Crédit Agricole Sells Majority Stake in Moroccan Subsidiary to Holmarcom Group

In a press release, Crédit Agricole SA (CASA) specified that, according to the commitments made, it will sell the Moroccan group Holmarcom the second tranche of the remaining 15% in eighteen months. The Moroccan central bank Bank Al Maghrib (BAM) has approved this acquisition. It has also granted a new accreditation to the bank. For their part, the competent entities such as the Competition Council, the Moroccan Capital Market Authority and the Foreign Exchange Office have given the green light for the operation.

"This operation comes after obtaining the required regulatory authorizations in accordance with the schedule announced in April 2022 by Crédit Agricole SA as part of the sale contract for its total 78.7% stake in Crédit du Maroc," CASA recalled.

"We are very pleased to welcome Crédit du Maroc into the Holmarcom group and we look forward to continuing the development of a bank that has solid fundamentals and strong potential," said Mohamed Hassan Bensalah, Chairman and CEO of the Holmarcom Group, adding that his administration plans to initiate a gradual change, while accelerating the commercial momentum and transformation of the Bank, to make it a modern, innovative and committed financial operator at the service of citizens and national companies, in favor of sustainable and responsible development.