Doha – Holmarcom Group and the International Finance Corporation (IFC) have completed the IFC’s entry into the Holmarcom Finance Company (HFC) after securing all the necessary regulatory permits. The strategic partnership contains IFC acquires an 18.62% reduction in minority at HFC for MAD 1.35 billion ($ 135 million).
The transaction received approvals from the most important regulatory authorities Morocco, including Bank al-Maghrib, the competitive council and the foreign exchange office. After completing this business, Holmarcom will be retained its majority position in the capital structure of HFC.
The partnership aims to support the HFC development projects on both the Moroccan market and on the most important African markets south of the Sahara.
It is aimed specifically at the growth of the insurance sector and improved the loan for small and medium -sized companies, whereby the focus on companies in women is owned by women and environmentally friendly projects that promote the transition to a more sustainable economy.
“This alliance with IFC Refines our joint vision of building up a powerful and sustainable financial sector and serving our customers and African economies, ”said Mohamed Hassan Bensalah, President and CEO of the Holmarcom Group.
“It is a new stage in our commitment to offer responsible, highly effective solutions that are organized with the transformation problems of the kingdom and the continent.”
The capital injection comes at a strategic time for Holmarcom, which recently acquired 78.7% of Crédit du Maroc’s shares by French Crédit Agricole in early June 2024.
Just a few weeks before this transaction, Holmarcom had carried out a public sales offer (OPV) of 11.3% of the CRIDIT du Maroc capital worth $ 100 million), which was overwritten almost 18 times, which was almost 18 times a crazy $ 18.06 billion ($ 1.8 billion) to support the five-year “boost 2028” plan of the bank generated.
The group had previously reduced its direct participation in Atlantantanad to 5.21% and sold 3.56 million shares to MAD 120 per share and maintained indirect control of 55.92% through Holmarcom insurance activities.
In addition, HFC will receive advisory support from IFC to strengthen the framework for governance governance.
This guide will help the company to better integrate environmental and social considerations into its development model and to generate concrete positive effects in its operational areas.
The strategic alliance is an expansion of an existing partnership between Holmarcom and IFC, which started in 2021 with IFCs investment In Holmarcom insurance activities to improve insurance access in Morocco and Subsahara Africa.
