Dec 22 2006 |
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Fitch Affirms Support Rating for 2 Moroccan Banks at '3'
Fitch Ratings-London/Paris/Tunis - Fitch Ratings has today affirmed the Support ratings for Societe Generale Marocaine de Banques (" SGMB ") and Credit du Maroc (" CM ") at '3'.The ratings for SGMB and CM reflect Fitch's opinion that France's Societe Generale ("SG" rated 'AA'/'F1+') and Credit Agricole S.A. (" CASA " rated 'AA'/'F1+'), which respectively own 53% of SGMB and 53% of CM , have a high propensity to provide support to their respective subsidiaries. However, in Fitch's view, the probability of such support is moderate as it is capped by transfer risk deriving from uncertainties regarding Morocco's economic environment.
SGMB group is one of Morocco's largest financial groups and the fifth-largest retail bank in the country with around 8% and 11% market share for deposits and loans respectively. SGMB delivered strong performance in 2005 and 2006, aided by buoyant customer loans and markedly lower loan loss provisions as a result of strengthened credit risk monitoring. SGMB benefits from SG's commitment, with SG dominating the Board of Directors and holding key senior management positions. SGMB complies with SG's risk management guidelines, uses tools imported from the parent and provides regular reporting to its mother company.
CM is Morocco's sixth-largest bank, with a 6.3% market share of deposits and a 7.2% market share of loans at end-June 2006. It plans to reach a challenging 10% market share of deposits and loans by 2010, helped by an ambitious branch opening programme. CM 's profitability is sound, thanks to consistent growth in credit volumes and a prudent risk profile. CM is closely integrated with its parent, CASA , and benefits from its expertise and resources, notably with regards to risk management and systems. CASA has five appointees at CM 's 10-member Board.
Reports on these entities will be available shortly on the agency's subscription website www.fitchresearch.com under Financial Institutions/Banks/Summary Pages.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
For more information please contact:
Anne Ries
Paris
Tel: + 33 1 44 29 92 72
Sonia Trabelsi
Tunis
Tel: +216 71 840 902
Media Relations
Francoise Alos
Paris
Tel: +33 1 44 29 91 22
Julian Dennison
London
Tel: +44 20 7862 4080
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