Join on WhatsApp 
Join on Telegram Rabat – Holmarcom Group, chaired by Mohamed Hassan Bensalah, is set to acquire 78.7% of the shares held by the French company Credit Agricole, in its Moroccan subsidiary Credit du Maroc.
Credit du Maroc is a Moroccan bank, whose parent company is French Credit Agricole.
Credit du Maroc is divided between Credit Agricole (78.69%) and Wafa Assurance (10.73%). The remaining 10.56% of the company is held by small shareholders.
The two institutions signed an agreement Thursday, allowing Credit du Maroc to become one of the subsidiaries of the Holmarcom Group.
The Moroccan insurance and finance group Holmarcom acquired the shares through its holding company, Holmarcom Finance Company (HFC) and its subsidiary AtlantaSanad Assurance.
In accordance with the legislation in force in Morocco, the operation will only be effective after obtaining regulatory authorizations.
According to the group, the operation will take place in two stages: acquiring 63.7% (50.9% per HFC and 12.8% per AtlantaSanad) by the end of 2022, then a second stage covering the remaining 15%, 18 months after the closing of the transaction.
The acquisition project is part of Holmarcom’s strategic vision to build an integrated financial hub with a pan-African vocation. The move will significantly change the landscape of Morocco’s banking and insurance industries.
Meanwhile, the French Credit Agricole will continue supporting Credit du Maroc during the transition phase to ensure the continuity of its services and its integration into the Holmarcom Group.
The French institution also intends to continue to participate in the development of Morocco’s economy, as it remains present through the wafasalaf entities in consumer credit and Wafa Gestion in asset management, in partnership with Attijariwafa Bank.
Holmarcom launched in February Takafulia Assurance, the first Islamic insurance company in Morocco, with an aim to contribute to developing the country’s Islamic financing ecosystem.
Takafulia Assurance is set to gradually develop insurance services covering individuals, professionals, and businesses.
Read Also: Holmarkom Launches Morocco’s First Islamic Insurance Provider
