Best bank: Banque Internationale Arabe de Tunisie
The banking environment in Tunisia worsened last year due to the absence of a financing package to meet the government’s funding needs. This led to Moody's downgrading four banks in January 2023 because of the sovereign downgrade. The agency changed its outlook on the sector to stable in January 2024.
AfE 2024
Banque Internationale Arabe de Tunisie (BIAT) was one of the banks downgraded to Caa2 from Caa1, along with Amen Bank, Banque de Tunisie and Societe Tunisienne de Banque.
The bank nevertheless grew its total assets from TD12.1 billion ($3.9 billion) at the end of 2022 to TD22.9 billion in December 2023, and increased net profit by 10% to TD331 million.
In March 2024, Elyes Jebir, who previously headed the retail banking division of the bank, was named as its new CEO, taking over from Moez Hadj Slimen, who had resigned unexpectedly after taking over as CEO in May 2023 from Mohamed Agrebi.