Morocco’s Holmarcom group takes control of Credit du Maroc Bank

MOROCCO – Holmarcom group, an insurance and real estate company has acquired 78.7% of the shares held by the French company Credit Agricole, in its Moroccan subsidiary Credit du Maroc.

The two institutions signed an agreement, allowing Credit du Maroc to become one of the subsidiaries of the Holmarcom Group.

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 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.

The successful performance and net profit growth of MAD 278 million (US$28.1 million) in 2021 of Credit du Maroc attracted the interest of the Holmarcom group.

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.

In addition, the company held by the Bensaleh family has stepped up investments in the financial sector and merged its two insurance companies Sanad and Atlanta. It also bought a 51% stake in Kenya’s Monarch Insurance.

It currently operates in 6 African countries in the main sectors of real estate, insurance, agri-food, and logistics.

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