BNP Paribas, the Paris-based global banking group, has entered into exclusive discussions with Moroccan conglomerate Holmarcom over the potential sale of its controlling stake in Banque Marocaine pour le Commerce et l’Industrie (BMCI), marking a potentially significant shift in the ownership structure of one of Morocco’s major banks.
The French banking giant, which has held a 67% majority interest in BMCI for decades, confirmed on Friday that the negotiations are at a “preliminary stage,” with no binding agreement yet reached.
Both parties said they will provide further clarification if the talks culminate in a definitive transaction.
BMCI is a key player in Morocco’s financial sector, providing a range of commercial banking services to retail and corporate clients. The announcement has drawn attention from investors and analysts, as it could trigger far-reaching changes in the country’s banking landscape.
According to a statement from BNP Paribas, the discussions focus on a potential transfer of its 67% stake in BMCI to Holmarcom, a diversified Moroccan group that has been a shareholder in the bank for roughly 30 years.
Holmarcom confirmed in its own release that it is in “exclusive talks” with BNP Paribas concerning the acquisition. Under such an agreement, the Moroccan group’s shareholding in BMCI would rise well above its current minority position, potentially giving it full control of the lender.
If the transaction is concluded in 2026, BNP Paribas has indicated that it would moderately strengthen its capital position, with an estimated positive impact of approximately 15 basis points on its Common Equity Tier 1 (CET1) ratio, a key indicator of bank solvency and financial resilience.
Regulatory clearance will be essential before any sale can be finalized. Moroccan and international banking regulators are expected to scrutinize such a transaction closely, as it could have wide-ranging implications for market competition and financial stability. Holmarcom and BNP Paribas have not specified a timetable for regulatory filings or approvals.
The negotiations come amid broader structural changes in the Moroccan banking sector, which has seen increasing participation from domestic investors. A successful acquisition by Holmarcom would bolster the role of Moroccan capital in an industry long influenced by European banks.
BMCI traces its origins to the pre-independence era and has operated as a BNP Paribas affiliate for decades, serving as a bridge between French banking expertise and Morocco’s expanding financial markets.
Holmarcom itself has been expanding its finance division in recent years, and a takeover of BMCI would reflect its long-term strategy to deepen penetration in Morocco’s financial services sector.
In 2024, the group acquired a controlling stake in another Moroccan bank, strengthening its presence and portfolio in the domestic market.
The possible sale of BMCI also aligns with a broader recalibration among major international banks operating in Africa and emerging markets.
Some global lenders have been reassessing overseas operations to concentrate on core markets and strategic priorities, a process that has seen several divestments or restructurings in recent years.
While BNP Paribas has maintained a stable presence in North and West Africa for decades, the move could signal a strategic shift to refocus resources.
Leader in banking and financial services in Europe, BNP Paribas operates in 64 countries and has nearly 178,000 employees, including more than 144,000 in Europe.
The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients.
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