ASAFO & CO. MOROCCO Sarl is a prominent player in the Moroccan and broader North African banking and finance arena. The firm has cultivated a robust reputation for its exceptional services, catering to an array of financial institutions and governmental entities. The team offers extensive expertise in acquisition finance, project finance, and asset finance, and is capable of adeptly serving both corporate borrowers and bank lenders. The Casablanca team is headed by founder and managing partner Patrick Larrivé, who excels in cross-border investment funds in both African and international jurisdictions. Louis Dubois is another name to note; Dubois has recently acted on several financing works for banks and energy infrastructure sector clients.
Banking, finance and capital markets in Morocco
ASAFO & CO. MOROCCO Sarl
Responsables de la pratique:
Patrick Larrivé
Autres avocats clés:
Louis Dubois
Principaux clients
Norfund / IFU
Development Partners International (DPI)
Government of the Côte d’Ivoire
Upline Corporate Finance
The West African Development Bank (BOAD)
Banque Atlantique CI
EDFIMC NV
Coris Group
AFIG Funds
Principaux dossiers
- Advising the lenders in the financing of a first-of-its-kind photovoltaic power plant in the Ivory Coast.
- Advised the pan-African banking group, Coris, in the context of the acquisition of the Société Générale’s subsidiaries in Mauritania and Chad, which marks Coris’s entry into Central Africa and Mauritania.
Clifford Chance
Clifford Chance's Morocco offering spans the full range of banking, finance, and capital markets matters. The firm has a strong focus on project finance, especially in the areas of energy and infrastructure. The practice is led by Mustapha Mourahib and Ouns Lemseffer. Mourahib is an expert in advising borrowers and sponsors on financing large-scale facilities across the region. Lemseffer recently advised large government-owned corporations on project financing concerning large renewable energy facilities. Additionally, Meriem Komiha often supports Lemseffer on large-scale financings for renewable energy facilities in Morocco.
Responsables de la pratique:
Mustapha Mourahib; Ouns Lemseffer
Autres avocats clés:
Meriem Komiha
Les références
‘Ouns Lemseffer was an exceptional partner. She was skilled at handling challenging negotiations among stakeholders and finding common ground for agreement between partners. She made herself available to ensure that the projects progressed smoothly despite our tight schedule.’
‘I worked a lot with Ouns Lemseffer. It was a pleasure to deal with a lawyer with a finance background that understands exactly the consequences of every clause of a financing contract.’
‘The team is very experienced in the energy sector and has advised several companies in the sector within the African continent.’
Principaux clients
Ciments de l’Atlas
European Bank for Reconstruction & Development (EBRD)
Moroccan Agency for Sustainable Energy (MASEN)
Enel Green Power Morocco
Attijariwafa Bank
Banque Centrale Populaire
Bank of Africa
BNP Paribas and CACIB
Atlantic Business International
Siemens Energy
JIBC
NEXI
SMBC
MUFG
Bank of Africa
JORF FERTILIZERS COMPANY III S.A.
OCP
Nareva Holding SA
Enel Green Power
Principaux dossiers
- Advising CIMAF/CIMAT as the borrower and sponsor in respect of the facilities to be provided by IFC, Proparco, and EAIF in order for the borrowers to expand the existing cement grinding facilities in Ghana and Mali as well as build a new state-of-the-art integrated cement plant in Senegal.
- Advising the European Bank for Reconstruction and Development (EBRD) on an unsecured loan of up to €40 million to the Moroccan National Ports Agency (Agence Nationale des Ports), to finance a package of construction and improvement works to improve the climate resilience of selected Moroccan ports.
- Advising the Moroccan Agency for Sustainable Energy (MASEN) as sponsor and off-taker in the framework of Koudia Al Baïda Wind Farm repowering project in Morocco to increase its capacity from 50 MW to 100 MW.
Norton Rose Fulbright
Norton Rose Fulbright is a market leader in operations, project financing, financial restructuring, and corporate lending transactions. Alain Malek leads the Morocco and North African practice. Malek is a seasoned practitioner with a strong track record handling cross-border transactions across Europe, Africa, and the Middle East, with particular expertise in the insurance, energy, and telecoms sectors. Additionally, Roberto Cristofolini specialises in banking and stock exchange law in Morocco and France and recently advised the Ministry of Economy and Finance of Morocco on the private equity funds adopted by the Council of Government.
Responsables de la pratique:
Alain Malek
Autres avocats clés:
Roberto Cristofolini
Principaux clients
HPS
Moroccan Ministry of Economy and Finance
Banque Marocaine pour le Commerce et l’Industrie
Banque centrale Populaire
Société de Dessalement d’Eau d’Agadir (SEDA)
Principaux dossiers
- Advising Hightech Payment Systems (HPS) with respect to an increase in capital reserved to managers and employees of the group, via the subscription of stock options.
- Acted with the World Bank Group (acting under its Joint Capital Markets Program – J-CAP) to advise the Ministry of Economy and Finance of Morocco on bill n°58-22 amending and supplementing law n°41-05 on private equity funds (OPCCs), adopted by the Council of Government on 8 March 2023.
- Advised Banque Centrale Populaire (BCP) and Banque Marocaine pour le Commerce et l’Industrie (BMCI) on the financing of the acquisition by Helios of a majority stake in the T2S Medtech group.
DLA Piper
DLA Piper has a strong client list of international banks and investment funds, including the World Bank. The firm provides strong support with debt capital markets, derivatives, and financings. Leading the firm is Fabrice Armand, an expert in debt capital markets, derivatives, and alternative investment funds. Armand has recently worked on international investments into the Moroccan energy sector, and international financings and acquisitions of African insurance groups. Armand is supported by associate Gaëlle Bouriau in several significant cases.
Responsables de la pratique:
Fabrice Armand
Autres avocats clés:
Gaëlle Bouriau
Les références
‘The team takes the time to understand the needs of its clients to deliver quality and commercially minded advice.’
Principaux clients
South Grid International
Amethis Fund
Diot Siaci
British International Investment plc
Danish Sustainable Development Goals Investment Funds K/S
Institut Superieur Ingenierie et des affaires privé ISGA
Komatsu Financial Europe NV
World Bank
Principaux dossiers
- Advising French insurance brokerage and consulting group Diot Siaci in the context of a EUR 27 million financing to be granted by the Bank of Africa (Morocco) to acquire an African insurance group.
- Advising Amethis in the context of a EUR 27 million financing to be granted by the Bank of Africa (Morocco) to acquire an African insurance group.
- Assisting in Moroccan law concerning a financing to fund the capital expenditure of Borrower’s subsidiaries in recycling facility in several jurisdictions including Morocco.
EAR & Co
EAR & Co has a strong track record of successfully managing significant financing transactions, as well as advising on restructurings, regulatory banking issues, securitisations, and general financings. The experienced team is co-led by Mohieddine El Amari, who recently advised the European Investment Bank concerning financial documentation and issuances. Working alongside him is co-head Mariam Rouissi, a specialist in financial regulation. Rouissi has recently advised banks on securitisations and loan agreements.
Responsables de la pratique:
Mariam Rouissi; Mohieddine El Amari
Principaux clients
Banque Centrale Populaire (Bcp) Et Societe Generale Marocaine De Banques (Sgmb)
pme Croissance
Maghreb Titrisation
onee
Idou Holding
Attijariwafa Bank
European Investment Bank
Attijari Wafa Bank
Banque Centrale Populaire
Bank of Africa
BMCI
Crédit du Maroc
Société Générale
Maghreb Steel
BNP Paribas
Principaux dossiers
Gide Loyrette Nouel
GIDE LOYRETTE NOUEL covers the entire spectrum of banking and finance transactions. Wacef Bentaibi spearheads the Casablanca office, advising state-owned enterprises, sponsors, and lenders on structuring, drafting, and negotiating for finance transactions. Bentaibi also regularly advises large banks and infrastructure developers on project-related joint ventures and international tenders. Bentaibi is supported by Mounia Larhrissi on the firm’s most significant matters, including advising the European Investment Bank on emerging legislation concerning financings that had been granted to Moroccan public institutions and companies.
Responsables de la pratique:
Wacef Bentaibi
Autres avocats clés:
Mounia Larhrissi
Les références
‘Wacef Bentaibi is a very kind person who is always here when needed. The availability of that partner is exceptional, and his commitment is exceptional.’
‘The team is always available and helpful.’
Principaux clients
Banque Centrale Populaire
Nareva Holding
Suez International
Tanger Med Utilities
Itochu Corporation
Crédit Agricole S.A.
European Investment Bank
TEKCIM SA (NOVACIM)
Citibank
Natixis
Société Générale
Principaux dossiers
- Acted as lead legal counsel for the consortium composed of Suez International, Nareva Holding, Itochu Corporation, and CIMR in relation to the Casablanca desalination project. The Project consists of the design, financing, realisation, and long-term operation of the facility with a total production capacity of 300 Million cubic meters per year.
- Assisting the lenders in the refinancing of existing intra-group indebtedness of Jorf Fertilizer Company III, a 50/50 joint-venture company indirectly owned and controlled by OCP S.A. and Koch AG & Energy Solutions.
UGGC Africa
UGGC Africa’s banking and finance team is a trusted partner to Moroccan and foreign credit establishments, alongside extensive involvement in project finance, restructurings, and securitisations. Ali Bougrine, the firm’s managing partner, specialises in banking and finance as well as corporate and M&A work. Bougrine recently led a joint venture matter between an aeronautical electrical systems manufacturer and Boeing, leveraging his cross-disciplinary experience to advise on both funding aspects regarding banks as well as corporate matters regarding the organisation of the board. Laurent Sablé is well versed in advising clients in high value transactions and conducting relevant negotiations with Moroccan authorities.
Responsables de la pratique:
Ali Bougrine
Autres avocats clés:
Laurent Sablé
Principaux clients
Centre Monétique Interbancaire (CMI)
LafargeHolcim
Systra Group
Matis Aeropsace
Mirova
Principaux dossiers
ADNA
As a member of the Africa Legal Network, the ADNA banking and finance team often conducts cross-border transactions across the continent, with recent examples including advising on matters in Ethiopia, Lebanon, and Egypt. Safia Fassi-Fihri heads the practice with her strong expertise in credit financing, often acting for both lenders and borrowers on large multijurisdictional transactions between Africa and Europe.
Principaux clients
Abn Amro Bank N.V
Cooperatieve Rabobak U.A
Ing Bank N.V
Abn Amro Asset Based Finance N.V
Rabo factoring B.V
Ing commercial finance B.V.
Proparco
Office National des Aéroports (ONDA)
European Bank for Reconstruction and Development (EBRD)
Allianz
International Finance Corporation
Principaux dossiers
- Advised IFC in relation to the 50,000,000 USD financing in Crédit du Maroc.
- Advised Abn Amro Bank N.V, Cooperatieve Rabobak U.A, Ing Bank N.V, Abn Amro Asset Based Finance N.V, Rabo factoring B.V, Ing commercial finance B.V.as lenders in relation to a loan to Klaas Puul.
- Advised PROPARCO, as lender, in connection with a EUR 65,000,000 secured and real estate credit facility granted to MISSION LAIQUE FRANCAISE, a French non-profit association recognized as a public utility, heads a network of 112 French educational establishments abroad with over 60,000 students in 39 countries.
Afrique Advisors
Afrique Advisors offers a wide range of specialised services, including financial regulations, compliance, corporate finance, and project finance. The firm is experienced in working on high value financings and conducting financial due diligence. The practice is headed by Laila Slassi, a specialist in tax structuring of high value cross-border transactions, particularly concerning leverage buyouts.
Responsables de la pratique:
Laila Slassi
Principaux dossiers
Bakouchi & Habachi - HB Law Firm LLP
Bakouchi & Habachi - HB Law Firm LLP's team provides banking and capital markets advice to banks, private equity, and insurance clients in Morocco. The practice is jointly led by Salima Bakouchi, who frequently advises on bond loans and financing projects, and Kamal Habachi, who assists clients with the issuance of structured deposit certificates.
Responsables de la pratique:
Salima Bakouchi; Kamal Habachi
Les références
‘Well-structured, well-organized law firm with potential’
Principaux dossiers
Fraikech Associés
Fraikech Associés is a trusted partner of choice for major domestic banks and international investment banks, frequently advising on intricate transactions. Leading the practice is the ‘knowledgeable, experienced, and focused‘ Oussama Fraikech, a seasoned specialist in corporate and finance law, as well as exchange regulation and securities.
Responsables de la pratique:
Oussama Fraikech
Les références
‘Incredibly knowledgeable not only on the purely legal side, but also on the market. Fraikech focuses on what matters and provides excellent assessment of risks, which can be taken and which need to be taken seriously, which is of great importance.’
‘Oussama Fraikech is a 10/10 recommendation. Knowledgeable, experienced, and focused on what matters. Great advisor that gets deals done.’
Principaux dossiers
URITI
URITI is an independent law boutique that often acts for lenders, including large Moroccan banks, on financing works. The firm focuses on financing works on construction projects of various industrial infrastructure and real estate properties in Morocco. The practice is headed by Kenza Bounjou, who founded the firm and specialises in energy and infrastructure transactions.
Responsables de la pratique:
Kenza Bounjou
Autres avocats clés:
Zeyneb El Moualled
Les références
‘The URITI team was very available and professional in the area of project finance.’
‘Very good team.’
‘I recommend them for their knowledge in project finance.’
Principaux clients
Attijariwafa Bank
Banque Centrale Populaire
Principaux dossiers
- Advised Attijariwafa Bank on the financing of the construction and rehabilitation of the Hotel Lincoln, a five-star hotel located in Casablanca and to be operated under the brand Radisson Collection.
- Advised Attijariwafa Bank on the financing of the acquisition by Arena Capital of the shares held by Aevitas Property Partners, a real estate investment company, in Arena Property Development.
- Advised Attijariwafa Bank and Banque Centrale Populaire on the refinancing of the construction, operation, and maintenance of a five-star hotel under the brand of Hyatt Regency, belonging to Madaëf, a subsidiary of the CDG Group, in Taghazout, in Morocco.