Paris, 9 November 2007
LCL has joined forces with Morocco’s Crédit du Maroc to offer French residents a one-stop service for financing and buying a second home in that country.
LCL provides euro-denominated financing on terms and conditions equivalent to those for acquiring property in France. The funds for the purchase are transferred between accounts at LCL and Crédit du Maroc free of charge and without forex commissions.
Buyers can also take advantage of Crédit du Maroc’s personalised support service*, a comprehensive package that includes :
- putting the buyer in touch with a Crédit du Maroc agent at the place of purchase who recommends service providers (property developers, estate agents, notaries, tax advisers, etc.) that have signed a quality charter with the bank;
- organising on-site visits and help with administrative formalities;
- arranging an initial meeting with a tax advisor to explore the regulatory and tax aspects of the purchase;
- organising the signature of the deed before a notary and assisting the buyer with the related formalities.
Financing can also be obtained directly from Crédit du Maroc on the standard terms and conditions prevailing in Morocco. According to a March 2006 survey by Sofres for Notre Temps magazine, some 200,000 French people aged 50 and over are considering spending their retirement in Morocco.
*Crédit du Maroc charges 9000 dirham for this service, i.e. 800 euros (prices at 1 October 2007)
- About LCL Since joining the Crédit Agricole S.A. group in 2003, LCL has focused the business of its nationwide retail banking network on individual, professional and SME customers in France. LCL now has 6,000,000 customers, 2,000 branches and 24,000 employees.
- About Crédit du Maroc Crédit du Maroc is a universal bank and a subsidiary of the Crédit Agricole S.A. group. It is one of the most active retail banks in the Moroccan market, with 187 branches throughout the country. Its staff of 1,860 serve 600,000 individual, professional and SME customers.
