APA-Rabat (Morocco) – The Holmarcom Group has completed the acquisition of Crédit Agricole S.A.’s entire stake in Crédit du Maroc.
The Holmarcom Group has just achieved a new feat by acquiring the remaining 15 percent of Crédit Agricole S.A.’s shares in Crédit du Maroc. As a result, Holmarcom has increased its stake in Crédit du Maroc to 78.7 percent. This transaction follows the previous acquisition by the Holmarcom Group, through its holding company Holmarcom Finance Company and its subsidiary AtlantaSanad Assurance, of 63.7% of the shares of Crédit du Maroc in December 2002.
Following the fulfilment of all the necessary regulatory conditions, the Holmarcom Group, through Holmarcom Finance Company, has completed the acquisition of the second tranche held by Crédit Agricole S.A., giving it a total of 15 percent of the Bank’s capital and voting rights. This transaction, provided for in the agreement, was completed 18 months after the initial sale of 63.7 percent of Crédit du Maroc’s capital. As a result, the Holmarcom Group now holds 78.7 percent of the Bank’s capital, divided between 65.9 percent for Holmarcom Finance Company and 12.8 percent for AtlantaSanad.
Thanks to the close collaboration of Crédit du Maroc’s teams under the supervision of the Holmarcom group and the support of Crédit Agricole S.A., the transition process was completed in accordance with the commitments made by both parties, leading to the full autonomy of Crédit du Maroc in terms of operations, activities and information systems.
Mohamed Hassan BENSALAH, Chairman and CEO of the Holmarcom Group, said: « As soon as we took control of the bank, we implemented our strategic vision to modernise Crédit du Maroc into an innovative and committed financial player at the service of the country’s citizens and businesses, for sustainable and responsible development.
The Holmarcom Group has set ambitious growth targets for Crédit du Maroc by implementing a strategic repositioning and drawing up a development plan based on a new marketing and sales strategy, in particular through a digital transformation programme and the improvement of offers and customer paths.
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