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Halima DAKAK
Head of International Desk Morocco

Support by the
Crédit Agricole group

Last updated: August 2022

The Morocco International Desk supports business clients with a comprehensive service, particularly in the following areas: banking and para-banking advice, opening accounts (including MAD, foreign currency, convertible MAD and special markets account), setting up financing, exchange regulations and assistance with setting up via its network of partners: getting established in Morocco, local branch, finding premises, recruitment, etc.

Crédit du Maroc also operates in supporting CA group individual clients through opening accounts and providing advice. Crédit Agricole currently draws on Crédit du Maroc, subsidiary which has been part of the Crédit Agricole Group since 1929 but whose sale was announced in 2022 to the Moroccan conglomerate Holmarcom. Based on the model of a locally-based global bank Crédit Morocco offers products and services to individual, professional and agricultural clients, as well as to businesses.

Others business units present in Morocco:

  • Leasing: Crédit du Maroc Leasing
  • Factoring: Crédit du Maroc Factoring
  • Other specialised financial services: Real estate development, Insurance, Trade finance, Stock exchange intermediation, Financial engineering, Capital markets
  • Asset management: Amundi with participation in Wafagestion
  • Consumer lending: CA Consumer Finance with participation in Wafasalaf

Go to the Crédit Agricole Morocco site

For more information, see the list of the Crédit Agricole Group’s locations.
 

Positioning and organisation of businesses on the market:

Crédit du Maroc (CdM) has historically been orientated towards large multinational businesses, a client base which it still services. CdM is also developing its operations in the SME and mid-size market, which represents significant growth potential. The business clients are supported by specialised advisors in 10 business centres across Casablanca and the rest of Morocco. A Corporate department is specially dedicated to monitoring key accounts (multinationals and local groups generate more than 500 MMAD from CA). Its Centres of Expertise: Services, Real Estate & Construction, Industry, Agri-Agro, Multinationals.

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Means of payment

With Morocco

SWIFT transfer

Company cheque

Bank cheque

Bill of exchange

Promissory note

Documentary remittance

Documentary credit

Usage

Common

Weak / None

Weak / None

Common

Common

None

Common

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Advice from the
international desk

General Information

Morocco is linked to the European Union by an association agreement that provides for a free trade zone, now called the Industrial Acceleration Zone. The recent granting of "advanced status" is above all a political will on the part of the EU to strengthen its ties with this country in order to accelerate its reforms.

The general environment is favorable (political stability, modern financial system open to foreign capital, qualified and inexpensive workforce...). Different statuses are possible for companies wishing to set up in Morocco, with encouragement for export activities, particularly in industrial acceleration zones.

The Moroccan Office of Foreign Exchange has been easing regulations year after year in order to facilitate foreign investment.


Means of Payment & Banking Specificities

It is recommended to secure the payment of exports (confirmed documentary credit / stand-by letter of credit and export insurance) during the first transactions with an importer.

SWIFT transfers and documentary remittances should be reserved for known counterparties with a good track record, but can also be secured by a stand-by letter of credit for one and a draft endorsed by a first-rate bank for the other, in order to avoid payment delays.

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