Credit Agricole sells stake in du Maroc

Credit Agricole said it first sold a 63.7% stake of the bank to Holmarcom and it will sell a second tranche with a remaining 15% stake in 18 months.

PARIS: France’s Credit Agricole sold the first tranche of its majority stake in Credit du Maroc, the bank says, as part of a deal to transfer the unit to Morocco’s Holmarcom group.

“This transaction occurred after having obtained the required regulatory approvals in line with the schedule announced in April 2022,” the company said.

Credit Agricole first sold a 63.7% stake of the bank to Holmarcom and it will sell a second tranche with a remaining 15% stake in 18 months, added the French bank. — Reuters