Casablanca, Morocco, June 29, 2021— IFC and Holmarcom, a leading Moroccan business group, have partnered to boost access to insurance products in Morocco and select countries in sub-Saharan Africa, with IFC investing in Holmarcom Insurance Activities. The partnership aims to broaden access to a range of insurance products, supporting individuals, businesses, and economic growth and stability.
IFC's investment of up to 450 million MAD (equivalent to about $50 million) will support the expansion of Holmarcom Group's insurance activities in a region where insurance penetration is among the lowest in the world. The partnership will broaden access to both non-life and life insurance products, helping protect against economic, environmental, and social shocks.
Following this transaction, which is subject to regulatory approvals, IFC, a member of the World Bank Group, will acquire acquiring a minority equity stake. Holmarcom Group will continue to hold a substantial majority stake in the holding company.
"We are proud to join forces with a development finance institution of IFC's caliber," said Mohamed Hassan Bensalah, Chairman and CEO of Holmarcom Group. "This partnership reaffirms our group's expansion strategy. Beyond its investment, IFC brings its global expertise and its valuable experience in terms of governance, and social and environmental responsibility standards." [JH1]
"IFC's partnership with Holmarcom is designed to increase financial inclusion, support growth, and enable many thousands of people in Morocco and sub-Saharan Africa improve the quality of their lives and strengthen business resilience," said Manuel Reyes-Retana, IFC Financial Institutions Group Director for Middle East and Africa.
With this new transaction, which follows the strategic restructuring of Holmarcom's Finance Division, the launch of Atlanta Côte d'Ivoire, the merger of its two historic companies (Atlanta and Sanad) and the acquisition of a majority stake in a Kenyan company, the Group has reaffirmed its ambitions in the insurance sector.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
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About Holmarcom Group
Established in 1978, Holmarcom is a leading Moroccan private group that operates in several core businesses : Finance, Agro-Industry, Distribution & Logistics, and Real Estate.
Driven by an ambitious business project and human resources mobilized around a common vision, the Group is consolidating its leadership through an innovation policy and an entrepreneurial growth strategy, in the wake of the national economic dynamic.
Proud of its roots and its history, Holmarcom continues its investment policy in key strategic sectors for the sustainable growth of Morocco and the African continent.
The holding company "Holmarcom Insurance Activities" was created by the Group in July 2019 in order to collect the participations related to the insurance sector in Morocco and Sub-Saharan Africa.
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