BNP Paribas closes a Moroccan chapter, sells 67% of BMCI to Holmarcom
Source · Banking desk
— Summary
BNP Paribas and Holmarcom Finance Company (HFC) signed a deal Wednesday for BNP to sell its entire 67% stake in Morocco's BMCI (Banque marocaine pour le commerce et l'industrie). The transaction, opened with exclusive talks in December, is set to close in Q4 2026 subject to Moroccan regulatory approvals. BNP will keep a Moroccan footprint through investment banking and Arval Maroc (long-term leasing). The Casablanca-listed BMCI delivered a 2025 net profit of 420 million dirhams (+29%), about €39mn, on net banking income of 3.94 billion dirhams (€363mn). Based on the December share price, BNP's stake was worth roughly €530mn; the deal will lift BNP's CET1 solvency ratio by about 15 basis points on closing.
The exit fits a broader French-bank retreat from Africa. After Société Générale sold its Moroccan unit to Saham in 2024, and after Crédit Agricole sold its 78.7% Crédit du Maroc stake to Holmarcom, BNP becomes the third major French bank to exit a North African retail franchise. The conglomerate Holmarcom, present in agribusiness, real estate and insurance, plans to merge BMCI with Crédit du Maroc; CEO Mohamed Hassan Bensalah said the new ensemble would hold a 9% combined market share, ranking it Morocco's fifth-largest bank. Holmarcom executive Lamiae Kendili promised "no forced layoffs" in the merger.
BNP is also reshuffling other holdings. The group finalised the sale of its 25% AG Insurance stake on Tuesday and used the proceeds to lift its position in parent group Ageas: Cardif moved from 14.9% to 22.5% of Ageas, Belgium's top insurer, originally spun out of Fortis. BNP also opened talks in December to acquire Mercedes-Benz's Athlon leasing arm, with closure expected in 2026. Source: Les Echos, 29 April 2026, Krystèle Tachdjian.
BNP Paribas closes a Moroccan chapter
The story in one line: BNP Paribas is selling its 67% stake in Morocco’s BMCI to Holmarcom for an implied ~€530mn, freeing 15bp of CET1 — the third major French bank to exit a Moroccan retail franchise.
Key numbers
67% stake sold; close expected Q4 2026
BNP Paribas stake value at December’s price: ~€530mn
CET1 ratio uplift on closing: ~+15 basis points
BMCI 2025 net profit: 420mn dirhams (+29%), ~€39mn
BMCI 2025 net banking income: 3.94bn dirhams (€363mn)
Combined Holmarcom (Crédit du Maroc 78.7% + BMCI): 9% market share, 5th-largest bank in Morocco
BNP also raised Cardif’s stake in Ageas from 14.9% to 22.5% after exiting AG Insurance
Why it matters
Three of France’s biggest banks have now exited Moroccan retail in three years (SocGen 2024, Crédit Agricole, BNP today). The pattern is the same: rotating capital out of African retail markets where regulatory pressure and risk-adjusted returns no longer compete with European wholesale or strategic redeployments. For BNP, the proceeds and the ~15bp CET1 are immediate fuel for capital returns and bolt-on M&A elsewhere — Athlon (Mercedes-Benz leasing) is the visible target.
For Holmarcom, the deal scales it from a regional player to the country’s fifth-largest bank. Watch the BMCI–Crédit du Maroc integration for synergies and any further consolidation moves.
Takeaway
The French-bank Africa retreat is now near-complete in Morocco. BNP’s clear capital-allocation message — out of marginal markets, into Ageas, into Athlon — is the strategic signal. The 15bp CET1 uplift will be tracked alongside the next dividend or buyback announcement.
Source: Les Echos, 29 April 2026, Krystèle Tachdjian.