France's Credit Agricole sells first chunk of its majority stake in Credit du Maroc

France's Credit Agricole ACA sold the first tranche of its majority stake in Credit du Maroc, the bank said on Wednesday, as part of a deal to transfer the unit to Morocco’s Holmarcom group.

"This transaction occurred after having obtained the required regulatory approvals in line with the schedule announced in April 2022," the company said.

Crédit Agricole, in a first step, sold a 63.7% stake of the local bank to Holmarcom and it will sell a second tranche with a remaining 15% stake in 18 months, added the French bank.