Crédit Agricole to Sell Majority Stake in Moroccan Bank to Holmarcom Group

The agreement concerns 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, according to a press release from Crédit du Maroc, specifying that it was initialed by Xavier Musca, Deputy Chief Executive Officer of Crédit Agricole S.A. and Mohamed Hassan Bensalah, Chairman and Chief Executive Officer of the Holmarcom group.

This operation will be subject to the authorization of the Moroccan authorities, the same source points out, adding that it will be carried out in two stages: a tranche of 63.7% will be sold by the end of 2022, followed by a second tranche of the remaining 15% 18 months after the closing of the transaction.

During this transition phase, Crédit Agricole SA will continue to support Crédit du Maroc to ensure the continuity of its services and contribute to its full integration within the Holmarcom Group, the note concludes.