BBVA has obtained approval from Morocco’s central bank for the acquisition of Banco Sabadell’s branch. This transaction is aimed at strengthening financial support for Spanish companies in Morocco, where over 4,000 businesses operate. Bilateral trade between Spain and Morocco has surpassed $22.3 billion, demonstrating robust economic ties.
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 branch in Morocco. This acquisition is a key step in BBVA’s plans, with all necessary international regulatory permissions now obtained to finalize the transaction. Banco Sabadell has operated in Morocco since 2009, primarily supporting Spanish companies engaged in business within the country.
The bank’s services include opening deposit accounts in both dirhams and convertible currencies, facilitating foreign trade operations, providing financing for investment and working capital, issuing sureties and guarantees for public authorities, and managing treasury activities. Currently, there are over 4,000 Spanish businesses in Morocco, highlighting the strong financial ties between the two nations.
In 2023, bilateral trade between Spain and Morocco reached over $22.3 billion, with around 17,000 Spanish companies exporting goods to Morocco. According to the Spanish Ministry of Economy, Morocco is becoming increasingly significant as a trading partner for Spain, ranked among the top African trading partners. The previous year’s trade exchanges totaled €22.7 billion, with Spanish exports to Morocco hitting €12.86 billion in 2024, constituting 3.34% of Spain’s total exports.
In conclusion, BBVA’s acquisition of Banco Sabadell’s branch in Morocco marks a significant expansion of the bank’s presence in the region. The strong trade relationships and growing activities between Spain and Morocco provide a solid foundation for BBVA’s operations. With the approval from Bank Al-Maghrib, BBVA is positioned to enhance its support for Spanish businesses in Morocco, aligning with the increasing trade activities between the two nations.
Original Source: www.moroccoworldnews.com
