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Marrakech – The Banque Marocaine du Commerce et de l’Industrie (BMCI) has agreed to sell its full stake in Arval Maroc to the French firm Arval Service Lease. The lender concluded the accord on Monday, June 29, and disclosed it in a communiqué posted to the website of the Moroccan Capital Market Authority (AMMC).
The transaction covers 33.33% of the capital and voting rights of Arval Maroc, a holding that BMCI consolidated through the equity method. The bank noted that the disposal will carry no significant impact on its consolidated accounts.
Arval Maroc specializes in long-term leasing and corporate fleet management. It began operations in October 2002 in close association with BMCI, both subsidiaries of the BNP Paribas group at the time. The company holds capital of MAD 30 million ($3 million) and employs 60 people.
Tactical retreat or definitive exit?
Today, the operator manages more than 6,000 vehicles across Morocco, a portfolio that gives it roughly 18% of the national long-term leasing market. Its parent, Arval, operates in 39 countries and runs 25 subsidiaries worldwide, managing a fleet of over 725,000 vehicles. The Moroccan unit was Arval’s first expansion beyond Europe, later followed by Brazil, Russia, India, Turkey, and China.
The sale follows a larger transaction that reshapes BMCI’s ownership. On April 29, BNP Paribas and Holmarcom Finance Company (HFC) announced an agreement for HFC to acquire the entirety of BNP Paribas’s 67% majority stake in the bank. The two sides had entered exclusive negotiations on December 12, 2025.
That deal is expected to close in the fourth quarter of 2026, pending clearances from Bank Al-Maghrib and Morocco’s Competition Council. BNP Paribas estimated its impact on the group’s CET1 capital ratio at about 15 basis points.
The French bank framed the move as a partial retreat rather than a full exit. While divesting from retail banking, BNP Paribas confirmed it would maintain corporate and investment operations through BNP Paribas CIB. It also stated that it would continue its vehicle leasing business in the country through its subsidiary Arval Morocco.
The BMCI disposal aligns with that plan. By transferring its Arval Maroc holding to Arval Service Lease, the bank moves the leasing stake back to the BNP Paribas side as it prepares to pass into Holmarcom’s control.
