Moroccan financial group Holmarcom Finance Company has signed an agreement to acquire the full 67% stake held by BNP Paribas in its Moroccan subsidiary BMCI, the two groups announced Wednesday.
The transaction, expected to be completed in the fourth quarter of 2026, remains subject to regulatory approvals in Morocco, particularly from Bank Al-Maghrib and the Competition Council.
The deal will also include the establishment of a long-term strategic partnership between the two groups aimed at ensuring continuity of services for BMCI clients and BNP Paribas customers operating in Morocco.
Under the agreement, Holmarcom Finance Company, known as HFC, will take full ownership of BNP Paribas’ majority shareholding in BMCI, marking a major step in the Moroccan group’s banking expansion strategy.
As part of the arrangement, BNP Paribas said it would maintain its presence in Morocco through its corporate and institutional banking activities and long-term leasing operations with Arval Maroc.
The French banking giant also said it would support BMCI’s integration into the Holmarcom group during a transition period following the completion of the transaction.
Holmarcom, a long-time shareholder and partner of BMCI for more than 30 years, said the acquisition aligns with its broader ambition to accelerate growth in Morocco’s banking sector.
The group said the move would support closer alignment between BMCI and Crédit du Maroc, known in Arabic as Bank Al Maghrib in the statement, with the goal of building a stronger banking player with expanded expertise, greater scale and stronger contribution to the national economy.
Mohamed Hassan Bensalah, chairman and CEO of Holmarcom Group, described the acquisition as “a structuring milestone” in the company’s development.
“Our ambition is to build an integrated financial group centered around banking, insurance and specialized financial services,” Bensalah said in a statement. “Any sustainable project must be built on customer trust and the commitment of the women and men of the group.”
Thierry Laborde, deputy chief executive officer of BNP Paribas, said the agreement would open “a new phase of development” for BMCI, its clients and employees.
“We are pleased to conclude this agreement with Holmarcom Group, which we have known for more than 30 years as a shareholder and partner in BMCI,” Laborde said.
BNP Paribas operates in 64 countries and territories worldwide and employs more than 180,000 people, including over 146,000 in Europe.
Holmarcom Finance Company is a Moroccan integrated financial group with more than 50 years of experience in the domestic financial market, with activities spanning insurance, banking and Islamic insurance, as well as operations in Ivory Coast.
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