Casablanca – The French banking group BNP Paribas has taken a decisive step toward reducing its presence in Morocco by formally reclassifying the assets and liabilities of its Moroccan subsidiary BMCI in its consolidated financial statements, signaling progress in its planned sale to Holmarcom.

The operation concerns BNP Paribas’ 67% stake in BMCI, along with its subsidiaries BMCI Leasing and BMCI Banque Offshore. These holdings have been classified as “assets held for sale” under the international standard IFRS 5, a designation used when a disposal is highly probable in the near term.

Based on the group’s assessment, the loss of control over these entities is expected within 12 months, suggesting that the transaction could be completed before the end of 2026, pending regulatory approvals and final agreement between the parties.

Significant financial reclassification

The accounting move has led to the removal of approximately $8.5 billion in assets and $6.6 billion in liabilities from BNP Paribas’ main balance sheet aggregates, which have been shifted into separate reporting categories.

The adjustment also affects the group’s lending exposure in Morocco. Customer loans and receivables linked to BMCI have been reduced by about $6.0 billion. Within this portfolio, non-performing loans are estimated at around $884 million, with provisions of approximately $606 million. These figures reflect the scale of BMCI’s contribution to the group’s overall balance sheet and the financial restructuring underway ahead of the sale.

Exclusive negotiations with Holmarcom

The planned transaction is the result of exclusive negotiations between BNP Paribas and Holmarcom, a Moroccan conglomerate that has been a long-standing shareholder in BMCI for nearly 30 years.

If completed, the deal would transfer BNP Paribas’ controlling stake in BMCI to Holmarcom, marking the end of the French group’s decades-long presence in Morocco. The operation is considered one of the most significant potential banking sector transactions in the country in recent years.

Market observers highlight that the deal could reshape Morocco’s banking structure, particularly if BMCI is aligned with Crédit du Maroc, another institution linked to Holmarcom. BMCI’s strengths in corporate banking, multinational clients, and wealth management would complement Crédit du Maroc’s focus on retail banking and financing for small and medium-sized enterprises, potentially creating a more diversified banking platform.

Broader strategic repositioning

The planned divestment is part of a broader strategy by BNP Paribas to optimize its international portfolio and focus on priority markets. The group has been streamlining its operations in recent years through selective disposals and partnerships aimed at improving capital efficiency and reducing exposure to non-core regions.

Despite the planned exit, BMCI has continued to operate actively in Morocco. In 2025, the bank received “Top Employer” certification, reflecting its human resources policies and workplace standards. It also became the first Moroccan bank to secure financing under the Green Economy Financing Facility (GEFF III) from the European Bank for Reconstruction and Development, supporting investments in energy efficiency and renewable energy projects.

Regulatory process and outlook

Any final transaction will require approval from Moroccan regulatory authorities, particularly Bank Al-Maghrib, which oversees changes in banking ownership structures. Regulators are expected to assess the financial strength of the acquiring group, financial stability implications, and continuity of services for customers.

As the process advances, Morocco’s banking sector is closely watching the outcome. If completed, the deal would mark the end of a long-standing foreign banking presence and the beginning of a new phase under domestic ownership.

The reclassification confirms that BNP Paribas’ withdrawal from Morocco has moved from a strategic intention to a structured process, with key financial steps already completed and the transaction entering its final preparatory phase.