Crédit du Maroc headquarters in Casablanca. Credit: Mustapha Razi / Le Desk
Crédit du Maroc (CDM) has acquired 33.33% of the share capital and voting rights of CDM Leasing and Factoring held by Crédit Agricole Leasing & Factoring (100% subsidiary of Crédit Agricole SA) for a price of 51,387,576 dirhams.
Carried out in accordance with the agreements concluded in December 2022, and as part of the sale by Crédit Agricole SA to the Holmarcom Group of its stake in CDM, this operation allows Crédit du Maroc to hold 100% of the capital of Crédit du Maroc Leasing and Factoring, indicates a CDM press release published Friday on the website of the Moroccan Capital Market Authority (AMMC).
The acquisition was completed on May 15, 2024 following the lifting of all the conditions precedent to which it was subject (in particular obtaining authorization from Bank Al-Maghrib and the Office des Changes) and the finalization of the autonomy of Crédit du Maroc Leasing and Factoring of the French group, reports the same Source. The acquisition will be reflected in the accounts of Crédit du Maroc as of June 30, 2024.
In terms of governance, the current structure with a Supervisory Board and a Management Board is maintained, with new appointments, concludes the press release.
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