Moroccan holding company Holmarcom has acquired a controlling stake in BMCI (Banque Marocaine pour le Commerce et l'Industrie), a subsidiary of French banking group BNP Paribas. The acquisition, announced in early 2025, involves the purchase of BNP Paribas' 66.7% stake in BMCI for an undisclosed amount.
Holmarcom plans to merge BMCI with its existing banking subsidiary, Crédit du Maroc, which it acquired in 2023 from French bank Crédit Agricole. The merger is expected to create the fifth-largest banking group in Morocco by assets, with a combined network of over 400 branches and a significant market share in retail and corporate banking.
The transaction is subject to regulatory approvals from Moroccan authorities, including the central bank (Bank Al-Maghrib) and the competition council. Holmarcom has stated that the merger will strengthen its position in the Moroccan financial sector and enhance its ability to compete with larger banks such as Attijariwafa Bank and Groupe Banque Populaire.
BNP Paribas' exit from Morocco is part of a broader strategy to refocus on core European markets. The French bank had been present in Morocco since 1911 and had gradually reduced its stake in BMCI over the past decade.
