Holmarcom has concluded, with the International Finance Corporation (IFC), member of the World Bank Group, a partnership by virtue of which this institution acquires a minority stake in “Holmarcom Insurance Activities”, up to 450 million dirhams (equivalent to 50 million dollars). At the end of this operation, Holmarcom Group will continue to hold a large majority stake in the capital of this holding.
Subject to regulatory approvals, the arrival of IFC in the capital of “Holmarcom Insurance Activities” aims at supporting the strong growth ambitions of Holmarcom Group in the insurance sector, both to strengthen its position in Morocco and to develop its presence in the major sub-Saharan markets.
“We are proud to join forces with a development institution of IFC’s caliber. This partnership reinforces our Group’s strategic choices and strengthens our development strategy. This partnership confirms the strategic choices of our Group and consolidates our development strategy,” said Mohamed Hassan Bensalah, Chairman and CEO of Holmarcom Group. “Beyond its investment, IFC brings its international expertise and rich experience in governance standards and social and environmental responsibility.”
After the restructuring of its Finance Division, the launch of Atlanta Côte d’Ivoire, the merger of its two historical Moroccan companies, Atlanta and Sanad, and the acquisition of a majority stake in a Kenyan company, the Holmarcom Group confirms, with this new strategic operation, its development ambitions in the insurance sector via its entity, “Holmarcom Insurance Activities”.
“The partnership between IFC and Holmarcom will help support growth, build business resilience in Morocco and sub-Saharan Africa, and improve financial inclusion, enabling thousands of people to improve their quality of life. This is a key element of the IFC’s strategy to support growth, build business resilience in Morocco and sub-Saharan Africa, and improve financial inclusion, enabling thousands of people to improve their quality of life,” said Manuel Reyes-Retana, Director of IFC’s Middle East and Africa Financial Institutions Group.
Insurance plays a key role in building resilience to economic, environmental and social shocks. This partnership will help expand access to non-life and life insurance and improve protection for businesses and individuals in Morocco and sub-Saharan countries, where insurance penetration is among the lowest in the world.
