The completion of this acquisition operation would take place in two stages. A tranche of 63.7% (50.9% by HFC and 12.8% by AtlantaSanad) by the end of 2022, then a second tranche relating to the remaining 15%, eighteen months after the closing of the transaction.
Mohamed Hassan Bensalah, Chairman and CEO of the Holmarcom group, and Xavier Musca, Deputy CEO of Crédit Agricole SA, have signed an agreement relating to the acquisition of a majority stake in Crédit du Maroc by the Holmarcom group, through its holding company, Holmarcom Finance Company (HFC), and its subsidiary, AtlantaSanad Assurance. This is what emerges from a joint press release from the two institutions. And in accordance with the legislation in force in Morocco, this operation will only be effective after obtaining the regulatory authorizations.
The completion of this operation would take place in two stages: a 63.7% tranche (50.9% by HFC and 12.8% by AtlantaSanad) by the end of 2022, then a second tranche relating to 15% remaining, eighteen months after closing of the transaction.
Furthermore, Crédit Agricole SA will continue to support Crédit du Maroc during this transition phase, to ensure the continuity of its services and contribute to its full integration into the Holmarcom group. For Holmarcom, this acquisition project is part of its strategic vision to build an integrated financial center with a pan-African vocation.
To this end, the Group carried out a structural reorganization of this division in 2019 with the aim of supporting its development ambitions, which revolve around strengthening its position in the insurance sector, diversifying its financial businesses and accelerating its expansion in sub-Saharan Africa.
Growth prospects
Convinced that Crédit du Maroc has solid fundamentals and great potential, the Holmarcom group is considering new growth prospects for the bank by relying, on the one hand, on the development levers offered by the Moroccan banking market and another, on the possible synergies with the rest of the Group’s activities. Crédit Agricole SA has supported the development of its Moroccan subsidiary for more than 15 years (and previously through Crédit Lyonnais).
Through this transfer, he wishes to give Crédit du Maroc new opportunities thanks to its integration into a solid Group with strong prospects for development in Finance.
Furthermore, Crédit Agricole SA intends to continue to participate in the development of the economy in Morocco, a country in which it remains present through the entities Wafasalaf in Consumer Credit and Wafa Gestion in Asset Management, in partnership with Attijariwafa bank.
