The planned merger between Attijariwafa Bank and its subsidiary, Borj Attijari, has moved beyond a simple legal procedure and is now set to become a formal reality. The final decision will be made during an extraordinary general meeting scheduled for June 23, 2025. This move, long in the making, will bring an end to Borj Attijari’s independent operations as it becomes fully absorbed into its parent company.
At the heart of the meeting is the approval of the merger agreement, which outlines the complete transfer of Borj Attijari’s assets and liabilities to Attijariwafa Bank. According to the terms, more than 1.2 billion dirhams in assets will shift to the parent company, alongside liabilities totaling approximately 1.19 billion dirhams. The resulting net asset value stands at 8.88 million dirhams.
Because Attijariwafa Bank already owns 100% of Borj Attijari, no new shares will be issued in connection with the merger. There will be no exchange of stock, making the transaction more straightforward from a technical perspective. On the books, the current 10,000-dirham value of the subsidiary’s shares will be written off, while a merger premium of 8.87 million dirhams will be recorded under liabilities.
For accounting and tax purposes, the merger will be retroactively effective from January 1, 2025. Legally, it will be considered final now that all conditions outlined in the agreement have been satisfied.
Shareholders wishing to attend the meeting via videoconference must adhere to a strict participation protocol. They are required to verify their identity, prove their shareholder status, and submit their request to join at least five days before the session. Remote voting is also an option for those unable to attend live.
