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Kiosk 360. With the future public financial pole, the State wants to harmonize and target its intervention. CAM, CIH Bank, ABB and CDG Capital should be combined in a single holding company.
The time for the government is to restructure the public portfolio. In today’s edition, The Economist announces that the State will equip itself with a public financial pole to “put order in the galaxy of companies and public establishments” which globally benefited, in 2020, from more than “36 billion dirhams for transfers of the general budget “, when only” a handful creates value “.
The newspaper maintains that the government will help the future agency for the management of strategic holdings for “the implementation of operations for restructuring EEPs that fall within its field of competence, such as the regrouping of public establishments, their transformation into public limited companies, mergers and splits “. The State thus intends “to enhance the economic and social efficiency of public establishments by correcting their structural dysfunctions and by guaranteeing optimal complementarity and coherence between their respective missions”. This has already happened in the audiovisual sector with the merger between SNRT, 2M and Medi1 TV.
The Economist is convinced that this operation should be followed by others, in particular a reconfiguration in the financial sector with the emergence of a public pole. He even speaks of “relatively advanced reflections”. In the meantime, the daily evokes “a grouping of Crédit Agricole Maroc, CIH Bank, Al Barid Bank and CDG Capital within the same holding company to harmonize and target the intervention of the State and to contribute more significantly to the financing of economical activities”. Concretely, this involves “exploiting complementarities, creating synergies between the various public banks and promoting the development of innovative offers”.
The Economist believes that, in this future pole, Crédit Agricole will bring its expertise in financing the agricultural world, CIH Bank in real estate and Al Barid Bank in low income banking, while “CDG Capital would bring its expertise in financing banking and investment “. The newspaper supports the possibility of integrating the Communal Equipment Fund (FEC) in the pole “. In this case,” the future public financial pole would weigh a total balance sheet of 319 billion dirhams (based on the accounts at the end of 2020 ), or the fourth player in the sector “.
Par Rachid Al Arbi