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Economy

Holmarcom Solidifies Dominance in Moroccan Banking Sector

Monday 10 June 2024 - 11:20

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In a strategic move consolidating its position in the Moroccan financial landscape, Holmarcom, the renowned conglomerate, has finalized its acquisition of Credit Agricole's entire stake in Credit du Maroc, a major banking institution in the country. This transaction grants Holmarcom an impressive 78.7% ownership of the financial powerhouse, marking a significant milestone in the company's ongoing expansion.

The final tranche of 15% shares, acquired through a pre-agreed option in the original agreement, bolsters Holmarcom's control. With its holding company, Holmarcom Finance Company, now holding a commanding 65.9% stake, while AtlantaSanad Insurance retains the remaining 12.8%. This consolidation of ownership follows Holmarcom's initial acquisition of a 63.7% stake in December 2022, setting the stage for its ascent to the upper echelons of Moroccan banking.

Throughout this intricate process, Holmarcom and Credit Agricole have maintained a collaborative approach, ensuring a seamless transition and unwavering operational independence for Credit du Maroc. The Bank of Morocco team, under Holmarcom's stewardship, has seamlessly integrated with ongoing support from Credit Agricole SA, a testament to the companies' commitment to maintaining the highest standards of professionalism.

Holmarcom's ambitious vision for Credit du Maroc extends far beyond mere ownership. The conglomerate has unveiled a "process of strategic reorientation," a comprehensive development plan promising to revolutionize the bank's marketing and sales strategies. At the forefront of this transformation lies a fierce commitment to digital innovation and a customer-centric approach, achieved through redesigned offerings and enhanced customer journeys.

As Holmarcom cements its commanding presence in the Moroccan banking sector, the industry eagerly anticipates the conglomerate's next bold moves. With its unwavering determination and strategic acumen, Holmarcom is poised to redefine the banking landscape, setting new benchmarks for excellence and reshaping the financial experiences of countless Moroccans.