Casablanca – BNP Paribas has entered exclusive discussions with Holmarcom, one of Morocco’s leading industrial groups, regarding the potential sale of its 67% stake in BMCI, its Moroccan banking subsidiary. The talks, which are at a preliminary stage, could mark a significant shift in the Moroccan banking landscape, reflecting broader trends toward increased national ownership in the sector.

Holmarcom, a long-standing shareholder in BMCI for three decades, confirmed the negotiations in a statement, highlighting its ongoing commitment to sustainable growth in finance. The group emphasized that its Finance division has pursued a structured growth strategy in recent years, aiming to support the evolving Moroccan financial sector while strengthening its own presence.

“If the transaction is completed in 2026, it is expected to have a positive impact of approximately +15 basis points on BNP Paribas’ CET1 ratio,” the French banking group noted. This ratio, a key measure of a bank’s capital strength, indicates its ability to absorb potential losses from non-performing loans or risky investments.

BNP Paribas’ discussions with Holmarcom come amid a broader trend of “Moroccanization” of the banking sector, marked by the gradual withdrawal of major French banks from local subsidiaries. Previously, Crédit Agricole sold its stake in Crédit du Maroc to Holmarcom in 2022, and Société Générale exited its Moroccan operations in 2024. These moves have created space for domestic groups to consolidate their presence and influence in the sector.

A new contender joins the race

While Holmarcom has been the primary contender to acquire BMCI, recent reports indicate that another major Moroccan banking group has also entered the race. According to sources familiar with the matter, this group has been conducting feasibility studies for several months to explore a potential takeover of BMCI and its subsidiaries. The sources highlighted the group’s advantage in understanding BMCI’s financial and operational structure, with several former BMCI executives among its leadership.

Market reactions to the news were immediate. On December 12, BMCI shares jumped nearly 8% by midday, with trading volumes exceeding $2.3 million. Similarly, shares of Holmarcom’s subsidiaries, including Crédit du Maroc and AtlantaSanad, rose between 5% and 6%. Investors are closely watching for a potential public takeover offer (OPA), which would require approval from the Moroccan Capital Market Authority (AMMC).

Strategic implications for Moroccan banking

The potential acquisition, whether by Holmarcom or another national group, is seen as a strategic step toward reinforcing domestic control of a key player in Morocco’s financial system. Holmarcom’s statement underlined that the deal aligns with its long-term strategy of sustainable growth in finance, aiming to consolidate its role in a sector undergoing rapid transformation.

Analysts note that this trend of increasing national ownership is part of a larger effort to strengthen domestic banking champions and reduce reliance on foreign stakeholders. The move also signals confidence in Morocco’s financial market and its capacity for continued growth, despite regional and global economic uncertainties.

Outlook

As discussions remain at an early stage, no definitive decisions have been made. Both BNP Paribas and Holmarcom have emphasized that any final agreement will comply with regulatory procedures and market transparency requirements. Observers expect that the final outcome, whether it involves Holmarcom or another bidder, could reshape the competitive landscape of Moroccan banking and further reinforce the role of national groups in the sector.

For BNP Paribas, the sale of BMCI would allow the bank to streamline its international operations while maintaining a positive capital position. For Holmarcom and potential rivals, acquiring BMCI represents an opportunity to strengthen market presence, expand service offerings, and support the ongoing transformation of Morocco’s banking sector.