Casablanca – British banking powerhouse Standard Chartered Plc is exploring a potential entry into the Moroccan market as part of a broader strategic push across Africa. The move reflects the bank’s ongoing efforts to strengthen its presence in high-potential markets, with a focus on wealth management and cross-border financial services.

Chris Egberink, Chief Executive Officer and Head of Banking and Coverage for South Africa at Standard Chartered, confirmed in recent remarks that Morocco is among a shortlist of countries currently being evaluated for expansion. “Just as we’ve expanded in Egypt with a fully-fledged bank on the ground, we are looking at one or two other countries,” Egberink said in an interview in Johannesburg. “Morocco is one of them.”

The potential expansion into Morocco is part of Standard Chartered’s strategic repositioning in Africa, which has seen the bank exit smaller, less profitable markets over the past three years. The bank has already divested operations in Zimbabwe, Angola, Cameroon, Gambia, Sierra Leone, and Tanzania. It is also actively seeking buyers for its retail banking units in Botswana, Uganda, and Zambia.

In contrast to this consolidation, the bank inaugurated a new full-service branch in Egypt in January 2024 — a move that signaled renewed commitment to North Africa. Egberink emphasized that replicating this model in Morocco would depend on several critical factors, including regulatory coordination, licensing approvals, due diligence, and client demand.

Morocco offers a compelling case for investment. Its strategic location between Europe and Sub-Saharan Africa, along with a stable political environment and a sophisticated banking sector, makes it an attractive destination for international financial institutions. The country’s financial landscape has also seen significant restructuring in recent years, with major foreign banks selling off local assets.

Notably, the Saham Group acquired Société Générale Maroc in a landmark deal worth approximately $802 million. Around the same time, Holmarcom Group purchased a 78% stake in Crédit du Maroc from French banking group Crédit Agricole, further transforming the market and opening new competitive dynamics.

Standard Chartered’s interest in Morocco comes just months after Nigeria’s Access Bank — the largest lender by assets in West Africa — announced a $228 million investment plan to enter the Moroccan market. Like Standard Chartered, Access Bank views Morocco as a crucial link between Sub-Saharan Africa and Europe, positioning it as a gateway for trade, finance, and investment flows.

Despite global economic uncertainties and shifting geopolitical trends, Standard Chartered remains optimistic about Africa’s growth trajectory. Egberink noted that the bank has capitalized on opportunities arising from the withdrawal of some global players, including Société Générale, BNP Paribas, and HSBC, all of which have scaled back operations in various African countries.

The bank continues to report strong deal flow in sectors such as mining, construction, water treatment, retail clothing, and manufacturing — particularly in Southern Africa — and now hopes to extend that success northward. “We are seeing a lot of aggressive interest from the United Arab Emirates, especially in mergers and acquisitions, and more activity coming from the East,” Egberink added.

If Standard Chartered proceeds with its Moroccan entry, it could bring a fresh wave of competition and innovation to the country’s banking sector. Local businesses and high-net-worth individuals would likely benefit from expanded access to international services and expertise in wealth management and cross-border finance.

As discussions with regulators move forward, industry observers are watching closely to see whether the British lender will make Morocco the next cornerstone of its African strategy.