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Allen & Overy advises Holmarcom on its acquisition of a majority stake in Crédit du Maroc

Allen & Overy is advising Holmarcom on its proposed acquisition of the entire 78.7% stake held by French bank Crédit Agricole SA (CASA) in Crédit du Maroc (CDM). Closing of the transaction is subject to multiple regulatory authorisations and will be carried out in two stages: the acquisition of a first tranche of 63.7%, followed by the acquisition of a second tranche covering the remaining 15%. 

This deal is part of Holmarcom's strategic vision to build an integrated financial division with a pan-African vocation. Since 2019, Holmarcom carried out a structural reorganisation of this division with the aim to strengthen its position in the insurance sector, diversify its financial businesses and accelerate its expansion in sub-Saharan Africa.

A&O’s team in Casablanca played a key role in this reorganisation advising Holmarcom on all its recent M&A transactions, including the merger between Atlanta and Sanad, the acquisition of a majority stake in a Kenyan insurance company and IFC's investment in Holmarcom's insurance division. 

The A&O team was led by partner Hicham Naciri, supported by counsel Ralph Salameh, senior associate Zineb el Kouhen and associate Yasmine Andalous. Antitrust advice was provided by senior associate Moulay El Amine El Hammoumi Idrissi and associate Sanaa Lahrouni.