Highlights

In a statement released Monday, Mr. Nizar BARAKA, minister of Economy and Finance, claimed that Arab Bank Group will carry on providing its services in Morocco, thanks to the important results it has achieved. In an answer to a question posed by the parliamentary group of Authenticity and Modernity Party during oral question session in the House of Representatives, Mr. BARAKA indicated that Bank Al Maghreb received a correspondence from Arab Bank Group stating that the Bank will carry on providing its services in Morocco despite the closing down of one its branches in Fes and two in Casablanca.

The minister added that the volume of credit granted by the Fes branch, which employs 8 people, amounted to MAD 17 million, while its deposit fund reached almost MAD 38 million. As to the two Casablanca branches, which employ 9 staff, the volume of credit amounted to MAD 64 million.

The closing down of the three branches was justified by their unprofitability; Mr. BARAKA went on to say, adding that the transfer procedure of credit and deposit fund to other branches is underway.