Assahafa.com
BNP Paribas confirmed exclusive discussions with Moroccan conglomerate Holmarcom for the potential sale of its 67% stake in Banque Marocaine pour le Commerce et l’Industrie (BMCI), marking the final chapter of French banking dominance in Morocco’s financial sector.
The French banking giant announced Friday that negotiations are at a nascent stage. “BNP Paribas confirms being entered in exclusive discussions with the Holmarcom group, partner and shareholder of BMCI for 30 years, regarding a potential sale of its 67% participation in the capital of its Moroccan subsidiary BMCI,” the bank stated in its official communique.
The institution stressed that “these discussions are at a preliminary stage” and committed to communicating developments “in due time if a project were to materialize, in accordance with applicable regulations.”
BNP Paribas indicated that if the transaction concludes during 2026, “the positive impact on BNP Paribas’s CET1 ratio at the completion date would be approximately +15 basis points.” This metric signals the bank’s expectations regarding the financial parameters of the potential divestiture.
Holmarcom Finance Company provided parallel confirmation, stating it has “entered into exclusive discussions with BNP Paribas, regarding a potential acquisition of its 67% participation in BMCI’s capital, in which the Holmarcom Group has been a shareholder for 30 years.”
The Moroccan conglomerate noted that “the Group’s Finance division has engaged, in recent years, a structured growth dynamic, focused on sustainable and lasting development, with the desire to accompany the continuous evolution of the country’s financial sector.”
Decolonizing Morocco’s banking power structure
This potential transaction represents the denouement of a colonial financial legacy that has shaped Morocco’s banking landscape since the Protectorate era.
The systematic withdrawal of French banking institutions signals a profound reconfiguration of financial power structures, as indigenous capital assumes control over institutions that once served as conduits for metropolitan economic influence.
This decolonization of the banking sector reflects broader processes of economic sovereignty, wherein Moroccan entities reclaim institutional spaces previously dominated by former colonial powers.
Crédit Agricole SA initiated this transformation in April 2022, divesting its 63.7% stake in Crédit du Maroc to Holmarcom in a two-phase operation completed by 2024. The transaction was finalized with Holmarcom acquiring the remaining 15% stake, giving the Moroccan group complete control.
Société Générale followed suit, announcing the sale of its local subsidiary to Moroccan financial group Saham for €745 million. The former Société Générale Morocco operations were subsequently rebranded as Saham Bank under the ownership of Moulay Hafid Elalamy’s conglomerate.
Industry analysts interpret this consolidation as reflecting French banks’ strategic repositioning toward European markets, acknowledging intensified competition from established Moroccan institutions, including Attijariwafa Bank and Bank of Africa.
The withdrawal also demonstrates the erosion of France’s traditional sphere of influence across the African continent, as local capital markets mature and assert greater autonomy.
If completed, Holmarcom’s acquisition would create a formidable banking entity by combining BMCI with recently acquired Crédit du Maroc operations. The group currently maintains a minority stake in BMCI through its AtlantaSanad insurance subsidiary, which holds 8.44% of shares.
“These discussions are at a preliminary stage. We will communicate in due time if this project were to materialize, in accordance with current regulations,” Holmarcom stated, maintaining cautious optimism regarding the transaction’s prospects.
Morocco’s banking sector comes of age
Financial markets responded favorably to the announcement, with BMCI’s share price surging 6.88% to MAD 630 ($63) in Friday trading. The bank has maintained operational stability despite constraints imposed by European regulatory frameworks inherited from its French parent company.
Sources within Morocco’s Competition Council confirmed that no official notification has been submitted regarding potential consolidation between BMCI and Crédit du Maroc operations. The authority added that any merger would require comprehensive regulatory review examining market concentration effects and competitive dynamics before approval.
Industry experts suggest that BNP Paribas’s departure could enhance BMCI’s profitability by eliminating technical assistance fees and brand licensing costs previously remitted to the French parent institution.
“During recent years, BNP Paribas imposed on its Moroccan subsidiary a level of regulatory requirement inspired by European standards. This had the effect of strengthening internal discipline, cleaning up the credit portfolio and eliminating numerous operational risks,” according to market analysis.
However, observers note this rigorous approach created operational constraints that potentially affected client relationships through inflexible procedural requirements.
Morocco’s banking sector has pursued consolidation since the 1990s, when regulatory assessments recommended reducing institutional numbers to create stronger, better-capitalized entities capable of sustainably financing economic development.
The landmark merger of Wafabank and BCM created Attijariwafa Bank nearly two decades ago, establishing precedent for subsequent consolidation initiatives.
The potential transaction positions Holmarcom as a dominant force in Morocco’s financial sector, potentially doubling its banking operations’ scale compared to existing competitors.
This development raises strategic questions about competitive responses from other major institutions, particularly regarding Bank of Africa’s positioning under Othman Benjelloun’s leadership and potential synergies between Saham Bank and CFG Bank operations.
Both parties stressed that talks are still at an exploratory stage, with any final agreement subject to regulatory clearance and customary due-diligence processes.
The projected 2026 timeline reflects the regulatory, operational, and structural complexities inherent in major institutional transformations within Morocco’s evolving financial landscape.
Source: map
