BNP Paribas Agrees to Sell Majority Stake in BMCI to Holmarcom Group
Details of the BMCI Stake Sale Agreement
Overview of the Transaction
RABAT, April 29 (Reuters) - BNP Paribas has agreed to sell its majority stake in Moroccan bank BMCI to Holmarcom Finance Company, the two sides said on Wednesday.
Under the deal, HFC will acquire the 67% stake held by BNP Paribas in BMCI, according to a joint statement.
Timeline and Regulatory Approvals
The transaction is expected to be completed in the fourth quarter this year and is subject to regulatory approvals, they said, without disclosing financial terms.
Commercial Partnership and Service Continuity
The agreement also includes a long-term commercial partnership between BNP Paribas and HFC, to ensure continuity of services for corporate clients operating in Morocco, the companies said.
About Holmarcom Finance Company
HFC is part of the family-owned Holmarcom group which operates in banking and insurance in Morocco, with backing from the World Bank's IFC and a growing presence in West Africa.
BNP Paribas' Continued Presence in Morocco
BNP Paribas said it would remain active in Morocco through its corporate and investment banking arm and its vehicle leasing business Arval Morocco, while supporting the transition of BMCI into the Holmarcom group following completion of the deal.
Holmarcom Group's Expansion Strategy
Holmarcom group said the acquisition would support its strategy to expand in the banking sector, adding that it aims to develop closer links between BMCI and Credit du Maroc - another Moroccan lender it controls - to create a larger banking player.
Reporting and Editorial Information
(Reporting by Ahmed Eljechtimi; Editing by Chizu Nomiyama)
