Who We Are ? | BANK OF AFRICA (2024)

FAQs

What went wrong at African Bank? ›

More than a third of African Bank loan accounts have missed payments by over three months. This doubled its credit loss ratio to more than 11% and forced the bank to raise provisions of R2. 2 billion. The bank has tightened its lending criteria three times since interest rates started rising.

BANK OF AFRICA is a leading Moroccan universal banking group with operations in 32 countries, including 20 across the African continent. The Group employs more than 14,900 staff around the world, serves around 6.6 million customers across more than 2,000 points of sale and has a balance sheet of about EUR 33 Billion.

Our Core Values:

We are honest, trustworthy and straightforward in all our dealings with our stakeholders. We are receptive to new ideas and new thinking to provide business solutions to our clients. We continually strive to perfect our processes in order to provide world-class service in all aspects.

In 2008, AFH rebranded into Bank of Africa Group, and BMCE took a 35% shareholding interest, bringing much needed financial capital and banking expertise. BMCE became majority owner of the BOA group in 2010. In 2020, BMCE rebranded itself as Bank of Africa.

The collapses of Silicon Valley Bank and Signature Bank in March 2023—then the second- and third-largest bank failures in U.S. history—took consumers by surprise. Subsequently, three more banks failed in 2023: First Republic Bank in May, Heartland Tri-State Bank in July and Citizens Bank of Sac City in November.

Washington Mutual Bank remains the largest bank failure and by a fairly wide margin. The institution faltered during the 2008 financial crisis as the housing market and the secondary market for mortgage-backed securities crashed.

Amine BOUABID, Chief Executive Officer of BANK OF AFRICA Group.

Fitch Ratings - London - 06 Feb 2023: Fitch Ratings has affirmed Bank of Africa's (BOA) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB' with Stable Outlooks. Fitch has also affirmed BOA's Viability Rating (VR) at 'bb-' and National Long-Term Rating at 'AA-(mar)' with a Stable Outlook.

BANK OF AFRICA Group (BOA Group) is present in 19 countries, including 8 in West Africa (Benin, Burkina Faso, Côte d'Ivoire, Ghana, Mali, Niger, Togo and Senegal), 8 in East Africa and the Indian Ocean zone (Burundi, Djibouti, Ethiopia, Kenya, Madagascar, Uganda, Rwanda, Tanzania), 2 in central Africa (Africa the ...

AN INTERNATIONAL BANK WITH AN AFRICAN FOCUS

The Group employs more than 14,900 staff around the world and has more than 2000 points of sale, serving just fewer than 6.6 million customers.

What services does Bank of Africa offer? ›

Currently, we are within a branch network of 26 spread across 6 regions in Ghana, Our expansion strategy is set to bring banking closer to existing and new potential clients.

African Bank collapsed under a weight of bad debt in August 2014. The Sarb governor at the time, Gill Marcus put the bank into curatorship and initiated the Myburgh investigation to determine whether any fraud had taken place and whether any business had been “conducted recklessly or negligently”.

South Africa's Standard Bank Group was the largest bank in Africa as of 2022, with total assets worth nearly 170 billion U.S. dollars. Operating in 20 countries on the continent, the bank group also led the African banking sector by tier 1 capital.

African Bank has recorded a profit for the financial year ended September 2023 – rescuing itself from a challenging start to the year. Over the financial year, the group said that it saw a successful acquisition and integration of Grindrod Bank and Ubank assets, liabilities and operations.

The report also found that both Abil and the bank acted negligently in “underestimating the financial implications of issues such as bad debts; impairments; the cost of funding Ellerines; the risk of the market losing confidence in Abil and the bank and the funders failing to continue to support Abil and the bank” ...

Our Banking Code of Ethics, together with all our security processes, ensures that you can have full confidence when banking with us.

putting pressure on customers' ability to repay their debt,” African Bank CEO Kennedy Bungane said. “This has resulted in significant customer defaults that have led to a net loss in our six-month reporting period.” Though the group grew its gross loans and advances by 52% year-on-year to R43.