Morocco’s Holmarcom sets eyes on Credit du Maroc

Moroccan insurance and real-estate company Holmarcom seeks to buy stakes held by Paris-based Credit Agricole in its Moroccan branch Credit du Maroc.

In a statement, Holmarcom said it has started negotiations but added that there is no “uncertainty”.

The deal, if completed, will bolster Holmarcom standing as one of leading insurance companies in the country by setting foot in the banking system.

Credit Agricole has started since 2008 a disengagement policy from Africa selling some of its branches to Morocco’s Attijariwafa Bank. It has afterwards increased its stake in Credit du Maroc to 77.8%.

Holmarcom, held by the Bensaleh family, has stepped up investments in the financial sector and merged its two insurance companies Sanad and Atlanta. It also bought 51% stake in Kenya’s Monarch Insurance.

Holmarcom operates in 6 African countries in the main sectors of real estate, insurance, agri-food and logistics.