Youssef, casablanca. Agréée en qualité

d’établissement de crédit par arrêté du ministre des finances et de la privatisation n° 2269-03 du 22 décembre 2003 tel que modifié et complété - rc 333.

AttIJArIwAfA bAnk

contrIbue Au

rAyonnement

de lA musIque

Au mAroc

CHApTER 5



eDUcAtIon

With over 30 years of socially responsible committment, Attijariwafa bank Foundation assigned itself the mission of celebrating knowledge, and

contributing to the social development of Morocco through its education pole. With its firm conviction that the Kingdom’s future shall be decided at school, the Foundation endeavors to secure education to school students in the best conditions. Its main objectives can be seen in its attempt to secure access to education, at the pre-schooling phase, and instill the entrepreneurship spirit at the youngest age, just as it aims at encouraging the pursuit of higher education and valuating excellence.

A school teacher's testimony:

« Formerly, my main concern was to make sure that the pupils could write well. There was no room for play, self fulfillment or discovery. … Thanks to this program, I took up many training courses, and discovered another way of teaching which can be translated even in the way the classroom is fit out. I received new equipments. what I appreciate most is communication which I managed to establish with the parents: Today, they better understand what we do in class and what purpose pre-school education may serve for. »

PRescHooL RestRUctURInG

A partner of Care International Morocco since 2012, Attijariwafa bank Foundation is striving for the restructuring of pre-school education in disadvantaged neighborhoods. The sustained project’s objective is to decrease school dropout and increase the likelihood of success by providing the pupils of 40 schools at the Sidi Moumen area in Casablanca a quality based pre-school education. Around 2000 families and 2000 children aged between 3 and 6 years will benefit from this initiative throughout a three year time span.Launched in its first phase since the 2013 new school year the project has already yielded its fruits: 576 children including 295 girls take advantage of this program in twelve schools of the neighborhood, and 26 schoolmistresses and masters have been trained.

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UPGRADInG PRIMARY eDUcAtIon

Attijariwafa bank is a founding member of Al-Jisr Association since 1999. This association’s mission is to mobilize and sensitize private enterprises to the importance of upgrading the educational system. To assist Al-Jisr Association Attijariwafa bank Group sponsors several public primary schools and puts computing items at the Association’s disposal. In this way, and since the program kick off, over 23000 computing items had been donated by the Bank to the Association. In the light of this sponsoring, a number of upgrading actions are being undertaken such as the equipment of classrooms, the training of schoolmistresses or the construction and fitting out of a multimedia room. School choirs were also put in place in 2013.

MAjoR scHooLs FoR ALL

To carry forward its growth, Morocco’s ambition is to train 15 000 engineers by the year 2015. Today, the number of students enrolled at Preparatory Classes for the Major Engineering Schools is only 7400.

In this context, the Foundation supports each year the public secondary schools on their preparatory curricula for the major schools of commerce and engineering by means of upgrading libraries and supervising students in their preparation for entrance exams. Each year, 130 students are, accordingly, supervised by teachers and benefit from a 40 hour training program.

CHApTER 5



UnIVeRsItY sUPPoRt

In partnership with Santander, the Foundation’s Education segment developed 3 innovative projects:

• The « Bank and Financial Market » Master course program which leads to a double graduation from Hassan II University in Morocco, and Cantabria University in Spain. The 7th class in Morocco started its courses in October 2013, and since its start in 2007, 131 students obtained their degrees with a professional insertion rate totaling 95%. Fulfilling its commitment to host more than half of each class as trainees, the Bank offered them more than 90 work placements.

Existing now for 18 years, this Master course program has trained approximately 1200 professionals in three countries: Spain, where it was first initiated by Grupo Santander, Mexico and Morocco.

• In 2013, Attijariwafa bank Foundation supported technically the elaboration and the setting on line of the new Master portal.

Designed by Attijariwafa bank Foundation the Jamiati.ma Portal is the first Moroccan university portal that brings together all Moroccan universities and is meant for students, teachers and the administrative staff. L’ISCAE (the Higher Institute of Commerce and Business Administration) was integrated in this portal in 2013. This made the major schools and institutes covered by the portal reach the number of 17. This same year, the portal was visited by over 2 million persons. Its content is growing and has recently been enriched by a video library rubric and by « online courses » and « Orientation » sub-portals. The « Scholarships » sub-portal now provides students with information on the availability of cooperation exchange scholarships granted by the different countries and organizations.

• Developed in collaboration with universities, Jamiati card is addressed to students, teachers and university staff members. Through interactive terminals, the card is panoplied with university services: identification, access to university premises, consultation of personal and pedagogical data, library loan management. … It can also serve as a banking card for those who would like to use it in this manner.

17 universities covered by Jamiati Portal

2 million visits of the portal in one year

eDUcAtIon

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coMMItteD eMPLoYees

For Attijariwafa bank , mobilizing its employees in socially responsible actions constitutes an important element of corporate responsibility. In this way, and on the occasion of the new year, Mr. Mohammed El Kettani, the Group Chairman and CEO, invited the employees in his greeting letter to get further involved in civic solidarity actions. About a hundred employees had shown their interests to act on behalf of the Group’s associative partners.Between 2012 and 2013, 672 hours of training were provided by 52 voluntary counselors belonging to the Group, especially by senior staff members, in favor of some young lycée (high school) and university students who had benefitted from the initiation to entrepreneurship Injaz Al Maghrib program. The Group employees stand for 20% of the total number of volunteers. They had catered for 16% of the voluntary teaching hours of 75 partner enterprises.In partnership with Care International Morocco, many female employees companioned educational cooperatives and women from disadvantaged neighborhoods in their income generating activities and educational cooperatives.Finally, some employees volunteered in aid of the Preparatory Classes group. These volunteers offered to assist students associations ; develop these latter’s artistic activities and back up the development of a site dedicated to Preparatory Classes.

nGo sPonsoRsHIP & sUPPoRt

Attijariwafa bank supports numerous associations and solidarity initiatives. The Group provides financial support, in kind donations or competence sponsoring. Donations come from Attijariwafa bank Foundation, but also comes from the Group’s different subsidiaries. Supported Projects are numerous and are geared to several fields: socio-economic development, food support, school tutoring, environment protection ,assistance to disabled persons, and to destitute children …Continentally, the Group signed in 2013 a convention for financial support in favor of Club Santé Afrique. Attijariwafa bank is now a member of this club which is working, in West Africa, for the promotion of health which can be seen either as a driving or impeding factor for development. This program is supported by the UN Secretariat General in charge of innovative financing as a pilot initiative to be followed and taken as a model.

ceLeBRAteD WoMenOn the occasion of women’s International Day, Attijariwafa bank Foundation organized, in Casablanca, and in other cities of the Kingdom from north to south, in collaboration with local associations, some parties in aid of 400 single mothers and for women in precarious situations. Many women employees from the Group attended these parties. They shared with these women some moments of joy and emotion. presents were offered to the mothers as well as to their babies: blankets, kitchen utensils, baby clothes …

CHApTER 5



PUBLIsHInG AnD DeBAtes

In 2013, Attijariwafa bank actively took part in the debates that animated the business community. this contribution was materialised by the organization

of many events which took place nationally, regionally and internationally. Many of these meetings were marked by the effective participation of some of the Group leaders on topics relating to the economic, financial and strategic spheres, in addition to those relating to social responsibility.

In 2013, the Group organized meetings which, in the course of a few years, became regional major events for the business community. Accordingly, 2013 was marked by the holding of the 3rd edition of the economic conference cycle placed under the sign « Morocco – France : new highways to Growth ». A meeting co-organized with the French Chamber of Commerce and industry in Morocco which gathered 500 CEOs and institutional investors and which hailed the cooperation between the two partner countries;

Furthermore, the Group has strived for the success of high level gatherings, which was the case with the France – Morocco gathering, co-organized by the General Confederation of Moroccan Enterprises (CGEM) and its French counterpart MEDEF. Having had « new cooperation for a sustainable partnerships » for a topic, the forum which was attended by over 600 business leaders, Chairman Mohammed El Kettani as a co-president of the Morocco - France CEO Club had laid emphasis on the opportunities offered by co-investment in Sub-Saharan Africa and the necessity to rethink partnership between France and Morocco.

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In September, the 61st international Congress of Women Entrepreneurs was held in Marrakech to deal with the importance of the corporate social responsibility. Likewise, the Group contributed to the success of the Forum initiated by MEDEF International in Paris on the theme of « Africa and France what levers for a new economic dynamics? ». The presentation made by Mr Mohammed El Kettani was one of the strong moments of these two international scale events.The Group was also an official partner of the 6th edition of the Medays meeting in Tangiers which had Africa honored. Among the topics debated was the importance of the role of regional integration of the financial markets in capital mobilization in order to meet the Continent development challenge.Buoyed by the success of these events and by the strong expectation aroused by these targeted meetings, the Group decided to set up a Publishing and Debate segment within Attijariwafa bank Foundation in order to offer the largest public possible periodical conferences and debates.

Through the Publishing and Debate Segment, the Group‘s ambition is to extend its socially responsible action by favoring proximity towards citizens. The mission of this new segment, which is in strong relation with the Education, Art and Culture segment, is to promote the debate about the economic, social and societal issues addressed to economic operators, civil society activists and university academicians. The other mission of this new pole is to broadcast knowledge by contributing to the spreading of new concepts among the youth, while helping them develop critical sense and intellectual curiosity. The Publishing and Debate segment is also called upon to support the works of young Moroccan talents and researchers. To that effect, the Foundation recently signed a partnership with Hassan II University for the sake of supporting a chair program in finance and banking.

CHApTER 5



enVIRonMent

Despite displaying weaker environmental impacts than those in the industrial field, Attijariwafa bank is – for the sake of exemplarity – committed to

reducing its environmental footprint.

eneRGY

Since 2009, Attijariwafa bank has introduced a bonus-malus clause in its contracts with service providers to make the optimization of energy consumption more appealing to the building maintenance service companies. In this same scope, the replacement of aging equipments has been launched. At the level of branches, lighting, air conditioning and thermal insulation are gradually being renovated.Concerning the computing equipments, servers which have been virtualized up to 90% make possible a direct saving of both space and energy, which leads to a reduction of use of air conditioning. In 2013, all the applications brought to service migrated to virtualization.As for the reduction of fuel consumption, the cash balance optimization program was generalized in 2013, which led to a 25% reduction of fund transportation. The 18 video and web conference rooms led to a considerable employee travel reduction.

RecYcLInG

All papers destroyed by the employees are collected and recycled by a recipient.During their replacement, non stocked printers, computers and other computer- related equipments are donated to associations for reuse or recycling purposes.

PAPeR

Several initiatives are taken each year to reduce paper consumption. In 2012 a large reprography reconfiguration program led to the replacement of many individual printers by multifunction ones in each department.To reduce paper consumption, Attijariwafa bank took many measures namely: the printing of

duplex account statements, the grouping of notices before sending, the ending of publication and uploading of some notices and management statements. In total, over 12 million paper sheets were saved in 2013. In the same manner, and by

means of ending gradually the sending of their hard copy counterparts, the electronic sending of employee payrolls has been set since the end of 2012. In 2013 these measures were extended to Wafacash, Wafasalaf, Wafabail and Wafa Immobilier. 9000 paper sheets and envelopes were, accordingly, saved.

CHApTER 5

94

PRocUReMent

Respecting the Labor and safety code, prohibiting child labor and illegal employment, guaranteeing social security for the suppliers’ personnel

and mastering the environmental impacts – such are the concerns which Attijariwafa bank considers while selecting its suppliers and service providers. All these principles have, since 2006, been put together in a Procurement code of good conduct which guides the practices of all relevant staff in the Group whether in Morocco or internationally.

Since 2010, the commitments enshrined in the Procurement Code of Ethics have been stipulated in the clauses of the different terms of reference as well as in the contracts signed by the selected suppliers, 90% of whom have signed the Charter of Ethics in 2013. During the visits made to the suppliers’ premises, the environmental and social aspects are assessed in compliance with the aforementioned Charter of Ethics.The selection of some product categories such as paper and computer hardware is subject to special attention with regard to the environmental impact: sustainable forest management (SFM), optimization of energy consumption … From a synergy and best practice sharing perspective, the standard documents (contracts, terms of reference, grid of bid analysis) and the Group’s standards (compliance with payment deadlines, duty separation) are progressively shared with the subsidiaries.

True to its corporate citizen role, Attijariwafa bank assists several small enterprises in order to secure competence transfer for them. In 2013, performance improvement plans were signed with sensitive suppliers or with those showing some vulnerability signs. In this, the bank sees a pledge for service quality to keep to the promises it has made to its customers.The average deadline of payment to suppliers amounted to 8 days against 11 days in 2012 and 60 as stipulated by the law. This is but the result of the efforts made by Attijariwafa bank towards its suppliers (70% of out whom are SMEs and VSEs) and who , since 2012, benefit from a monitoring system for payment deadlines.To meet the local subsidiaries’ needs, the Group strives to reference the suppliers in the regions in order to contribute to the economic development of the regions presence territories.

8 days of payment deadlines for suppliers

Over 70 % of suppliers are SME and VSE

90 % of the suppliers are Moroccan

90 % of the suppliers and service providers are signatories of the Charter of ethics

A ResPonsIBLe PRocUReMent PoLIcY sUPPoRtInG sUPPLIeRs

sUPPLIeRsenVIRonMent

AssItAnce

teRMs oF ReFeRenceRIsQUe contRoL

SYNERGY

SHARING

SECURITY

CODE OF ETHICS

RESPONSABILITY

CHApTER 5



MAnAGeMent RePoRt 2013

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2013 - Attijariwafa Bank · 2013 Annual report Attijariwafa bank, a limited company with a capital...

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