BBVA has secured approval from Morocco’s central bank for acquiring Banco Sabadell’s branch in the country. Banco Sabadell has been operational in Morocco since 2009, catering to Spanish firms. Bilateral trade between Spain and Morocco exceeded $22.3 billion in 2023, indicating strong economic ties.
BBVA, Spain’s second-largest bank, has received approval from Bank Al-Maghrib, Morocco’s central bank, for the indirect change in control of Banco Sabadell’s Moroccan branch. This approval enables BBVA to finalize the transaction as it has obtained all necessary permissions from international regulatory bodies. Banco Sabadell has been operational in Morocco since 2009, focusing on financial support for Spanish companies with interests in the region.
The operations of Banco Sabadell include opening deposit accounts in dirhams and convertible currencies, aiding foreign trade operations, providing financing for both investments and working capital, issuing guarantees, and managing treasury services. Currently, over 4,000 Spanish firms have established operations in Morocco, indicating a robust financial connection between the two nations.
In 2023, bilateral trade between Spain and Morocco exceeded $22.3 billion, with around 17,000 Spanish companies exporting goods to the Moroccan market. The Spanish Ministry of Economy has reported that Morocco has solidified its position as one of Spain’s foremost trading partners, leading among African nations. The bilateral exchanges reached record levels, with trade volumes surpassing €22.7 billion. Notably, Spanish exports to Morocco amounted to €12.86 billion in 2024, constituting 3.34% of Spain’s total exports.
In conclusion, BBVA’s acquisition approval of Banco Sabadell’s operations in Morocco underscores the growing financial ties between Spain and Morocco. With substantial bilateral trade and a significant presence of Spanish businesses in Morocco, this transaction positions BBVA to effectively support Spanish firms in the region. The continued expansion of trade relations signifies Morocco’s importance as a key trading partner for Spain.
Original Source: www.moroccoworldnews.com
