French banking group and cooperative financial institution Crédit Agricole Group has divested its remaining stake of 15% in Crédit du Maroc to Moroccan conglomerate Holmarcom.

This transaction is a continuation of the agreement disclosed in April 2022 to sell the entire interest of the French banking group in Crédit du Maroc to Holmarcom. Crédit Agricole Group had held a 78.7% stake in Crédit du Maroc.

The first tranche of 63.7% was divested by Crédit Agricole in December 2022.

The deal has been carried out following the receipt of regulatory approvals and the finalisation of the autonomisation process of Crédit du Maroc.

Based in Morocco, Crédit du Maroc offers customised solutions catering to all customer requirements, spanning from daily banking services to corporate and investment banking.

Its offerings include financing, asset management, savings, bancassurance, assets leasing and factoring, private banking and the “Arreda” participatory window.

According to Crédit du Maroc, it seeks to empower its network with specialised advisers having requisite skills and a strong emphasis on relationship-building, service, and attentive listening to offer guidance, expertise, and support for clients’ life projects.

The Moroccan bank’s services are available to individuals, liberal professions, small businesses such as retailers, craftsmen, local authorities and associations, addressing their unique needs.

Besides, Crédit du Maroc assists its clients in establishing and expanding their businesses by providing personalised solutions.

It includes funding for their operational cycles and investment projects, facilitation of international expansion, employee retention, cash flow management, and optimisation of financial engineering.

In March this year, Crédit Agricole and payment services provider Worldline formed a joint venture (JV) to enable digital payment services for merchants in France. The JV was created following unconditional authorisation from the European Commission (EC).