BNP Paribas entered exclusive preliminary talks with Moroccan conglomerate Holmarcom over the potential sale of its 67% stake in Banque Marocaine pour le Commerce et l'Industrie, the French bank said Friday.
The discussions are at an early stage, and no agreement has been reached. BNP Paribas said it has informed BMCI that it plans to retain its investment-banking activities in Morocco even if the transaction goes ahead.
Holmarcom already owns a 2.41% stake in BMCI, held for nearly three decades. The group expanded its banking presence in June 2024 after acquiring a 78.7% stake in Crédit du Maroc from Crédit Agricole.
BNP Paribas has operated in Morocco since 1943. A sale would mark a shift in ownership for one of the country's major lenders, while allowing the French group to streamline its retail banking footprint.
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Holmarcom said the talks are consistent with its long-term strategy in financial services and that further updates will be provided as discussions progress.
Investors are watching closely, as the preliminary nature of the talks means the deal could still fall through.
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Key Takeaways
The talks reflect a broader reshaping of Morocco's banking sector. International lenders are reassessing capital allocation and focusing on markets where scale and returns justify long-term retail investment. For Holmarcom, a BMCI acquisition would deepen its role as a domestic banking player following its takeover of Crédit du Maroc. Controlling two banks would give the group greater reach across retail, corporate, and SME segments. Morocco's banking market remains stable but competitive, with steady credit growth and rising regulatory requirements. Local ownership has increased in recent years as foreign banks reduce exposure or exit non-core markets. If completed, the transaction would signal continued consolidation and a shift toward Moroccan-controlled financial institutions. The outcome may also influence future strategy decisions by other international banks operating in North Africa.
