BMCI (french: link=no, Banque marocaine pour le commerce et l'industrie, "Morocco Bank of Commerce and Industry") is a bank based in

Morocco Morocco (),, ) officially the Kingdom of Morocco, is the westernmost country in the Maghreb region of North Africa. It overlooks the Mediterranean Sea to the north and the Atlantic Ocean to the west, and has land borders with Algeria t ...

. It is a majority-owned subsidiary of the French financial group BNP Paribas.

History

At the end of the 19th century, the ''

Comptoir national d'escompte de Paris The Comptoir national d'escompte de Paris (CNEP), from 1854 to 1889 Comptoir d'escompte de Paris (CEP), was a major French bank active from 1848 to 1966. The CEP was created by decree on 10 March 1848 by the French Provisional Government, in res ...

'' (CNEP) – one of the founders of the french: link=no, italic=yes, Banque nationale de Paris, now BNP Paribas – had interests in Morocco, while from 1902 the ''

Banque de Paris et des Pays-Bas The Banque de Paris et des Pays-Bas (“Bank of Paris and the Netherlands”), 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. ...

'' (Paris and Netherlands Bank) helped financed the

Sherifian Empire Sharifism is a term used to describe the system in pre-colonial Morocco in which the ''shurafā —descendants of the Prophet Muhammad (through his grandson Hasan ibn Ali, in the case of Morocco)—held a privileged religious and political positi ...

in Morocco. Loans to Morocco, including those of 1902 and 1904 by the Paris and Netherlands Bank, helped finance the

First Moroccan Crisis The First Moroccan Crisis or the Tangier Crisis was an international crisis between March 1905 and May 1906 over the status of Morocco. Germany wanted to challenge France's growing control over Morocco, aggravating France and Great Britain. The ...

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 French protectorate in Morocco (french: Protectorat français au Maroc; ar, الحماية الفرنسية في المغرب), also known as French Morocco, was the period of French colonial rule in Morocco between 1912 to 1956. The prote ...

. The bank played a key role as a capital

investment bank Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing i ...

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 The ONA Group (Omnium Nord-Africain, Arabic: مجموعة أونا) was established in 1934 and dissolved in 2010 and succeeded by Societe Nationale d'Investissement. ONA was an industrial, financial and services conglomerate, focused on posit ...

(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. In 1950,

Paribas The Banque de Paris et des Pays-Bas (“Bank of Paris and the Netherlands”), 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 ...

opened a branch in Casablanca. In 1974 this merged with part of '' Banque Worms'' in 1974 to form the '' Société Marocaine de Dépôt et de Crédit'' ("Morocco

Savings and Loan Association A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" or "thrift" are mainly used in the United States; simi ...

", 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

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, merged with Paribas to form BNP Paribas. 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

* , BNP Paribas is the majority shareholder, with 65.03% of stock. * The remaining stock is divided between: ** AXA Assurance Maroc (9.11%) ** Sanad Assurance (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 (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 t ...

* BMCI Crédit Conso * BMCI Banque Offshore

References

External links

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