Attijariwafa Bank, BMCE Capital and BCP Top 2025 Treasury Securities Intermediaries Ranking

Attijariwafa Bank, BMCE Capital and Banque Centrale Populaire (BCP) have secured the top three positions in the 2025 annual ranking of the most active Treasury Securities Intermediaries (IVT) on Morocco’s government bond market. The announcement was recently made by the Ministry of Economy and Finance through its official communication channels.

An Annual Ranking Governed by Official Agreements

In accordance with the agreements signed between the Directorate of Treasury and External Finance (DTFE) and accredited IVT banks, the Directorate publishes each year a ranking of the three most active institutions in the Treasury securities market. This initiative aims to enhance transparency, foster competition and strengthen the efficiency of the domestic public debt market.

Treasury Securities Intermediaries play a critical role in financing the State by ensuring the smooth functioning of both the primary and secondary markets for Treasury bills. Their activity supports market liquidity and helps optimize the government’s borrowing conditions.

Comprehensive Performance Evaluation Criteria

The ranking is based on a detailed assessment of IVT banks’ overall performance. The evaluation covers the quality of market-making activities on both the primary and secondary Treasury bill markets, including consistency of participation and transaction volumes.

Active involvement in domestic debt management operations is another key criterion. Banks are assessed on their contribution to liability management transactions such as exchanges, buybacks and restructuring operations that enhance the sustainability of public debt.

Compliance with electronic quotation commitments for Treasury bills is also taken into account, reflecting efforts to improve price transparency and transaction fluidity on the secondary market.

Advisory Quality and Strategic Communication

Beyond quantitative indicators, the evaluation incorporates the quality of advisory services provided to the Treasury, as well as the relevance and reliability of information shared with the DTFE. IVT banks are therefore considered strategic partners in Morocco’s public debt management framework.

The 2025 ranking highlights the leadership of Attijariwafa Bank, BMCE Capital and BCP within the Moroccan financial ecosystem. Their top positions reflect strong technical expertise, institutional commitment and sustained engagement in the government securities market.

In a context marked by evolving macroeconomic and fiscal challenges, the role of Treasury Securities Intermediaries remains essential in maintaining market stability and depth. The latest ranking underscores the resilience and maturity of Morocco’s banking sector and its active contribution to national economic financing.