After nearly nine years at the helm of Senegal’s largest bank, Mounir Oudghiri is passing the leadership baton to Rachid El Bouzidi. With 31 years of experience at Attijariwafa bank, El Bouzidi previously served as Deputy General Manager, responsible for the Morocco Network in the Retail Banking division for Morocco and Europe.
This appointment aligns with the strategic continuity of the Attijariwafa bank group, which acquired 79.15% of CBAO’s capital in 2007 and merged it with Attijari Bank Senegal in 2008, establishing the leading banking group in Senegal.
CBAO Senegal: A key player in the banking sector
CBAO Senegal is a significant force in the Senegalese banking market, with:
- Nearly 450,000 clients
- A network of 100 branches in Senegal
- Three branches in Burkina Faso, Niger, and Benin
- Over 1,100 employees
- A total balance sheet of 1,503 billion CFA francs as of December 31, 2023
The bank offers a comprehensive range of products and services tailored to the needs of individual, professional, corporate, and institutional clients. It also plays a crucial role in market activities within Senegal.
Strong financial performance in 2023
CBAO Senegal delivered robust financial results in 2023:
- Deposits growth: Up 10.3% to 20.3 billion dirhams
- Net loans: Increased by 14.5% to 16.6 billion dirhams
- Net banking income: Rose by 21.3% to 1.9 billion dirhams
- Net profit: Surged by 38.6% to 796.0 million dirhams
These results highlight the bank’s strength and its ability to support Senegal’s economic development.
Rachid El Bouzidi’s appointment is expected to drive further growth and continue the successful trajectory established under Mounir Oudghiri’s leadership.
