The Banque Marocaine pour le Commerce et l'Industrie (BMCI, ) is a bank in Morocco, headquartered in Casablanca. It is majority-owned subsidiary of Paris-based

BNP Paribas BNP Paribas (; sometimes referred to as BNPP or BNP) is a French multinational universal bank and financial services holding company headquartered in Paris. It was founded in 2000 from the merger of two of France's foremost financial instituti ...

(BNPP), and originates from the Moroccan operations of a predecessor of BNPP, the Banque Nationale pour le Commerce et l'Industrie (BNCI). BMCI subsidiaries include Arval Morocco, BMCI Bourse, BMCI Finance, BMCI Leasing Auto, BMCI Gestion, BMCI Assurance, BMCI Crédit Conso, BMCI Banque Offshore, and BMCI NAJMA.

History

In July 1940, facing challenging prospects at home following the German invasion of France, the Paris-based BNCI acquired the in Algiers to develop its activity outside Europe, renamed it , and opened a branch in Casablanca. The Moroccan activity became a fully-fledged bank in 1943. In 1950, BNCI-Afrique inaugurated a high-rise head office building on Casablanca's Place de France. French architect had won the design competition in 1942, and moved to Casablanca in 1943 to oversee the construction works. In 1964, the newly independent Moroccan government implemented a policy of of the banking sector, aimed at shedding colonial legacies. In that context, BNCI renamed its Moroccan operations as BMCI, even though it retained ownership. BMCI listed on the

Casablanca Stock Exchange The Casablanca Stock Exchange (; ) is a stock exchange in Casablanca, Morocco. The Casablanca Stock Exchange (CSE), which achieves one of the best performances in the region of the Middle East and North Africa (MENA), is Africa's third largest st ...

in February 1972. Meanwhile, the

Banque de Paris et des Pays-Bas The Banque de Paris et des Pays-Bas (, ), generally referred to from 1982 as Paribas (), was a French investment bank based in Paris. In May 2000, it merged with the Banque Nationale de Paris to form BNP Paribas. History Background In the ...

(BPPB) had started financing the Moroccan Sultanate in 1902, and from 1907 was the controlling shareholder of the

State Bank of Morocco The State Bank of Morocco () was a quasi-central bank established in 1907 following the Algeciras Conference, to stabilize the Moroccan currency and serve as a vehicle for European and especially French influence in the Sultanate of Morocco. Fo ...

. It developed its activity through two major holding entities, the

Compagnie générale du Maroc The Compagnie générale du Maroc (General Company of Morocco), known as "Genaroc", is a French financial holding company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), se ...

(Génaroc) and the

Omnium Nord-Africain The ONA Group (Omnium Nord-Africain, Arabic: مجموعة أونا) is a defunct Moroccan holding company established in 1934 and dissolved in 2010 and succeeded by Societe Nationale d'Investissement. ONA was an industrial, financial and servic ...

. In 1950 it opened its first branch in Casablanca, which in 1974 merged with operations of

Banque Worms The Banque Worms was a merchant bank founded by Hypolite Worms in 1928 as a division of Worms & Cie. The banking services division provided financing services to other branches of Worms & Cie, which were involved in ship building, shipping and t ...

to form the ''Société Marocaine de Dépôt et de Crédit''. These operations were absorbed by BMCI in 2000 following the merger of BNP (which had succeeded BNCI in 1966) with BPPB (then known as Paribas) to form

. In November 2001, BMCI also acquired ABN Amro Bank Maroc to consolidate its position in the Morocco financial services market. ,

retained 65.03 percent of BMCI's total equity. Other shareholders included

AXA Axa S.A. is a French multinational insurance corporation headquartered in the 8th arrondissement of Paris. It also provides investment management and other financial services via its subsidiaries. As of 2024, it is the fourth largest financi ...

Assurance Maroc (9.11 percent), Sanad Assurance (5.84 percent), Atlanta Assurance (4.44 percent) and Holmarcom (2.41 percent).

References

External links

* * * Banks of Morocco BNP Paribas Companies based in Casablanca Companies in the MADEX Companies in the MASI {{Morocco-stub

History

See also

References

External links