The Holmarcom – Credit Agricole SA deal A new era for the national banking system

THE takeover of Crédit du Maroc by the Holmarcom group was confirmed by the signing on Wednesday, April 27 of an agreement between Mohamed Hassan Bensalah, Chairman and CEO of the Holmarcom group, and Xavier Musca, Deputy General Manager of Crédit Agricole SA. This transaction will enable the Holmarcom group to make a remarkable comeback in the banking sector, in which it currently holds only minority stakes like in CIH (12% stake) or in BMCI (9%).
As announced exclusively by L’Economiste in September 2021, this agreement involves the acquisition of a majority stake in Crédit du Maroc, by the Holmarcom group, through its holding company Holmarcom Finance Company (HFC), and its subsidiary, AtlantaSanad Assurance. Thus, the French bank sells all its shares, i.e. 78.7%, to the Holmarcom group. In accordance with the legislation in force in Morocco, this operation will only be effective after obtaining the regulatory authorizations.

Disengagements of French banks: 
This operation heralds a new era for the landscape of national banks. Indeed, such an operation is heralding a reconfiguration of the  banking system. “We are heading towards a new Morocconization (nationalization) and a concentration of Moroccan banks where we shall find ourselves in a configuration of three or four powerful banks”, explains a person very familiar with the market. “It is an open secret, the French banks had been hoping to withdraw from the Moroccan banking landscape for years, in particular Crédit Agricole”, he continues. “The banking subsidiaries of French groups in Morocco are unable to impose themselves on the national market, in the face of increasingly tough competition from banks with majority Moroccan capital and which have a strong presence in Africa, such as Attijariwafabank , Bank of Africa, and Groupe Banque Populaire”, indicates our source. “The contribution of sub-Saharan subsidiaries is boosting the growth of the top three (Moroccan banks), which are gaining momentum in the face of a slight slowdown on the side of the subsidiaries of French banks”, continues our source, especially since the Moroccan subsidiaries of French banks  do not have leeway, being part of a group logic. “They are more or less chained by the parent companies which are much more cautious particularly in terms of granting credit, which makes them uncompetitive in the face of the aggressiveness of their Moroccan counterparts”, explains a local analyst.

Ambitions and synergies:
For Holmarcom, “this acquisition project is part of its strategic vision aimed at building an integrated financial center with a pan-African calling”, specifies the press release published on the occasion. The group’s ambitions in the banking sector are not new. To this end, the Group carried out a structural reorganization of this division in 2019 with the aim of supporting its development ambitions, which revolve around strengthening its position in the insurance sector, diversifying its financial businesses, and accelerating its expansion in sub-Saharan Africa.
With the acquisition of majority shares in the capital of Crédit du
Maroc, the Holmarcom group enters fully into the restricted circle of national bankers. Indeed with more than 300 branches across Morocco and 2,500 employees, the  Crédit du Maroc bank is part of the top 3 banks recommended by customers. 

Fédoua Tounassi

Khadija MASMOUDI