Holmarcom to sell 11.3% stake in Crédit du Maroc as part of pan-African vision

Holmarcom is set to sell 11.3% of the capital and voting rights of Crédit du Maroc (CDM) as part of its vision to «develop a diversified and integrated financial hub with a pan-African focus». This initiative was announced at a press conference on Tuesday and follows the green light from the Moroccan Capital Market Authority (AMMC).

The sale will offer «1,229,577 shares of Crédit du Maroc to the public and to CDM employees at a price of 850 dirhams per share, excluding a specific discount for Bank employees, bringing the total transaction value to 1,032,640,350 dirhams». The subscription period is scheduled from October 28 to November 1, 2024.

«At the end of this operation, Holmarcom Finance Company (HFC) will hold 67.4% of Crédit du Maroc's capital and voting rights», the banking group stated. The offer aims to «increase the Bank's free float, aligning with best market practices and the growing interest from investors; engage Bank employees in Crédit du Maroc's development and performance; allow existing and new shareholders to benefit from the Bank's growth following the change of its main shareholder; and free up additional capacity to pursue HFC's development plan and support its subsidiaries», according to a press release.

«We want to involve employees in the growth of Crédit du Maroc by giving them the chance to become shareholders on exclusive terms, recognizing their contributions to the Bank's success», said Mohamed Hassan Bensalah, CEO of Holmarcom. The Group has also set aside a dedicated portion for employees, allowing them to «become shareholders on favorable terms, which shows our appreciation and trust and reflects the Group's commitment to developing its human capital».

In the first half of this year, Crédit du Maroc saw a 7.9% increase in customer loans, a 12.6% rise in net banking income, and a 36.8% increase in net income attributable to the group.