PARIS (Agefi-Dow Jones)–Crédit Agricole SA (CASA) announced on Wednesday the signing of a contract for the full sale of its 78.7% stake in the capital of Crédit du Maroc, to the Moroccan group Holmarcom.
The sale of the stake in Crédit du Maroc will have a positive impact of around 10 basis points on Crédit Agricole SA’s CET1 core capital ratio, the bank said in a press release.
This transaction will be subject to the authorization of the Moroccan authorities.
“The completion of this operation would take place in two stages: a tranche of 63.7% by the end of 2022 then a second tranche relating to the remaining 15%, eighteen months after the closing of the transaction” , said CASA.
“Crédit Agricole SA will continue to support Crédit du Maroc during this transition phase, to ensure the continuity of its services and contribute to its full integration into the Holmarcom group,” added the French bank.
“Crédit Agricole SA intends to continue to participate in the development of Morocco, a country in which it remains present through the entities Wafasalaf in Consumer Credit and Wafa Gestion in Asset Management, in partnership with Attijariwafa bank”, underlined the establishment.
-Eric Chalmet, Agefi-Dow Jones; +33 (0)1 41 27 47 95; [email protected] ed: JEB
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April 27, 2022 12:27 ET (16:27 GMT)