As stated by the IFC, the proposed investment consists of a senior unsecured loan of up to US$100 million equivalent, denominated in US dollars (USD) or in Euros (EUR), to Crédit du Maroc. The loan will have a maturity of up to 5 years. The proposed financing will enable the Bank to boost its lending operations to Small and Medium-Sized Enterprises and to climate sub-projects in Morocco.
The portfolio is considered medium risk from an environmental and social perspective, and as such, the Project has been categorized as FI-2 in accordance with IFC's Sustainability Policy.
As stated by the IFC, Crédit du Maroc is a universal bank headquartered in Casablanca, Morocco. It commenced operations in Morocco in 1929 as Crédit Lyonnais and became Crédit du Maroc following the acquisition of Compagnie Africaine de Banque in 1966. CdM became publicly listed on the Casablanca Stock Exchange in 1976.
CdM offers an array of financing and savings services to individuals, professionals, farmers and corporate customers in Morocco. As of December 31, 2022, Crédit du Maroc’s network encompasses 264 local branches, 14 private bank branches, 9 Maskane branches, 9 business centers and 13 Arreda branches. The Bank has three main subsidiaries, namely Crédit du Maroc Assurance, an insurance broker, Crédit du Maroc Leasing and Factoring and Crédit du Maroc International – Banque Offshore. As of December 31, 2022, the Bank served over 650k clients, had a market share in terms of loans of approximately 4.75% and 4.30% in terms of deposits, as the seventh-largest bank in Morocco by total assets.
The Bank’s largest single shareholder is Holmarcom group with an 63.71% equity stake through its affiliates Holmarcom Finance Company S.A. (HFC) (50.91%) and AtlantaSanad (12.80%). HFC is a holding company dedicated to holding and developing the interests of Holmarcom group in the financial services sector. AtlantaSanad is a Moroccan insurance company that is listed on the Casablanca Stock Exchange. On April 27, 2022, Holmarcom group signed an agreement with Crédit Agricole S.A. (CASA) for the acquisition of CASA’s 78.7% equity stake in Crédit du Maroc through HFC and AtlantaSanad. The first closing of the acquisition of 63.71% of the capital of CdM was completed in December 2022, and a second acquisition for the remaining 15% is to be completed eighteen months thereafter.
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Telephone: +1 202-473-3800
Fax: +1 202-974-4384
Financial Intermediary - Credit du Maroc SA:
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