Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the International Finance Corporation (« IFC ») of a stake in the share capital of the company « Holmarcom Finance Company SA »

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the « operation summary » below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition, as amended and supplemented.

Names of companies and individuals involved:

• The acquirer: The company « International Finance Corporation »;
• The target: The company « Holmarcom Finance Company SA »;

Nature of the operation:

• Acquisition of a stake in the share capital.

Economic sector concerned:

• The banking and insurance sectors.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e. February 26, 2025.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received notification of an economic concentration operation concerning the acquisition by the International Finance Corporation (« IFC ») of a stake in the share capital of the company « Holmarcom Finance Company SA ».

« IFC » is an international organization established by an agreement among member states. It is a member of the World Bank Group and the leading development institution focused on the private sector in emerging markets. IFC operates in over a hundred countries, dedicating its capital, expertise, and influence to creating market opportunities in developing countries.

« Holmarcom Finance Company SA » is a Moroccan joint-stock company currently holding all of the Holmarcom Group’s interests in the financial sector.

 

Done in Rabat on February 13, 2025