BBVA has received approval from Morocco’s central bank for the indirect acquisition of Banco Sabadell’s local branch. This transaction allows BBVA to finalize operations in Morocco, where Banco Sabadell has been active since 2009. The bilateral trade between Spain and Morocco continues to rise, reaching over $22.3 billion this year.
BBVA, Spain’s second-largest bank, has secured approval from Morocco’s central bank, Bank Al-Maghrib, for an indirect change in control of Banco Sabadell’s branch in Morocco. This approval allows BBVA to finalize its transaction, having obtained all necessary permissions from international regulators, as stated by the bank.
Banco Sabadell has maintained an operational presence in Morocco since 2009, aimed at assisting Spanish companies with business interests in the region. The bank provides extensive financial services tailored to the needs of these companies throughout their expansion, ensuring they receive optimal solutions.
The services offered by Banco Sabadell include facilitating the opening of deposit accounts in dirhams and convertible currencies, supporting foreign trade operations, providing investment and working capital financing, issuing sureties and guarantees, and managing treasury operations.
With over 4,000 Spanish businesses operating in Morocco, strong financial ties have developed between the two countries. In 2023, bilateral trade reached a remarkable $22.3 billion, with nearly 17,000 Spanish firms exporting goods to Morocco.
According to the Spanish Ministry of Economy, Morocco is solidifying its status as a major trading partner for Spain. Last year, record bilateral trade volumes were achieved, with exchanges surpassing €22.7 billion. Spanish exports to Morocco reached €12.86 billion in 2024, accounting for 3.34% of Spain’s total exports.
BBVA’s acquisition approval marks a significant step in enhancing its operations in Morocco. With a long-standing presence and robust financial relationships, both Spain and Morocco continue to benefit from extensive trade ties, further illustrated by the increasing trade volumes and the presence of Spanish businesses in Morocco.
Original Source: www.moroccoworldnews.com
