Doha – Holmarcom Group and the International Finance Corporation (IFC) have finalized IFC’s entry into Holmarcom Finance Company (HFC) after securing all necessary regulatory approvals. The strategic partnership involves IFC acquiring an 18.62% minority stake in HFC for MAD 1.35 billion ($135 million).
The transaction received authorizations from Morocco’s key regulatory bodies, including Bank Al-Maghrib, the Competition Council, and the Foreign Exchange Office. Following the completion of this deal, Holmarcom will maintain its majority position in HFC’s capital structure.
The partnership aims to support HFC’s development projects in both the Moroccan market and major sub-Saharan African markets.
It specifically targets insurance sector growth and improved credit access for small and medium enterprises, with particular focus on women-owned businesses and green projects that promote transition toward a more sustainable economy.
“This alliance with IFC reflects our common vision of building a high-performing and sustainable financial sector, serving our clients and African economies,” said Mohamed Hassan Bensalah, President and CEO of Holmarcom Group.
“It marks a new stage in our commitment to offering responsible, high-impact solutions aligned with the transformation challenges facing the Kingdom and the Continent.”
The capital injection comes at a strategic time for Holmarcom, which recently acquired 78.7% of Crédit du Maroc shares from French Crédit Agricole in early June 2024.
Just weeks before this transaction, Holmarcom had conducted a Public Sale Offer (OPV) of 11.3% of Crédit du Maroc’s capital worth MAD 1 billion ($100 million), which was oversubscribed nearly 18 times, generating MAD 18.06 billion ($1.8 billion) to support the bank’s five-year “Boost 2028” plan.
The group had previously reduced its direct stake in AtlantaSanad to 5.21%, selling 3.56 million shares at MAD 120 per share, while maintaining indirect control of 55.92% through Holmarcom Insurance Activities.
Additionally, HFC will receive advisory support from IFC to strengthen its sustainability governance framework.
This guidance will help the company better integrate environmental and social considerations into its development model and generate tangible positive impacts across its operational territories.
The strategic alliance represents an expansion of an existing partnership between Holmarcom and IFC, which began in 2021 with IFC’s investment in Holmarcom Insurance Activities to enhance insurance access across Morocco and sub-Saharan Africa.
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