BBVA has received approval from Morocco’s Bank Al-Maghrib for acquiring Banco Sabadell’s operations in the country. The bank aims to enhance support for Spanish businesses in Morocco, offering a variety of financial services. Bilateral trade between Spain and Morocco has surpassed $22.3 billion in 2023, indicating strong economic ties and mutual growth possibilities.
BBVA, Spain’s second-largest bank, has received approval from Morocco’s central bank, Bank Al-Maghrib, for the indirect change in control of Banco Sabadell’s operations in Morocco. This transaction aligns with BBVA’s strategic goals and indicates that the bank has secured all necessary permissions from international regulatory bodies to proceed. Banco Sabadell has maintained a presence in Morocco since 2009, focused on supporting Spanish businesses operating in the region.
The bank’s services encompass the opening of deposit accounts in dirhams and convertible currencies, facilitating foreign trade, and offering investment and working capital financing. Additionally, Banco Sabadell issues sureties and guarantees for public authorities and manages treasury operations, thereby addressing the diverse needs of its clients. The robust presence of over 4,000 Spanish businesses in Morocco highlights the strong financial relationship between the two nations.
The bilateral trade between Spain and Morocco was valued at more than $22.3 billion in 2023, with approximately 17,000 Spanish firms exporting goods to Morocco. According to recent data from the Spanish Ministry of Economy, Morocco remains one of Spain’s top trading partners, achieving historic levels of trade with exchanges exceeding €22.7 billion. In 2024, Spanish exports to Morocco accounted for €12.86 billion, which is 3.34% of Spain’s total global exports, solidifying Morocco’s status as a primary trading partner in Africa.
In summary, BBVA’s approval from Morocco’s central bank marks a significant step in its acquisition of Banco Sabadell’s operations, further strengthening the financial ties between Spain and Morocco. The extensive services provided by Banco Sabadell play a crucial role in supporting Spanish businesses in the region. The notable growth in bilateral trade underlines the importance of Morocco as a key trading ally for Spain, making exchanges and investments increasingly vital for both nations.
Original Source: www.moroccoworldnews.com
