Firms To Watch: Banking, finance and capital markets

Banking, finance and capital markets in Morocco

Ashurst

Ashurst has launched its new office in Casablanca, bolstered by the arrival of new managing partner Ouns Lemseffer.

Concordial

Newly founded Concordial is strengthened by the arrival of managing partner Fabrice Armand.

A&O Shearman

A&O Shearman provides a comprehensive banking and finance offering, frequently advising international and regional banks on a wide array of activities in Morocco, including secured and unsecured corporate and syndicated loans, receivables financing, project and ECA-backed financing. Managing partner of the Casablanca office, Hicham Naciri provides extensive expertise in project finance, regulatory and foreign investment matters. With over two and a half decades of experience, Yassir Ghorbal is noted for capital market transactions, while Antoine Haddad has a particular focus on the development and financing of projects in the energy, infrastructure, oil and gas sectors.

Responsables de la pratique:

Hicham Naciri; Yassir Ghorbal; Antoine Haddad


Principaux clients

Holmarcom


CMGP Group


Akdital


OCP Group


Veolia


TGCC


Principaux dossiers


ASAFO & CO. MOROCCO Sarl

ASAFO & CO. MOROCCO Sarl is equipped to handle bank lending and structured financing work for borrowers, investment funds, lenders and sponsors. Frequently assisting with acquisition, project and asset finance, as well as corporate lending. The team has a particular specialism in fund structuring, operating at all stages of the investment cycle. Managing partner Patrick Larrive spearheads the practice with over two and a half decades of experience acting for financial institutions, private companies, public sector bodies and investors. Louis Dubois provides expertise in public finance and private finance initiative matters.

Responsables de la pratique:

Patrick Larrivé


Autres avocats clés:

Louis Dubois


Principaux clients

Norfund


Attijariwafa bank


Beltone Capital


Kasada Capital Management


Mediterrania Capital Partners


Africinvest


Valoris Capital


BMCE Capital Investments


Upline Investments


Atlas Capital Private Equity


Capital Trust Invest


Atlamed Capital


Principaux dossiers


  • Advising Norfund on its second investment in CrossBoundary Energy, doubling its commitment to $80 million. The additional $40 million investment marks Norfund’s second major commitment to CrossBoundary Energy and expands its African C&I energy portfolio, reinforcing its dedication to accelerating.
  • Advising a pool of commercial and institutional lenders in the context of the setting up of a bank financing intended to totally finance the acquisition of CR2 Limited.

Clifford Chance

Clifford Chance has a longstanding reputation for advising on complex banking, finance and capital markets transactions, with expertise extending to Islamic finance contracts. The firm’s well-established client base includes international and African banks, private equity sponsors and major corporations. Other practice strengths include acting for lenders, investors and governments on the restructuring of financial indebtedness and equity investments. Managing partner Mustapha Mourahib has a particular focus on project finance transactions in the energy, infrastructure, oil, gas and mining sectors, as well as expertise in large-scale M&A, private equity and PPP. Meriem Komiha recently assisted on a renewable energy financing project for the construction, operation and maintenance of a gas power plant.

Responsables de la pratique:

Mustapha Mourahib


Autres avocats clés:

Meriem Komiha


Les références

‘The team’s responsiveness’

‘Knowledge of the sector.  Available with great people.’

‘Mustapha Mourahib stands out.’

Principaux clients

A.P. Møller Capital


Bank of Africa


Attijariwafa bank


Vantage Capital


Ciments de l’Atlas


European Bank for Reconstruction and Development


OCP Group


 


Principaux dossiers


  • Advised Attijariwafa Bank, Banque Centrale Populaire and Bank of Africa on the financing of a wind farm in Dakhla with a total capacity of 360MW developed by Green of Africa.
  • Advising a consortium formed by TE H2, A.P. Moller and Copenhagen Infrastructure Energy Transition Fund in connection with the development of a green hydrogen project in Africa.
  • Advised the West African Development Bank on its US$500 million sustainable hybrid bond issuance with an interest rate of 8.200% maturing in 2055. This successful bond issue by BOAD is its first public hybrid bond issuance. The net proceeds of the issuance will be used to finance or refinance eligible green and social projects.

Gide Loyrette Nouel

Gide Loyrette Nouel handles a full scope of financial transactions, with a particular focus on structured finance matters, including project finance, securitisation, and bond issuances. Frequently acting for institutional finance bodies as well as local and international banks, assisting with complex financing in the infrastructure, energy and water sectors, Wacef Bentaibi spearheads the project and financing practice with expertise advising state-owned enterprises, sponsors and lenders on structuring, drafting and negotiating high-profile project financing transactions. Mounia Larhrissi provides structured finance expertise, including structuring, drafting and negotiating, as well as restructuring complex debt transactions ofall types.

Responsables de la pratique:

Wacef Bentaibi


Autres avocats clés:

Mounia Larhrissi


Les références

‘Gide in Casablanca has a strong team, a unique network, a good knowledge of the energy sector. They had been active on important transactions, which gives them precedent and reliable advice.’

‘The team was highly client-centric, dynamic and responsive. They were quick to present risks and mitigants from a sponsor’s perspective while pushing the other side to accept more reasonable conditions.’

‘Wacef Bentaibi is extremely knowledgeable about the Moroccan energy sector and a great lawyer and partner.’

Principaux clients

African Development Bank


Société Rabat Région Mobilité


Afrigreen Debt Impact Fund SLP


Global Port Holding; Ocean Management Infrastructure; Steya


KD Holding


Societe General De Travaux Du Maroc


European Investment Bank


Banque Centrale Populaire


Crédit Agricole S.A.


CFG Bank


Société d’Aménagement du Littoral de Nouakchott SA


Salam Invest


Qair Energy


Old Mutual Finance


Global Port Holding; Ocean Management Infrastructure


Novacim


Principaux dossiers


  • Advising Crédit Agricole on the financing of Holmarcom’s acquisition of 15% of the share capital and voting rights in Crédit du Maroc.
  • Advising the clients on a non-recourse financing granted to Aeolon for the construction of a wind turbine blade manufacturing facility in Morocco.
  • Assisting CFG Bank on a €21.1m non-recourse financing granted to Apexia Beachcomber Properties for the expansion of the Fairmont hotel in Marrakech.

Norton Rose Fulbright

Norton Rose Fulbright covers a full scope of matters from project financing, financial restructuring and corporate lending transactions, to equity and debt issues for Moroccan-listed companies. Alain Malek spearheads the team with over two decades of experience, frequently advising Moroccan and international corporations and financial institutions on their domestic or multijurisdictional deals across the banking, infrastructure and real estate sectors. Roberto Cristofolini has a particular focus on financial services, banking and asset management-related issues, as well as expertise in the field of financial and stock market regulation.

Responsables de la pratique:

Alain Malek


Autres avocats clés:

Robert Cristofolini


Principaux clients

BMCI


Attijariwafa bank


Saham Bank


Banque Centrale Populaire


Hightech Payment Systems (HPS°


Attijari Titrisation


Moroccan Ministry of Economy and Finance


Principaux dossiers


  • Advising BMCI, Attijariwafa Bank and Saham Bank in the context of the financing of the acquisition by Ciments du Maroc, a subsidiary of Heidelberg Materials, of a stake of 62.62% in Asment de Temara and a stake of 99.99% in Grabemaro.
  • Advising Hightech Payment Systems, with respect to the structuring of Equity Warrants issued to employees of the group inside and outside of Morocco.
  • Advising Attijari Titrisation in relation to the structuring and establishment of the third sub-fund in Invest Al Mouaddaf and the issue by the fund of the two classes of bonds.

Bakouchi & Habachi - HB Law Firm LLP

Bakouchi & Habachi - HB Law Firm LLP‘s well-established client base includes local and foreign international banks, investment funds and corporations spanning the energy, oil and gas, insurance and real estate sectors. The team is noted for its extensive experience in joint ventures, banking and project finance, as well as litigation and arbitration, frequently handling negotiating, drafting contracts and securities matters. The team is jointly led by Salima Bakouchi, well-versed in acquisitions, structured and project finance, and Kamal Habachi, experienced in advising investment funds on large-scale transactions.

Responsables de la pratique:

Salima Bakouchi; Kamal Habachi


Principaux clients

Attijariwafa Bank


Attijari Factoring


Bank of Africa


BMICE


Société Générale Marocaine des Banques


CFG Bank


International Islamic Trade Finance Corporation


Umnia Bank


Wafa Takaful


AXA Takaful


Attijari Invest


Attijari Finance Corp


CDG Capital


CDG Invest Private Equity


CDG Invest Growth


CDG Invest Infrastructure


FINEA


Attijari Factoring


Wafasalaf


Wafabail


Wafa Immobilier


Atlanta Sanad


AXA Assistance


AXA Assurance


Wafa Assurance


Wafa Imma


Marocaine Vie


Abengoa Group


Atlas Nord Hydrocarbures


TotalEnergies Marketing Maroc


Al Omrane Group


Emaar Group


Compagnie Générale Immobilière


Marsa Maroc Group


Tuyauto S.A.


Principaux dossiers


  • Assisting Tuyauto S.A., a recognised leader in car equipment supplying industry, in connection with securing financing €15m from by the European Bank for Reconstruction and Development to fund the construction of a green EDGE-certified production facility near Rabat.
  • Assisting Tanger Alliance during in the supplement agreement n°2 to the facilities agreement to make available to the borrower certain facilities upon the terms and conditions of this supplement agreement, consisting of the extension of a bank guarantee facility and the amendment of the securities agreements, such as pledges of shares, pledges of bank account balances, and agreements of the assignment of debt.

DLA Piper

DLA Piper is noted for its expertise in structuring and executing complex finance transactions for borrowers and lenders, as well as its particular specialism in assisting Moroccan and African banks on their regulatory requirements and transactions. Christophe Bachelet leads the team with over two decades of experience advising on private equity and corporate structuring in the energy, industrial and real estate sectors. Gaëlle Bouriau handles domestic and cross-border finance transactions, with a focus on acquisition, project and corporate finance transactions, while Laëtitia Badjoko advises on BOTH regulatory and transactional matters. Fabrice Armand has left the firm.

Responsables de la pratique:

Christophe Bachelet


Autres avocats clés:

Gaëlle Bouriau; Laëtitia Badjoko


Principaux clients

SPE CAPITAL


CDG DEVELOPPEMENT


AMETHIS


Standard Chartered Bank, UAE


CFG Bank


Principaux dossiers


  • Advising SPE Capital in connection with the financing of the acquisition of Syrselux, a leading African payment industry player.
  • Advising Standard Chartered Bank, a foreign credit institution, in the implementation of a representative office in Morocco.

Mokhtari & Brahma Avocats

Mokhtari & Brahma Avocats‘ well-established client base includes borrowers, financial institutions, funds and governmental bodies. The team advises on a wide range of transactions, including Islamic and project finance, as well as bank lending and security matters. Other practice strengths include loan agreements in the renewable energy sector. Founding partner Ghalia Mokhtari specialises in banking, finance and projects in the energy infrastructure and real estate sector, with extensive experience advising across a wide array of transactional and regulatory matters.

Responsables de la pratique:

Ghalia Mokhtari


Les références

‘ Good knowledge of the energy sector.’

‘Team is available, attentive, highly professional and committed to fulfilling their obligations.’

 

Principaux clients

Attijariwafa bank


European Bank for Reconstruction and Development


Bank of Africa S.A.


Casablanca-Settat Développement


Banque Centrale Populaire


Principaux dossiers


  • Acted for Attijariwafa bank in relation to two complementary loan agreements signed with a consortium of Moroccan financial institutions as part of the financing of a major copper and silver mining project in the Irhrem region of Morocco.
  • Advised the EBRD in relation to loan agreements with various other financial institutions to support climate action and the green economy transition in Morocco.
  • Advised the EBRD in connection with a cross-border senior loan with a deal value equivalent to €50m, with the financing aiming to enhance the borrower’s capacity to support Morocco’s agricultural sector and promote green investments in rural areas.

UGGC Africa

UGGC Africa covers the full scope of banking and finance law, frequently acting for Moroccan and international banks, credit establishments and companies. The team’s capabilities include project financing, construction and operation of complex industrial plants, debt restructuring and financing, securitization, as well as assisting industrial companies with debt securities issues. With over two decades of experience, managing partner Ali Bougrine frequently handles cross-border transactions, providing expertise in acquisition, asset and project finance, as well as debt capital markets work.

Responsables de la pratique:

Ali Bougrine


Autres avocats clés:

Fabien Gagnerot; Rim Tazi


Les références

‘UGGC Africa’s team is brilliant, always responsive, proactive, and efficient, ensuring that urgent matters are handled swiftly without compromising on quality.’

‘UGGC Africa has built a truly impressive team, combining local expertise with international experience. The team combines deep local knowledge with international expertise, making them an invaluable partner. The team is always responsive, proactive and efficient, even in the most complex matters. ’

‘Proactive team and always anticipating needs, preventing issues before they happen, and driving ideas forward with initiative and foresight.’

Principaux clients

Holcim Group


Systra Group


Centre Monétique Interbancaire


Matis Aeropsace


Induver


ADNA

ADNA acts for national and international corporates, financial institutions and government bodies with regulatory frameworks for investments in Francophone Africa across all stages of transactions. Spearheading the team is Safia Fassi-Fihri, who provides expertise in project, debt financing and joint ventures for private equity funds and multinational corporations. Ghita Bennis  has a particular specialism in financing transactions, advising on the structuring of transactions.

Responsables de la pratique:

Safia Fassi Fihri


Autres avocats clés:

Ghita Bennis


Principaux clients

IFC


Africa50


EBRD


Bank of Africa


BCP Banque Centrale Populaire


Attijariwafa Bank


Société Générale CIB


ICO Instituto de Crédito Oficial


Banco Cooperativo


Caixa Bank


Principaux dossiers


Dentons Morocco

Dentons Morocco advises domestic and international financial institutions, corporates and sovereign entities on a wide array of complex financing, capital markets and regulatory matters and is particularly active in the infrastructure, renewable energy and TMT sectors. Other practice strengths include project finance, structured equity and debt, as well as regulatory compliance. The practice is jointly led by Christophe Simonnet , who is well-versed in acquisition matters, while Mehdi Megzari advises banks, private equity funds and investors.

Responsables de la pratique:

Christophe Simonnet; Mehdi Megzari


Principaux clients

Marsa Maroc


European Bank for Reconstruction and Development


Société Générale


Aya Gold & Silver Inc.


Principaux dossiers


  • Assisted Marsa Maroc on securing MAD 690m in financing from the European Bank for Reconstruction and Development, the lender.
  • Assisted the European Bank for Reconstruction and Development in providing a €200m loan to OCP Group. A leader in plant nutrition solutions and phosphate-based fertilisers.

Fraikech Associés

Fraikech Associés is equipped to handle cross-border transactions for its well-established client base consisting of foreign, Moroccan and investment banks. The firm frequently acts on loans and bond issuance transactions, including reviewing loan agreements and enforceability of documentation involving banking and finance law, exchange regulation and security law. The practice is led by Oussama Fraikech, an English, French and Moroccan-qualified lawyer who combines transactional expertise with strong capabilities in financial services regulatory matters.

Responsables de la pratique:

Oussama Fraikech


Les références

‘Fraikech Associés is a go-to firm, very agile and flexible. Always coming up with new business ideas and solutions.’

‘Oussama Fraikech has a true business mind. He gets deals done!’

Principaux clients

Crédit du Maroc


Valoris Group


BMCE Capital Real Estate


Fondation Arrawaj


Unilever Maghreb


GIMAS


Finance in Motion


Soprima


Deutz


Oulalou and Choi


Herzog&DeMeuron


TLSContact


Principaux dossiers


  • Acted for Finance in Motion, a foreign finance company, on a transaction involving loans to Moroccan finance companies. This included reviewing loan agreements and promissory notes under Moroccan law and issuing legal opinions on the enforceability of the documentation, which required banking and finance law, exchange regulation and security law advice.
  • Acted for Valoris Group, an Investment bank, on transactions for the migration of properties to Organisme Collectif de Placement Immobilier and bond issues.
  • Acted for Valoris Group on bond issuance and placements.