Banking, finance and capital markets in Morocco


Founded in September 2019, the young banking and finance team at ASAFO & CO. MOROCCO Sarl has already built a strong track record with banks, financial institutions and governmental bodies in Morocco and the larger North African market. The team is highly experienced in bank lending and structured finance for both borrowers and lenders, in addition to further transaction work surrounding corporate lending, acquisition finance, project finance and asset finance. Managing partner Patrick Larrivé focuses on project finance, M&A and private equity matters for domestic and international clients. He co-leads the team with Benoit De Monval who is experienced in handling significant financing transactions.

Practice head(s):

Patrick Larrivé; Benoit De Monval


‘Benoit de Monval is pragmatic, responsive and business-oriented. It’s a pleasure working with him.’

Key clients

Onomo Hotels

Casa Transport

Upline Corporate Finance


Banque Atlantique CI


Development Partners International

Work highlights

  • Advising Casa Transport in connection with the negotiation of a loan agreement for an amount of 190 million euros for the financing of the rolling stock of the lines 3 and 4 of the tramway of Casablanca.
  • Advising the pool of commercial and institutional lenders in the context of the setting up of a bank financing intended to partially finance the design and construction of a twenty-five megawatt peak (25 MWp) solar photovoltaic power plant connected to the interconnected electricity grid in Bingue-Bougou (Korhogo – Ivory Coast).
  • Advised Onomo Hotels, the largest African hotel group, in connection with a EUR 35 million loan provided by International Finance Corporation (IFC) for the development of its activities in Central Africa.

Clifford Chance

With a team comprised of international regulatory and transactional experts, Clifford Chance covers the full spectrum of banking, finance and capital market matters, including Islamic finance, acquisition finance and asset finance, frequently on a cross-border scale. Most notably, the team is a market leader in the field of project finance, particularly within the energy, mining and infrastructure sectors. Mustapha Mourahib is an expert in corporate finance and private equity deals, with significant experience in representing public, private and state-owned corporate clients in project finance matters. He is co-leader of the team alongside Ouns Lemseffer, a specialist in project finance matters within the energy and infrastructure sectors.

Practice head(s):

Mustapha Mourahib; Ouns Lemseffer

Other key lawyers:

Meriem Komiha


‘Deep knowledge of project financing & renewable energy sector, deep understanding of IPP and PPP’

‘Ouns Lemseffer is leading a talented team of associates, she is a brilliant lawyer and very committed.’

Key clients

Banque Centrale Populaire

Attijariwafa Bank

Enel Green Power

Ciments de l’Atlas




Nareva Holding SA


JP Morgan

BNP Paribas



Vantage Mezzanine

Meridiam SAS

Work highlights

  • Advised on the financing by the banks (Banque Centrale Populaire and Attijariwafa Bank) acting as lenders of the acquisition by MAGHREB HOSPITALITY COMPANY SA (MHC) of the hotel assets held directly or indirectly by ONCF.
  • Advised Banque Centrale Populaire and Attijariwafa bank in relation to the framework of the financing of the Aftissat wind farm extension project with an additional capacity of 200 MW to be developed by the company Energie Eolienne du Maroc S.A.
  • Advised Nareva Holding and Enel Green Power Morocco (the Sponsors) in relation to the financing of the 270 MW wind farm located in Jbel Lahdid in Morocco in the context of the 850 MW Wind Independent Power Project.

Naciri & Associés Allen & Overy

The banking and finance team at Naciri & Associés Allen & Overy supports a variety of local and international banks and borrowers on the full range of banking and finance matters, throughout Morocco and the wider MENA region. In particular, the team is heavily involved in corporate and syndicated loans, receivables financings, project finance and ECA-backed financings. Managing partner Hicham Naciri has extensive experience in project finance, structured finance and foreign investment. Meanwhile, Yassir Ghorbal focuses on project finance and capital markets, and Antoine Haddad is experienced in advising on finance transactions within the energy and infrastructure sectors.

Practice head(s):

Hicham Naciri; Yassir Ghorbal; Antoine Haddad

Key clients

OCP Group

Banque Marocaine pour le Commerce et l’Industrie (BMCI)


Royale Marocaine d’Assurances (RMA)


Veolia Environnement

Work highlights

  • Advised OCP Group in relation with a bond issue on the international markets for a total amount of USD1.5 billion.
  • Advised TGCC on its IPO on the Casablanca Stock Exchange for a global amount of MAD600million (more than USD60m).
  • Advised Veolia in relation to its MTO on Suez Morocco assets (Lydec) and delisting from the Moroccan stock exchange.

Norton Rose Fulbright

Norton Rose Fulbright advises a number of significant corporates, financial institutions and state entities on a broad range of banking and finance matters, including operations, project financing, financial restructuring and corporate lending transactions. In addition, the team is involved in equity and debt issues for major Moroccan companies. The firm’s global network significantly bolsters the team’s cross-border capabilities, giving them a considerable international presence. Alain Malek leads the team, with a history of handling cross-border transactions across Europe, Africa and the Middle East, especially within the insurance, energy and telecoms sectors.

Practice head(s):

Alain Malek

Other key lawyers:

Roberto Cristofolini

Key clients

Banque Centrale Populaire

Banque Marocaine pour le Commerce et l’Industrie

Attijariwafa bank

ACWA Power

Label’ Vie

Work highlights

  • Advising 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 group.

DLA Piper

The Casablanca branch of DLA Piper supports a range of banks and financial services companies, in Morocco and abroad, on their day-to-day operations, including on banking and commercial transactions, as well as regulation and compliance. Particular areas of focus for the team are debt capital markets, financial services, derivatives and financings. The team also has strong cross-border capabilities, with the support of the firm's expansive international network. The team is led by Fabrice Armand, who supports banks and major corporations on debt capital markets, derivatives and alternative investment funds.

Practice head(s):

Fabrice Armand

Key clients

Société Générale Marocaine de Banques – ECP Maroc, Eczacıbaşı Holding


EAR & Co

Formerly known as EAR & Co, EAR & Co has a strong track record for its handling of major financing transactions within the telecoms, energy, ports and infrastructure sectors on behalf of both lenders and borrowers. The firm has recently been developing its Islamic finance services, adding to their expertise specialisms in financing, restructuring and securitisation. Mohieddine El Amari is experienced in handling complex transactions on behalf of Moroccan and international banks, investors and state entities, meanwhile Mariam Rouissi is skilled in financial regulation, alternative financing and project finance.

Practice head(s):

Mariam Rouissi; Mohieddine El Amari


‘The teams are very accessible and can respond to you at any time of day or night. The teams were pleasant to work with and responded quickly to our questions, even the most technical ones. The customer experience was positive.’

‘We collaborated with Mohieddine El Amari and EAR & CO.’s team. They are considerate, quick to respond, proactive, knowledgeable, practical, and strategic.’

Key clients












The expertise of GIDE LOYRETTE NOUEL‘s banking and finance team encompasses all aspects of banking and finance transactions, including securitisation, bond issuance and hedging arrangements. A wide range of banks, financial institutions and borrowers instruct the firm on all types of structured financings, particularly project finance, assets and acquisition finance. In addition, the team advises a number of foreign banks on regulatory issues within Morocco. Wacef Bentaibi manages the Casablanca office, advising clients on complex financing transactions.

Practice head(s):

Wacef Bentaibi

Other key lawyers:

Mounia Larhissi

Key clients

Crédit Agricole S.A.

International Finance Corporation

MSC Group

European Investment Bank


Caixabank SA

CFG Bank


Joyson Auto Safety S.A.

Mori Hamada & Matsumoto acting on behalf of the Japan Bank for International Cooperation

EOS France

Bowmans on behalf of MoneyGram

Mediterranean Shipping Company

European Investment Bank (EIB)

ALD Automotive Maroc

Work highlights

  • Advising Crédit Agricole S.A. on all aspects of the sale to Holmarcom Finance Company S.A. of its majority stake in Crédit du Maroc (CDM) and in particular in structuring, drafting and negotiating the finance documents related to the financing of the acquisition of 15% of CDM’s shares.
  • Advised the International Finance Corporation in relation to a USD 35 million loan to the Region of Fes -Meknes for the financing of a regional rural road program and COVID – 19 related expenditures.
  • Assisted TEKCIM SA on the setting up, financing and development of a cement plant in El Jadida up to the financial close of the transaction which occurred in late November 2020 and now assisting the project company throughout the project development phase in its relationships with the lenders

UGGC Africa

The banking and finance team at UGGC Africa supports a range of domestic and international clients with their investment projects across Africa. In particular, the group provides support to Moroccan and foreign credit establishments on regulatory issues, while also being heavily involved in bank financing, project finance, restructuring and securitisations. Ali Bougrine acts as managing partner, specialising in corporate law and private equity. Elsewhere, Laurent Sablé advises clients in regard to financing transactions, corporate finance and securities issues.

Practice head(s):

Ali Bougrine

Other key lawyers:

Laurent Sablé

Key clients


Fipar Holdings

Pharmaceutical Institute


Systra SA and its African subsidiaries

Innothera group and its African subsidiaries

Centre Monétique Interbancaire (CMI)

Work highlights

  • Advised the shareholders of Pharmaceutical Institute (PHI) in its sale (100%) to Kelix Bio.
  • Advise Mirova, a subsidiary of the BPCE group and the management company of the Land Degradation Neutrality Fund (LDNF) investment fund.
  • Advised FIPAR Holding, a leading private equity company in Morocco (CDG Group), in the sale of part of its stake in the capital of TMPA.


With offices across Africa, ADNA is able to support an range of commercial banks, financial institutions and corporate entities in the global banking and finance market. Acquisition finance and project finance are key areas for the firm, alongside an expertise in structuring Islamic finance transactions. Key industry sectors for the firm are construction, consumer goods, energy and financial services. Safia Fassi-Fihri leads the team, with considerable experience in capital market transactions and regulatory matters.

Practice head(s):

Safia Fassi-Fihri


‘Reactivity, adaptation and rapid understanding of client need, rigour and constructive answers’

‘ADNA is a very good full service firm overall. We are very happy with their work.’

‘Safia Fassi Fihri, is one of the best lawyer in the market, and she is a very good banking and finance lawyer.’

Fraikech Associés

Fraikech Associés is known for its expertise in lending and capital market transactions, frequently working on behalf of a number of major domestic banks and international investment banks on sophisticated deals. Oussama Fraikech leads the team, specialising in corporate and finance law, as well as exchange regulation and securities.

Practice head(s):

Oussama Fraikech


With a strong track record in banking and finance transactions across the MENA region, Jeantet offers a considerable expertise in corporate transactions, real estate, tax, energy and infrastructure. In addition, the team is well equipped to handle Islamic finance matters and cross-border financings in MENA and Sub-Saharan Africa. Philippe Malléa leads the team, advising clients on large investment projects, particularly within the infrastructure sector.

Practice head(s):

Philippe Malléa