Holmarcom Group has officially announced the launch of a public offering of 11.3% of Crédit du Maroc’s (CDM) capital and voting rights, following the approval from Morocco’s Capital Market Authority on October 18, 2024. This operation is part of the Group’s strategic vision to build a diversified financial hub with ambitions that span across Africa.
Since its creation in 2019, Holmarcom Finance Company (HFC), the holding entity overseeing the group’s financial subsidiaries, has been leading this initiative as part of its consolidation and diversification efforts. The goal is to strengthen the position of its subsidiaries in the Moroccan market while expanding its presence across the African continent.
This public offering will help Crédit du Maroc increase its free float on the stock exchange, aligning with international standards and generating increased interest from investors. It also presents a unique opportunity for the bank’s employees to become shareholders under favorable conditions, fostering a stronger connection with the institution’s growth. At the same time, this move will free up resources to support the future development of HFC and its subsidiaries.
The public offering consists of 1,229,577 shares of Crédit du Maroc, priced at 850 dirhams per share, with a special discount for the bank’s employees. The total value of the operation is estimated at 1.03 billion dirhams, with the subscription period running from October 28 to November 1, 2024. After the sale, HFC will retain 67.4% ownership of CDM’s capital.
Mohamed Hassan Bensalah, CEO of Holmarcom Group, described the operation as a strategic milestone for CDM, solidifying its role in Morocco’s banking sector. He emphasized, “We want to involve the employees in the bank’s growth by offering them exclusive conditions, as a recognition of their contribution.”
Since Holmarcom’s acquisition of CDM in December 2022, the bank has pursued an ambitious development plan. In the first half of 2024, CDM reported a 7.9% increase in loans to customers and a 36.8% rise in net income attributable to the group, validating the bank’s strategic repositioning.
Looking ahead, CDM is focused on its “CDM Boost 2028” five-year plan, which aims to enhance customer experience, accelerate digital transformation, and modernize its operational model.
This public offering represents a new phase of growth for Crédit du Maroc, while reaffirming its commitment to sustainable development in service of Moroccan businesses and citizens.
