Morocco’s Holmarcom group takes control of Credit du Maroc Bank

Morocco’s Holmarcom group has taken control of Credit du Maroc, a subsidiary of French bank Credit Agricole.

Holmarcom has bought all the 78.7% stakes owned by Credit Agricole in its Moroccan branch, in a move to strengthen its foothold in the finance and insurance business.

Morocco’s Wafa Assurance and other stakeholders own 10.73% and 10.56% respectively of Credit du Maroc.

Holmarcom operates in agri-food, real estate and logistics,