Sofac

Sofac, acronym for Société de financement d'achats à crédit, is a Moroccan credit establishment specialised in financing individuals, particularly consumer credit and automotive financing. Based in Casablanca, it is one of the historic players in Morocco's credit sector. Founded on 11 July 1947 under the name Sovac Maroc, the company was originally intended to support the country's industrialisation, notably in the automotive sector. Over more than 60 years of continuous activity, it has become a key player in the credit market. Today, Sofac operates in consumer credit, offering a diverse range of products including personal loans, classic car loans, lease with option to purchase (LOA), household equipment credit, loan refinancing, and debt consolidation. These offers are accompanied by insurance products to ensure long-term support. The company is committed to responsible lending, aiming to broaden access to credit while carefully assessing each application to prevent over-indebtedness. Sofac's shareholding has evolved significantly. In 2003, following a financial recovery plan, the Caisse de Dépôt et de Gestion (CDG) became the main shareholder with 75% of capital. In 2006, Barid Al Maghrib entered the capital with 35%. In December 2011, CIH Bank acquired 45.99% of Sofac's capital from CDG, becoming the majority shareholder with 46.21%, alongside Barid Al Maghrib (39.29%). By 2012, CIH Bank had acquired almost the entire free float, raising its stake to 59.84%. In February 2013, CIH Bank launched a mandatory public withdrawal offer, and Sofac was delisted on 10 July 2013. In June 2015, CIH Bank increased its capital by 85 million dirhams, bringing Sofac's capital to 165,952,100 MAD, with CIH holding 66.28%. In December 2016, CIH Bank and Barid Al Maghrib increased their capital by 100 million dirhams, raising their respective shares to 66.30% and 33.55%, and Sofac's capital to 193,200,000 MAD. Sofac positions itself as one of the most solid credit institutions on the Moroccan market, actively contributing to the economic and social development of the regions where it operates. It aims to be close to its customers, facilitating access to its financing solutions through a network across Morocco.

Sofac was founded on 11 July 1947 under the name Sovac Maroc, with the purpose of supporting the industrialisation of Morocco, particularly in the automotive sector. It is among the first financing companies in Morocco. In 1963, the State took control of the company. In 1973, the State disengaged from Sofac; the company was introduced on the Casablanca Stock Exchange and taken over by the Caisse de Dépôt et de Gestion (CDG), the Banque Marocaine du Commerce Extérieur (BMCE), the Moroccan company SOMACA, and the insurance company CNIA. In 2003, Sofac underwent a recapitalisation; following a financial recovery plan, CDG became the main shareholder with 75% of the capital. In 2006, Sofac and Barid Al Maghrib signed a memorandum of understanding, and the bank entered Sofac's capital with 35%. In December 2011, CIH Bank bought 45.99% of Sofac's capital held by CDG, becoming the majority shareholder with 46.21%, alongside Barid Al Maghrib which held 39.29% of the capital. The Société centrale de réassurance (SCR) and the Régime Collectif d'Allocation et de Retraite held 4.86% and 4.79% respectively. The free float on the stock exchange amounted to 4.85%. In 2012, CIH Bank acquired almost the entire free float on the stock exchange. Its share rose to 59.84%. The free float was reduced to 0.87%. In February 2013, CIH Bank launched a mandatory public withdrawal offer on Sofac securities. On 10 July 2013, Sofac delisted from the stock exchange. In June 2015, CIH Bank increased its capital by 85 million dirhams. Sofac's capital then rose to 165,952,100 MAD, of which 66.28% was held by CIH Bank. In December 2016, CIH Bank and Barid Al Maghrib increased their capital by 100 million dirhams. Their shares rose to 66.30% and 33.55% respectively. Since then, Sofac's capital has amounted to 193,200,000 MAD. Throughout its history, Sofac has evolved from an industrial financing entity to a consumer credit specialist, and remains a key player in the Moroccan credit market.

• Founded as Sovac Maroc to support industrialisation, particularly in the automotive sector.

• The State takes control of Sofac.

• The State disengages; Sofac is listed on the Casablanca Stock Exchange and taken over by CDG, BMCE, SOMACA, and CNIA.

• Recapitalisation; CDG becomes main shareholder with 75% of capital.

• Barid Al Maghrib enters the capital with 35% after signing a memorandum of understanding.

• CIH Bank buys 45.99% of capital from CDG, becoming majority shareholder with 46.21%.

• CIH Bank acquires almost the entire free float; its share rises to 59.84%.

• CIH Bank launches a mandatory public withdrawal offer on Sofac securities.

• Sofac delists from the Casablanca Stock Exchange.

• CIH Bank increases capital by 85 million dirhams; Sofac's capital reaches 165,952,100 MAD.

• CIH Bank and Barid Al Maghrib increase capital by 100 million dirhams; shares become 66.30% and 33.55%; capital reaches 193,200,000 MAD.

One of the most solid credit institutions on the Moroccan market, offering simple and flexible financing solutions with a commitment to responsible lending.

• Crédit personnel

  Personal loans for individuals.

• Crédit auto classique

  Classic car loans for vehicle purchases.

• Location avec option d'achat (LOA)

  Lease with option to purchase, a form of vehicle financing.

• Crédit équipement des ménages

  Credit for household equipment.

• Rachat de crédits

  Loan refinancing or repurchase.

• Regroupement de crédits

  Debt consolidation.

1. 1Crédit consommation | Sofacsofac.ma
2. 2Notre histoire - Sofacsofac.ma
3. 3A propos de SOFAC - Sofacsofac.ma
4. 4Sofac - Wikipediafr.wikipedia.org
5. 5Sofac - Wikidatawikidata.org