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    Holmarcom Group Confirms Ongoing Negotiations for Credit Du Maroc Takeover

    The Moroccan group is looking to buy off French Credit Agricole out of its Moroccan subsidiary.

    03 Oct 2021

    Rabat - Communiques from Moroccan Holmarcom group confirmed its intention to take control of Credit du MAroc soon.

    Credit du Maroc is a Moroccan bank, with French Credit Agricole as their parent company.

    “These discussions are at a preliminary stage without any certainty on their outcome. Holmarcom will communicate more in due course if this project comes to fruition and in the meantime, does not intend to comment further on this project,' said a statement from the Holmarcom group.

    The capital of Credit du Maroc is divided between Credit Agricole (78.69%) and Wafa Assurance (10.73%). The remaining 10.56% are held by small shareholders.

    Holmarcom is eying Credit Agricol’s entire share, a move that will significantly change the landscape of Morocco’s banking and insurance industries.

    The Moroccan bank issued a press release on the matter, stating that “our majority shareholder has confirmed that it is in discussions with Moroccan group Holmarcom. These discussions are at a preliminary stage without any certainty as to the materialization of a sale of Credit Agricole S.A.'s stake in Credit du Maroc.”

    The Holmarcom group said in its press release that this operation was “part of the strategic reorganization of its Finance division,' aiming 'to support the development of its financial activities both in Morocco and on a continental scale.”

    Credit du Maroc’s consolidated results as of June 30, have shown favorable growth in terms of distributed loans and a sustained collection of deposits, according to the company’s semestrial report.

    As a result of its successful performance and a net profit growth of MAD 278 million, as opposed to MAD 24 million for the same period last year, the Moroccan subsidiary, listed on the Casablanca stock exchange, has attracted the interest of the Holmarcom group, and for good reason.

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