BMCI (french: link=no, Banque marocaine pour le commerce et l'industrie, "Morocco Bank of Commerce and Industry") is a bank based in Morocco. It is a majority-owned subsidiary of the French financial group

BNP Paribas BNP Paribas is a French international banking group, founded in 2000 from the merger between Banque Nationale de Paris (BNP, "National Bank of Paris") and Paribas, formerly known as the Banque de Paris et des Pays-Bas. The full name of the grou ...

History

At the end of the 19th century, the '' Comptoir national d'escompte de Paris'' (CNEP) – one of the founders of the french: link=no, italic=yes, Banque nationale de Paris, now

– had interests in Morocco, while from 1902 the '' Banque de Paris et des Pays-Bas'' (Paris and Netherlands Bank) helped financed the Sherifian Empire in Morocco. Loans to Morocco, including those of 1902 and 1904 by the Paris and Netherlands Bank, helped finance the First Moroccan Crisis which led to the formation of Morocco as we know it today. However, these loans were at extremely high repayment rates. France, claiming payment guarantees, took control of Morocco's customs duties, which led to its taking control of the country in 1912 as the French protectorate in Morocco. The bank played a key role as a capital investment bank in developing the Moroccan economy during the first half of the twentieth century. With holdings such as the '' Compagnie générale du Maroc'' (Génaroc) and ONA Group (french: link=no, Omnium Nord-Africain, ar, مجموعة أونا), it was actively involved in financing Morocco's infrastructure (roads and railways, electricity, mining, and so on) in partnership with the

State Bank of Morocco The State Bank of Morocco (french: Banque d'État du Maroc) 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 1950, Paribas opened a branch in

Casablanca Casablanca, also known in Arabic as Dar al-Bayda ( ar, الدَّار الْبَيْضَاء, al-Dār al-Bayḍāʾ, ; ber, ⴹⴹⴰⵕⵍⴱⵉⴹⴰ, ḍḍaṛlbiḍa, : "White House") is the largest city in Morocco and the country's econom ...

. In 1974 this merged with part 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 the ...

'' in 1974 to form the ''

Société Marocaine de Dépôt et de Crédit Lactalis is a French Multinational corporation, multinational dairy products corporation, owned by the Besnier family and based in Laval, Mayenne, France. The company's former name was Besnier SA. Lactalis is the largest dairy products group in ...

'' ("Morocco Savings and Loan Association", SMDC). The '' Banque Nationale pour le Commerce et l'Industrie en Afrique'' ("National Bank for Trade and Industry in Africa", BNCIA) had also been developing interests in Morocco since 1941. developed its activities Morocco from 1940. Marocaine pour le Commerce et l'Industrie was created in 1964 from these origins, as part of the nationalization of Moroccanization businesses. In 2000, , itself created in 1966 by the merger of the CNEP and

BNCI The ''Banque nationale pour le commerce et l'industrie'' (BNCI, "National Bank for Trade and Industry") was a major French bank, active from 1932 to 1966 when it merged with Comptoir national d'escompte de Paris to form Banque Nationale de Paris ...

, merged with Paribas to form

. In November 2001, Marocaine pour le Commerce et l'Industrie acquired its dormant ABN Amro Bank Maroc arm, to consolidate its position in the Morocco financial services market.

Ownership

* ,

is the majority shareholder, with 65.03% of stock. * The remaining stock is divided between: **

AXA Axa S.A. (styled as ''AXA'' or GIG in the Middle East) is a French multinational insurance company. The head office is in the 8th arrondissement of Paris, France. It also provides investment management and other financial services. The Ax ...

Assurance Maroc (9.11%) **

Sanad Assurance Sanad or SANAD may refer to: Places * Sanad, Bahrain, a place in Bahrain * Sanad (Čoka), a village in Serbia * Sanad, Tunisia, a place in Tunisia People * Ali Sanad (born 1986), Qatari footballer *Maikel Nabil Sanad (born 1985), Egyptian-American ...

(5.84%) ** Atlanta Assurance (4.44%) ** Holmarcom (2.41%) ** Others: 13.17%

Subsidiaries

* Arval * BMCI Bourse * BMCI Finance * BMCI Leasing Auto *

BMCI Gestion BMCI (french: link=no, Banque marocaine pour le commerce et l'industrie, "Morocco Bank of Commerce and Industry") is a bank based in Morocco. It is a majority-owned subsidiary of the French financial group BNP Paribas. History At the end of ...

* BMCI Assurance * BMCI Crédit Conso * BMCI Banque Offshore

References

External links

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