C’is now acted. After signing the transfer contract last April, the Holmarcom Group and Crédit Agricole SA finalized the operation relating to the purchase of a majority stake in Crédit du Maroc.
A long-awaited operation in the financial world. It must be said that for Holmarcom, this acquisition project is part of its strategic vision aimed at building 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 businesses financial institutions and the acceleration of its expansion in sub-Saharan Africa.
Convinced that Crédit du Maroc has solid fundamentals and strong 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, on the other, on the possible synergies with the rest of the Group’s activities.
“We are very happy to welcome Crédit du Maroc to the Holmarcom group and we are delighted to be able to continue the development of a bank that has solid fundamentals and great potential,” said Mohamed Hassan Bensaleh, Chairman and Chief Executive Officer. of the Holmarcom Group. He also explained that “we plan to drive a gradual change, while accelerating the commercial dynamics and the 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”.
Remember that the French banking group, Crédit Agricole SA, has supported the development of its Moroccan subsidiary for more than 15 years (and previously through Crédit Lyonnatis). 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. The French bank will always participate in the development of the economy in Morocco, where it remains present through the entities Wafasalaf, in consumer credit, and Wafa Gestion, in asset management, in partnership with Attijariwafa bank.
Structure of the operation
Holmarcom and Crédit Agricole SA have agreed to the acquisition of Crédit Agricole SA’s total stake in Crédit du Maroc, i.e. 78.7%, by the Holmarcom group through its holding company, Holmarcom Finance Company (HFC), and its subsidiary AtlantaSanad Insurance. The acquisition by Holmarcom of the shares held by Crédit Agricole SA in Crédit du Maroc initially covers 63.7% of the capital (50.9% by HFC and 12.8% by AtlantaSanad). According to the commitments made under the transfer agreement, Crédit Agricole SA will remain a shareholder of the company, with a 15% stake which it will sell to Holmarcom at the end of a period of 18 months.
In accordance with the legislation in force in Morocco, this acquisition was approved by Bank Al-Maghrib which granted a new license to the bank. The operation has also received the approval of the competent entities, namely the Competition Council, the Moroccan Capital Market Authority and the Foreign Exchange Office. As soon as the transfer contract was signed between the two groups on April 27, 2022, the two parties began work to prepare for the complete autonomy of the bank before the final withdrawal of the French banking group.
Ali Benkirane, new Chairman of CDM’s Management Board
The new shareholder will rely, for the deployment of his vision, on the talents of the bank and will strengthen the current management team with profiles carrying a new dynamic. Thus, in terms of governance, the current structure with a Supervisory Board and a Management Board is maintained. The Supervisory Board is now chaired by Mohamed Hassan Bensalah. The position of Chairman of the Management Board is entrusted to Ali Benkirane, who joins Crédit du Maroc after a proven experience in the banking sector in Morocco.