BBVA has received approval from Morocco’s central bank for the acquisition of Banco Sabadell’s branch. The deal facilitates BBVA’s expanded services in Morocco, which has become a key trading partner for Spain with over 4,000 Spanish businesses active in the country. Bilateral trade between Spain and Morocco surpassed $22.3 billion in 2023.
BBVA, Spain’s second-largest bank, has secured approval from Morocco’s central bank, Bank Al-Maghrib, for the indirect change in control over Banco Sabadell’s Moroccan branch. This gives BBVA all the necessary permissions from international regulators to finalize the transaction. Banco Sabadell has operated in Morocco since 2009, catering to Spanish companies with interests there by offering financial services tailored to their needs.
The services provided by Banco Sabadell include opening deposit accounts in dirhams and convertible currencies, facilitating foreign trade, financing investments and working capital, issuing guarantees for public authorities, and managing treasury activities. As of now, over 4,000 Spanish businesses have a presence in Morocco, indicating strong financial relationships between the two nations.
In 2023, bilateral trade between Spain and Morocco exceeded $22.3 billion, with nearly 17,000 Spanish companies exporting goods to Morocco. The latest data from the Spanish Ministry of Economy shows that Morocco is increasingly becoming one of Spain’s top trading partners, achieving record-breaking trade volumes. In 2024, Spanish exports to Morocco reached €12.86 billion, constituting 3.34% of Spain’s total global exports.
BBVA’s acquisition of Banco Sabadell’s branch in Morocco represents a significant expansion in the Spanish-Moroccan banking sector, bolstered by strong bilateral trade relations. With over 4,000 Spanish enterprises in Morocco and a robust trade exceeding $22.3 billion, the approval from Bank Al-Maghrib marks a pivotal step in enhancing financial services for Spanish companies operating in Morocco.
Original Source: www.moroccoworldnews.com
