Banques universelles marocaines : une internationalisation réussie

This paper suggests studying the internationalization process of Moroccan banks from a different angle. Our analysis points out the deployment of the universal banking model whose success promotes the openness of Moroccan banks to African markets. Beyond the economic motivations commonly agreed, we believe that Moroccan banks' internationalization has aimed primarily to safeguard shareholders interests. These latter faced a major risk of bank stocks correction. At the end of this internationalization process which lasted more than a decade, Moroccan banks are brilliantly distinguished by displaying one of the best long term returns of the global banking sector. This performance proves the relevance of the development model which relies largely on a recognized managerial know-how of more than a century of history. Classification JEL : F23, G21, O16, O55.