Summary:

On 29 April 2026, French multinational financial institution BNP Paribas and Holmarcom Finance Company (HFC) concluded an agreement for the divestment of BNP Paribas’s 67% controlling stake in Banque Marocaine pour le Commerce et l’Industrie (BMCI) to HFC, following negotiations first launched in December 2025.  

The transaction, expected to close in the fourth quarter of 2026, pending regulatory approvals, marks another step in the gradual transfer of Morocco’s banking assets from European to domestic financial groups. 

Holmarcom, a long-standing shareholder in BMCI for over three decades, plans to further develop the bank as part of a broader strategy to build an integrated financial group in Morocco. The group intends to reinforce synergies between its banking and insurance activities while ensuring continuity for BMCI’s clients, shareholders, and employees. 

BNP Paribas, while exiting majority control, has reiterated its long-term commitment to Morocco, notably through its investment banking operations and a continued commercial partnership framework with HFC and BMCI to maintain service continuity for corporate clients. The deal is also expected to have a limited financial impact on BNP Paribas, estimated at around 15 basis points on its CET1 capital ratio upon completion.

Outlook: 

The deal is likely to reinforce consolidation in Morocco’s banking sector, with domestic groups taking a stronger role in retail banking and building larger, more integrated financial platforms. Holmarcom’s broader strategy suggests further clustering of banking and insurance assets, including potential synergies with Crédit du Maroc. 

Foreign banks are expected to retain a lighter footprint focused on investment banking and partnerships rather than controlling stakes, maintaining commercial ties without direct retail exposure. 

The shift continues a longer-term trend of growing domestic control over Morocco’s financial sector, alongside the gradual emergence of stronger, regionally oriented Moroccan banking groups. 

Explore our services or speak with our team of North Africa-based risk experts.