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French bank Credit Agricole to sell Credit du Maroc to Holmarcom

Reuters
FILE PHOTO: A branch of Credit Agricole bank is seen in Warsaw

PARIS (Reuters) - French bank Credit Agricole said it had agreed to sell 78.7% of its Moroccan banking unit Credit du Maroc to the Moroccan company Holmarcom, in a deal which it said would boost the strength of its balance sheet.

Credit Agricole did not disclose financial terms of the sale, but said the sale of the stake in Crédit du Maroc would have a positive impact of around 10 basis points on its core tier one equity (CET1) capital ratio.

(Reporting by Sudip Kar-Gupta. Editing by Jane Merriman)