Crédit Agricole du Maroc (CAM) marked the end of 2024 with a major financial operation: the issuance of subordinated bonds amounting to 1 billion dirhams, the equivalent of 100 million dollars. This issue, which closed on December 31, demonstrates the solid confidence of investors in the stability and growth prospects of the bank, thus placing the institution among the most dynamic financial players in the country.
The transaction was structured into two distinct tranches, each targeting qualified investors. The first tranche, worth 500 million dirhams, is made up of subordinated bonds with an adjustable rate and a maturity of 10 years, while the second tranche, also worth 500 million dirhams, is made up of subordinated bonds with fixed rate, also over an identical period. This double issue aims to meet both the diversification needs of investors and the financing requirements of the bank’s future projects.
The funds raised through this bond issue will mainly be allocated to finance projects in various key economic sectors, with particular priority given to agricultural and rural development initiatives. This fits perfectly with CAM’s strategy, which has always placed particular emphasis on supporting strategic sectors of the Moroccan economy, in particular agriculture, an essential sector for the country.
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But the issue is not limited to simple project financing; it also aims to strengthen the bank’s regulatory capital base. This measure is all the more important in the context of the current challenges of the banking sector and the need for financial institutions to comply with the solvency and liquidity requirements reinforced by international regulations.
This financial transaction occurs in a particular context for CAM, barely six months after a major ownership transition which disrupted the bank’s shareholder structure. In June 2024, Crédit Agricole SA, a historic French group, finalized the sale of its remaining 15% stake in Crédit Agricole du Maroc to the Moroccan group Holmarcom. This sale follows a first transaction which took place in December 2022, where the French group had already sold 63.7% of its shares to Holmarcom, thus putting an end to several decades of presence on the Moroccan market.
The operation marked a turning point for CAM, which thus consolidated its Moroccan roots while strengthening its capacity to diversify and develop at the regional level. The Holmarcom group, now the majority shareholder, has considerable resources to support the growth of CAM, in an economic context marked by both internal and external challenges.
The bond issue, which attracted strong demand from investors, therefore demonstrates renewed confidence in the bank. Despite economic challenges and market fluctuations, CAM remains a key player in the Moroccan economy, offering financial solutions tailored to the needs of the country and businesses.
This operation also marks a new stage in the history of CAM, whose future seems promising, thanks to reinforced capital and a financing strategy aligned with the needs of the Moroccan economy, particularly in sectors essential for development. national. The bank thus continues its mission of supporting agricultural and rural initiatives, contributing to the economic growth and sustainability of these vital sectors for the entire kingdom.
