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23 November 2007 - Gide Loyrette Nouel Casablanca advised Groupe Banques Populaires du Maroc in connection with a partnership with Société Générale in the banking-insurance sector:
Gide Loyrette Nouel Casablanca advised Groupe Banques Populaires du Maroc, Morocco's leading banking network, in connection with the acquisition of 43.5% of the share capital and voting rights in insurance company, La Marocaine Vie with the view to establishing a strategic bancassurance partnership with the Société Générale Group within the life insurance sector.
This project is structured in four phases, all are subject to regulatory approval:
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the acquisition by the Groupe Banques Populaires of 50% of the shares in La Marocaine Vie which are currently held by the Société Générale Group; |
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establishment of a system of corporate governance of equal representation and balance for La Marocaine Vie; |
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exclusive distribution capacity by the Groupe Banques Populaires network of La Marocaine Vie life assurance products. These products will be specially designed to cover the requirements of the clients of the Banques Populaires Group network. |
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maintaining a commercial partnership between Société Générale Marocaine de Banques and La Marocaine Vie; |
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The Gide Loyrette Nouel legal team advising Groupe Banques Populaires on this transaction comprised Hicham Naciri, partner, and Julien David, senior associate.
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