Holmarcom

What Holmarcom does

Holmarcom is a privately held Moroccan family-owned conglomerate founded in 1978 and headquartered in Casablanca, operating across four divisions: Finance, Agro-industry, Logistics, and Real Estate. Its Finance division holds 78.7% of Crédit du Maroc (a universal bank with 265 branches and 2,400 employees), AtlantaSanad Assurance (the 2nd-ranked non-life insurer in Morocco), Takafulia Assurances (Sharia-compliant Takaful launched February 2022), CPA brokerage, Atlanta Côte d'Ivoire, and a 51% stake in Kenya's Monarch Insurance. The Agro-industry division encompasses Les Eaux Minérales d'Oulmès (mineral water brands Sidi Ali, Oulmès, Bahia, Aïn Atlas, plus Orangina distribution via partnership with Japanese group SBF), Somathes (tea brands Souiri, Caravane, Ménara), Dénia Holding (snacks/dried fruits), Dénia Ivoire (cashew processing in Côte d'Ivoire, 10,000 tonnes/year), Juice & Nectar Partner (citrus concentrates), and Scandimar (seafood). The Logistics division includes Mass Céréales Al Maghreb (cereal terminals at Casablanca and Jorf Lasfar ports), Air Arabia Maroc (low-cost airline joint venture with Air Arabia since 2009), Sixt Maroc (vehicle rental franchise acquired 2025), and Défi Courses. The Real Estate division includes Cap Tingis, Manazil Développement, and Peacock Investments (operating a 2,850-villa project in Senegal).

The conglomerate serves individuals, professionals, SMEs, large enterprises, and farmers through B2B and B2C channels, with revenue generated across subscription-based banking/insurance services, hardware sales of consumer goods, transaction-fee logistics, and one-time real estate sales. Three operating companies (Les Eaux Minérales d'Oulmès, AtlantaSanad Assurance, and Crédit du Maroc) are listed on the Casablanca Stock Exchange. Geographic operations span five African countries: Morocco (primary), Senegal, Côte d'Ivoire, Benin, and Kenya. In December 2024, the International Finance Corporation (IFC) took an equity stake in Holmarcom Finance Company to support pan-African expansion. In April 2026, HFC signed an agreement to acquire a 67% controlling stake in BMCI from BNP Paribas, pending Q4 2026 regulatory approval, which would substantially enlarge the banking franchise.

Revenue is not publicly disclosed. With 5,001-10,000 employees and operating scale across listed and unlisted subsidiaries spanning banking, insurance, FMCG, port logistics, real estate, and aviation, Holmarcom sits among Morocco's largest privately held diversified groups, though exact revenue, profitability, and capital structure at the parent level remain opaque.

Name

Holmarcom

Legal name

Holmarcom, Société Anonyme au capital de 499 200 000,00 DH

Website

https://holmarcom.ma

Company type

Private

Founded year

1978

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Holmarcom is a Moroccan family-owned conglomerate founded in 1978 operating across Finance, Agro-industry, Logistics, and Real Estate in five African countries, serving individuals, professionals, SMEs, and enterprises through subsidiaries including Crédit du Maroc (banking), AtlantaSanad Assurance (insurance), Les Eaux Minérales d'Oulmès (water), and Air Arabia Maroc (aviation).

Ownership category

akta.pro rank

Product category

Diversified Conglomerate

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Services-Auto Rental & Leasing (No Drivers) (7510)

akta.pro primary industry

SME Equipment & Asset Finance (Leasing, Fleet, Capex) (FSABABAH)

akta.pro secondary industry

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)

Keywords

• Banking and insurance
• Agro-industrial products
• Logistics services
• Real estate development
• Diversified conglomerate

Headquarters

HQ city

Casablanca

HQ country

Morocco

HQ region

Africa

Offices13 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Banking Services: Revenue from retail and commercial banking through Crédit du Maroc, including 265 branches, services for individuals, professionals, farmers and enterprises. Services include daily banking, investment banking, financing, savings, asset management, leasing, factoring, private banking, and participative finance (Arreda).
2. Insurance Services: Non-life insurance through AtlantaSanad Assurance (2nd ranked in Moroccan market), life insurance, and Islamic insurance through Takafulia Assurances launched in 2022. Also includes insurance brokerage through CPA.
3. Agro-industry Products: Production and distribution of mineral waters (Sidi Ali, Oulmès, Bahia, Aïn Atlas), teas (Souiri, Caravane, Ménara), citrus concentrates, snacks, dried fruits, olive oils, and seafood products. Alliance with Japanese group SBF for Orangina distribution in Morocco.
4. Logistics Services: Cereal import logistics through Mass Céréales Al Maghreb (operates terminals at Casablanca and Jorf Lasfar ports), air transport through Air Arabia Maroc (low-cost carrier), and vehicle rental through Sixt Morocco franchise.
5. Real Estate Development: Residential and commercial property development in Morocco through Cap Tingis, Manazil Développement (mid-range housing), and international projects through Peacock Investments in Senegal.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

Holmarcom is a diversified Moroccan family-owned conglomerate operating across four divisions: Finance (retail and corporate banking through Crédit du Maroc, non-life insurance through AtlantaSanad Assurance, Sharia-compliant insurance via Takafulia Assurances, insurance brokerage via CPA, and insurance in Côte d'Ivoire and Kenya), Agro-industry (mineral water brands Sidi Ali/Oulmès/Bahia/Aïn Atlas, tea brands Souiri/Caravane/Ménara, Dénia snacks, Dénia Ivoire cashew processing, citrus juice concentrates, olive oil, and seafood products), Logistics (cereal port terminal handling through Mass Céréales Al Maghreb and Yellowrock, Air Arabia Maroc low-cost airline, and Sixt vehicle rental in Morocco), and Real Estate (residential and commercial development through Cap Tingis, Manazil Développement, and Peacock Investments in Senegal).

Product overview

Holmarcom is a diversified Moroccan family-owned conglomerate organized into four main business divisions operating across Finance (banking, insurance, reinsurance brokerage), Agro-industry (mineral waters, tea, snacks, ingredients, olive oils, seafood), Logistics (cereal handling, transportation, car rental, direct marketing), and Real Estate (residential development). The Finance division includes AtlantaSanad Assurance (non-life insurance leader), Crédit du Maroc (universal bank with 265 branches), TAKAFULIA Assurances (Sharia-compliant insurance), Atlanta Côte d'Ivoire, CPA brokerage, and The Monarch Insurance in Kenya. The Agro-industry division encompasses Les Eaux Minérales d'Oulmès (water brands Sidi Ali, Oulmès), Somathes (tea brands), Dénia Holding (snacks), Dénia Ivoire (cashew processing in Côte d'Ivoire), Juice & Nectar Partner, Eau Technologie Environnement (Benin), Les Huiles d'Olives, and Scandimar (seafood). The Logistics division includes Mass Céréales Al Maghreb (port terminals), Yellowrock, Air Arabia Maroc, Sixt Maroc (formerly France Car), and Défi Courses. Real Estate operations cover Cap Tingis, Manazil Développement, and Peacock Investments in Senegal.

Differentiator

Problem solved

Functional benefit

Products and services

• AtlantaSanad Assurance Non-life insurance company ranked 2nd in the Moroccan Non-Life insurance market, offering innovative products and service quality for individual, professional, and corporate clients. Listed on the Casablanca Stock Exchange.
• Crédit du Maroc Universal retail bank serving individuals, professionals, farmers, and enterprises via 265 branches and 2,400 employees. Offers daily banking, investment banking, financing, savings, asset management, leasing, factoring, private banking, and the Arreda Islamic participative finance window. Listed on the Casablanca Stock Exchange.
• Takafulia Assurances Participative (Sharia-compliant Takaful) insurance company offering Takaful products to individual, professional, and corporate clients in Morocco.
• Atlanta Assurances Côte d'Ivoire Non-life insurance company in Côte d'Ivoire, established as Holmarcom's first African insurance venture outside Morocco.
• CPA Insurance and Reinsurance Brokerage Insurance and reinsurance brokerage firm with expertise in technical insurance rules, offering tailored insurance solutions through continuous dialogue and presence with clients.
• The Monarch Insurance (Kenya) Kenyan insurance company operating for over 40 years with extensive team and distribution network, in which Holmarcom holds a 51% majority stake.
• Les Eaux Minérales d'Oulmès (Sidi Ali, Oulmès, Bahia, Aïn Atlas mineral waters) Leader in flat and sparkling mineral waters in Morocco, producing and distributing the Sidi Ali, Oulmès, Bahia, and Aïn Atlas brands. Also distributes Orangina in Morocco under alliance with Japanese group SBF.
• Somathes (Souiri, Caravane, Ménara tea brands) Tea company holding historic Moroccan tea brands (Souiri, Caravane, Ménara), ISO 9001 version 2015 certified, producing tea and aspiring to expand into biscuits, chocolate, confectionery, tomato and tuna preserves, cheeses, ice cream, and snacks.
• Dénia Holding (snacks and food ingredients) Producer of snacking products (chips and dried fruits) and ingredients for the agro-food industry (dried fruits and vegetables, spices, aromatic herbs), distributed in bulk or packaged under the Dénia brand domestically and internationally.
• Dénia Ivoire (cashew processing) Industrial cashew processing unit near Abidjan, Côte d'Ivoire, spanning 20,000 m² with 10,000 tonnes/year production capacity, with 100% export orientation.
• Juice & Nectar Partner (citrus processing) Industrial citrus transformation company producing juice concentrate, organic and conventional pure juice, and citrus essential oils for local and international industrial clients.
• Eau Technologie Environnement (FIFA Ste Luce mineral water, Benin) Natural mineral water company in Benin controlled by Les Eaux Minérales d'Oulmès, producing FIFA Ste Luce brand in various formats with exports to neighboring countries.
• Les Huiles d'Olives de la Méditerranée (olive oil) Olive oil producer with extensive olive groves in Morocco's Oriental region, producing extra virgin olive oils with integrated modern extraction facilities meeting international technological standards.
• Scandimar (seafood processing) Specialized in seafood transformation including salmon smoking, fish emulsion production, fish-based ready meals, and canned products (tuna, sardine, mackerel) for professionals and individuals.
• Mass Céréales Al Maghreb (port terminal cereal handling) Concessionaire and operator of two grain unloading terminals at Casablanca and Jorf Lasfar ports, with significant handling and storage capacities for cereal imports.
• Yellowrock (grain import logistics) Logistics services company at Jorf Lasfar port related to grain import, simplifying the entire grain import logistics chain from price negotiation to final customer delivery, including transport, unloading, and storage.
• Air Arabia Maroc Low-cost airline based in Casablanca offering affordable air travel with extensive European destinations from multiple Moroccan cities.
• Sixt Maroc (vehicle rental) Vehicle rental company holding the SIXT franchise in Morocco since 1989, present in over 115 countries, offering short, medium, and long-term vehicle rentals for individuals and professionals with a network covering major Moroccan cities and airports.
• Défi Courses (direct marketing) Company originally specialized in personalized mail carrying and flyer distribution, having developed a comprehensive direct marketing and street marketing offering.
• Cap Tingis (real estate development, Tangier) Urban and architectural project with an exceptional location in Tangier's bay, offering mixed-use real estate development for primary and secondary residences in a space where nature is privileged.
• Manazil Développement (mid-market real estate) Intermediate real estate label of the Group, developing ambitious real estate projects across Morocco to offer pleasant and sustainable living environments for the widest number of Moroccans.
• Peacock Investments (real estate, Senegal) Real estate company with operations in Senegal, launching its first project (Cité des Fonctionnaires) in 2013 involving construction of 2,850 economic villas on 72 hectares in the Dakar region.
• BMCI (Banque Marocaine du Commerce et des Investissements) Moroccan bank in which Holmarcom Finance Company (HFC) agreed to acquire BNP Paribas' 67% controlling stake in April 2026, with closing expected Q4 2026 pending regulatory approval. Holmarcom will continue developing the bank in Morocco under the same name.

Quantifiable outcome

• 265 bank branches serving customers across Morocco
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Nine partnerships are on record, tiered core, minor and major.

• BNP ParibascoreStrategic or Co-development Partner · 29 April 2026BNP Paribas agreed to sell its 67% controlling stake in BMCI (Banque Marocaine pour le Commerce et l'Industrie) to Holmarcom Finance Company (HFC). Transaction expected to close Q4 2026 pending regulatory approvals. BNP Paribas will maintain investment banking activities in Morocco through commercial partnership with HFC.
• Crédit Agricole S.A.coreStrategic or Co-development Partner · 7 June 2024Holmarcom completed acquisition of Credit Agricole's entire stake in Crédit du Maroc, increasing ownership to 78.7%. This strategic acquisition followed initial investments and regulatory approvals, providing complete autonomy for Crédit du Maroc and enabling deployment of innovation and digitalization strategy.
• Kamu GroupminorStrategic or Co-development Partner · 25 May 2021Partnership involving Kamu Group and Maisha Microfinance Bank for Holmarcom's acquisition of 51% stake in Monarch Insurance Company Kenya, subject to regulatory approvals.
• Maisha Microfinance BankminorStrategic or Co-development Partner · 25 May 2021Partnership involving Kamu Group and Maisha Microfinance Bank for Holmarcom's acquisition of 51% stake in Monarch Insurance Company Kenya.
• SB PalmercoreStrategic or Co-development PartnerAlliance with Japanese group SBF for production and distribution of Orangina brand portfolio in Morocco, alongside Les Eaux Minérales d'Oulmès' own brands (Sidi Ali, Oulmès, Bahia, Aïn Atlas).
• Air ArabiacoreStrategic or Co-development PartnerAir Arabia Maroc created in 2009 in collaboration with Air Arabia (first low-cost carrier in Middle East and North Africa). Based in Casablanca, offers low-cost air travel to multiple European destinations from Moroccan cities.
• SIXTmajorChannel Partner/ Reseller/ DistributorFrance Car SARL operates SIXT franchise in Morocco, providing vehicle rental services under the global SIXT brand present in over 115 countries. Holmarcom acquiring 100% of France Car to expand in vehicle rental industry.
• AtlantaSanad AssurancecoreStrategic or Co-development PartnerResult of fusion between two Holmarcom insurance companies, AtlantaSanad Assurance ranks 2nd in Moroccan Non-Life insurance market. Listed on Casablanca Stock Exchange.
• Credit du MaroccoreStrategic or Co-development PartnerUniversal bank with 265 branches and 2,400 employees. Holmarcom holds 78.7% stake. Offers full range of services including Arreda Islamic banking window.

Scale indicators13 records

Recent moves11 records

Expansion highlights7 records

Direct peers

• Al Mada (formerly Société Nationale d'Investissement): Moroccan state-linked diversified conglomerate holding major stakes in Moroccan finance (Attijariwafa Bank), distribution, and real estate. Most directly comparable to Holmarcom as a Moroccan holding company with cross-sector financial and industrial exposure.
• Groupe Ynna Holding: Moroccan family-owned diversified conglomerate active in real estate development, construction materials, agribusiness, and services. Comparable to Holmarcom as a Moroccan family-controlled multi-sector holding of similar scale.
• Akwa Group: Moroccan diversified conglomerate founded by the Akhannouch family, with core businesses in petroleum distribution (Afriquia), telecommunications, and real estate. Closely comparable to Holmarcom's Moroccan family-controlled, multi-sector business profile.
• Wafa Assurance: Leading Moroccan multi-line insurer affiliated with Attijariwafa Bank, covering life, non-life, and Takaful products. Direct competitor to Holmarcom's AtlantaSanad Assurance (#2 in non-life) and Takafulia Assurances.
• Saham Group / Sanlam Maroc: Pan-African insurance group (now part of Sanlam) with major Moroccan presence in non-life, life, and assistance services. Directly competes with Holmarcom's AtlantaSanad in Moroccan insurance and shares pan-African ambitions.

Broad incumbents

• Attijariwafa Bank: Largest banking group in Morocco with pan-African presence across retail, corporate, and investment banking. Broader incumbent that competes directly with Holmarcom's Crédit du Maroc at a much larger national and continental scale.
• Bank of Africa (BMCE Group): Major Moroccan banking group with broad African network and universal banking offering. Larger incumbent competing with Holmarcom's Crédit du Maroc and a likely competitor in the post-BMCI consolidation landscape.
• Managem Group: Moroccan mining and precious metals conglomerate listed on the Casablanca Stock Exchange with multi-country African operations. Comparable as another Moroccan diversified holding with international African footprint, though concentrated in extractives.
• OCP Group: Moroccan state-owned phosphate and fertilizers giant, one of the country's largest conglomerates by revenue and exports. Comparable as a major Moroccan diversified industrial player, though more concentrated in chemicals and far larger than Holmarcom.

Regional players

• Compagnie Générale Immobilière (CGI): Major Moroccan real estate developer with nationwide residential and commercial projects. Comparable to Holmarcom's Cap Tingis and Manazil Développement real estate operations as a Moroccan property developer of similar regional scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/holmarcom

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries24 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Holmarcom