• Holmarcom to acquire BNP Paribas 67% stake in BMCI

• Deal pending approvals, expected to close Q4 2026

• Move strengthens Holmarcom position in Morocco banking sector

Morocco's Holmarcom Group, through its subsidiary Holmarcom Finance Company (HFC), said on Wednesday it agreed to acquire BNP Paribas’s 67% stake in Banque Marocaine pour le Commerce et l'Industrie (BMCI). The deal remains subject to regulatory approvals and is expected to close in the fourth quarter of 2026.

Financial terms were not disclosed. BNP Paribas said the transaction would have a limited impact on its solvency ratios, with an estimated effect of about 15 basis points on its CET1 ratio at completion. The agreement also provides for a transition support period and a commercial partnership between the two groups.

Through the acquisition, Holmarcom — led by Mohamed Hassan Bensalah — aims to take control of a bank where it has held a minority stake of about 2.41% for around 30 years. The group seeks to strengthen its position in Morocco's banking sector, where it already holds 78.7% of Crédit du Maroc, and is expected to support BMCI’s continued development.

For BNP Paribas, the divestiture reflects a strategic refocus. The French lender, Europe's second-largest banking group with $2.866 trillion in assets, said it will maintain a presence in Morocco, primarily through its corporate and investment banking operations, while relying on its partnership with Holmarcom to ensure uninterrupted service for clients.

"BNP Paribas reaffirms its long-term commitment to Morocco. The group intends to continue expanding its investment banking operations there, and a commercial partnership agreement with HFC will ensure continuity of services for BNP Paribas Group's corporate clients and those of BMCI," the French bank said.

The acquisition is expected to strengthen Holmarcom's footprint in Morocco's banking sector, where, according to S&P Global Ratings, local banks are well positioned to benefit from sustained economic growth in 2026, driven by infrastructure investment and supportive government policies.

Sandrine Gaingne