rating of Tunisia’s Attijari Bank
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raised both the long-term Foreign Currency rating of Tunisia’s Attijari Bank (Attijari) to B and
the Financial Strength rating to B. The short-term Foreign Currency rating was affirmed at B
and the Support rating was maintained at 4.
Attijari Bank (previously known as Banque du Sud) was established in 1968. In 2005, the
Tunisian government and Italy’s Monte Dei Paschi Di Siena sold their stakes to Morocco’s
Attijariwafa Bank. Attijariwafa Bank now owns 55% of Attijari Bank, held through a holding
company, Andalucarthage. Attijariwafa Bank was established in 1911 as Banque
Commerciale du Maroc and is Morocco’s oldest and largest bank.
Attijari has made a noted recovery in its financial profile over the last few years following a
period when both its balance sheet and profitability were extremely weak. The latter reflected
a substantial stock of previously made bad loans. In 2008, the Bank returned to profit for the
first time in some years, aided by improving net interest income, but principally driven by a
sharp fall in the provision charge. This has been due to an improvement in the Bank’s loan
asset quality through a lower level of non-performing loans. However, the level of bad loans
still represents quite a high proportion of total loans and provisioning coverage is still low.
Capital adequacy has improved due to retained earnings and Attijari met the 8% minimum
regulatory capital ratio as at end-2009, the first time it has met this for some years.
Nonetheless, the capital adequacy ratio needs to be strengthened further in order to support
balance sheet growth. Liquidity is currently adequate and the Bank has been able to generate
a healthy increase in customer deposits. Good profitability was maintained through to end-
With assets of TND3,178mn (USD2,352mn) at end-June 2009, Attijari is Tunisia’s sixth largest
bank by total assets and operates a system of 151 branches nationwide, which is the second
largest in Tunisia. The Bank controls over 7% of total sector assets in Tunisia.