French banking group Crédit Agricole said that it effectively divested the first tranche of 63.7% of the stake it has in Crédit du Maroc to Holmarcom, a Moroccan group.

As per the agreement, Crédit Agricole will offload the second tranche of the remainder 15% to the Holmarcom group in a time period of 18 months.

The deal occurred after having secured the necessary regulatory approvals in line with the schedule announced by Crédit Agricole in April 2022, as part of the agreement to divest its total stake of 78.7% in Crédit du Maroc.

  Banking acquisition news, Banking industry news, Crédit Agricole, Crédit du Maroc, Holmarcom, Morocco