Santander Group is one of the world’s largest multinational companies, with numerous subsidiaries worldwide that are active in private banking, insurance, and asset management. Santander Group was ranked thirty-third on the Forbes Global 2000 list for 2017.
Santander, via its subsidiary Santusa Holding, S.L., holds 5.27 percent of Morocco’s Attijariwafa Bank, which operates in the Western Sahara in Dakhla, Laayoune, and other cities. In 2016, Attijariwafa Bank was among the underwriters of the later phases of the multibillion-dollar Noor energy projects. Noor Laayoune, Noor Boujdour, and Noor Ouarzazate IV are intended to promote the development of Morocco’s energy infrastructure and its push for economic development of the “Southern Provinces”—that is, Western Sahara. Santander appoints at least one of Attijariwafa Bank’s directors, most recently appointing Manuel Varela, Santander’s deputy general manager. In addition,together with Groupe Crédit Agricole, Attijariwafa Bank controls 51 percentof Wafasalaf, which in 2012 opened its Laayoune branch, expanding retail banking in the “Southern Provinces.”
 Forbes, “Santander,” https://www.forbes.com/companies/banco-santander/.
 Crédit Agricole Du Maroc, Agency Network, http://www.creditagricole.ma/Pratique/Pages/Reseau-agences.aspx.
Attijariwafa Bank, Results: Financial Communication 2016, p. 5.
 Climate Action, “Masen, Africa-Based Climate Bonds Pioneer, Issues Morocco’s First Ever Green Bond,” November 7, 2016, http://www.climateactionprogramme.org/press-releases/masen_africa_based_climate_bonds_pioneer_issues_moroccos_first_ever_green_b.
 Crédit Agricole Annual Financial Report, 2014, https://www.companyreporting.com/sites/default/files/annual-report-index/credit-agricole-annual-report-2014.pdf.
 Maghress, “Wafasalaf Inaugurates Its 44th Commercial Agency,” June 21, 2012, http://www.maghress.com/fr/financesnews/18207; Wafasalaf, “Wafasalaf at a Glance,” http://www.wafasalaf.ma/institutionnel/a-propos/societe-credit-au-maroc-wafasalaf-en-bref; Attijariwafa, Annual Report 2012, p. 55, http://www.attijariwafabank.com/ESPACEFINANCIER/Documents/RA_2012_AWB_V_Angl.pdf.