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Join on Telegram Rabat – Credit du Maroc (CDM) has acquired the remaining 33.33% of the share capital and voting rights of CDM Leasing and Factoring, previously held by Crédit Agricole Leasing & Factoring. This purchase, valued at MAD 51.3 million, enables CDM to hold 100% of the subsidiary.
The acquisition was carried out in accordance with agreements concluded in December 2022 and within the framework of Crédit Agricole S.A.’s transfer of its stake in CDM to the Holmarcom Group.
This transaction allows Crédit du Maroc to assume complete ownership of “Crédit du Maroc Leasing and Factoring,” as reported in a statement published by the Moroccan Capital Market Authority (AMMC).
Finalized on May 15, the acquisition followed the fulfillment of all suspensive conditions, including obtaining authorizations from Bank Al-Maghrib and the Foreign Exchange Office.
Additionally, it required the operational independence of “Crédit du Maroc Leasing and Factoring” from the French group, according to the CDM statement. The financial impact of this acquisition will be reflected in Crédit du Maroc’s accounts on June 30, 2024.
In terms of governance, Crédit du Maroc will maintain the existing structure of a Supervisory Board and an Executive Board, with new appointments anticipated to support the subsidiary’s operations.
This acquisition aligns with Crédit du Maroc’s strategy to consolidate its financial services and strengthen its position in the Moroccan market. By fully integrating the leasing and factoring services, CDM aims to streamline its operations and enhance its service offerings.
The transaction is part of a broader trend in the financial sector, where institutions consolidate operations to improve efficiency and competitiveness.
