Morocco’s Holmarcom group said on Thursday it is negotiating the acquisition of all stakes owned by France’s Credit Agricole SA in its Morocco branch Credit du Maroc.
The deal is part of efforts to develop the insurance business and Africa operations of the group, which also operates in agri-food, real estate and logistics, Holmarcom said in a statement.
“Talks are still at an early stage with no certainty regarding the outcome,” it said.
Credit Agricole has 78.7% stake in Credit du Maroc while Morocco’s Wafa Assurance and other stakeholders own 10.73% and 10.56% respectively.
