(Ecofin Agency) - Lomé-based Ecobank Transnational Incorporated was the main active banking group within the West African Economic and Monetary Union (WAEMU), a report from the bank commission of the West African Monetary Union said.
Out of 29 banking groups, Ecobank led with 12.8% of the region’s market share, ahead of the French Société Générale, which had 10.2% of shares, and Moroccan Bank of Africa and Atlantic Business International, which garnered 9.7% and 9.2% of shares respectively.
Overall, WAEMU banking groups Coris Bank in Burkina Faso; Bridge Bank Group, NSIA Banque, SUNU, in Côte d'Ivoire; Banque de développement du Mali; Banque de Dakar in Senegal and African Lease Group, Ecobank, Oragroup in Togo accounted for 33.8% of market share. They were just ahead of Maghreb groups, which accounted for 30.7% of market share, over the period reviewed.
Within the WAEMU, Maghreb groups have more branches than local groups (42 against 37). Of the 42 Maghreb subsidiaries, 25 are Moroccan. Together, the Moroccan entities accounted for 26.1% of market share, 25.9% of deposits, 26.5% of loans granted to customers, and 29.5% of provisional overall net income for the year 2019.
Let’s note that Société Générale Côte d'Ivoire ranked first in terms of total assets, deposits collected and loans granted to customers. French groups accounted for 14.0% of market share, 16.0% of deposits, 17.2% of loans granted to customers, and 17.3% of provisional overall net income.