Holmarcom completes the acquisition of 78.7% of Crédit du Maroc

Holmarcom has signed a definitive agreement with Crédit Agricole for the acquisition of its 78.7% stake in Crédit du Maroc.

The transaction has been approved by Bank Al Maghrib, the Competition Council, the Moroccan Capital Market Authority (AMMC) and the Exchange Office.

Under the terms of the acquisition, the Moroccan group will initially acquire 63.7% of Crédit du Maroc's capital: 50.9% via its holding company Holmarcom Finance Company (HFC) and 12.8% via its subsidiary AtlantaSanad.

Crédit Agricole will sell the remaining 15% of its stake to HFC 18 months after the completion of the first sale.