BMCI

BMCI
Native name
 Banque marocaine pour le commerce et l'industrie
Société anonyme
Traded as BSI
ISIN MA0000010811
Industry Financial services
Founded 1943, merger with ABN Amro Maroc in 2001
Headquarters 26 Place des Nations Unies, Casablanca, Morocco
Key people
 Mourad Cherif
Joël Sibrac
Total assets approx. MAD 9.5 billion[1]
Owner BNP Paribas
Website www.bmci.ma

BMCI (French: Banque marocaine pour le commerce et l'industrie, "Morocco Bank of Commerce and Industry") is a bank based in Morocco. It is a wholly owned subsidiary of the French financial group BNP Paribas.

History

At the end of the 19th century, the Comptoir national d'escompte de Paris (CNEP) – one of the founders of the French: 'Banque nationale de Paris', now BNP Paribas – 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: Omnium Nord-Africain, Arabic: مجموعة أونا‎), it was actively involved in financing Morocco's infrastructure (roads and railways, electricity, mining, and so on) in partnership with the Morocco State Bank (French: Banque d'État du Maroc, BEM).

In 1950, 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", 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.

BMCI was created in 1964 from these origins, as part of the nationalization of Moroccanization businesses.

In 2000, Banque nationale de Paris, itelf created in 1966 by the merger of the CNEP and BNCI, merged with Paribas to form BNP Paribas. In November 2001, BMCI acquired its dormant ABN Amro Bank Maroc arm, to consolidate its position in the Morocco financial services market.

Ownership

Subsidiaries

References

  1. ↑ "CDG Capital Bourse". cdgcapitalbourse.com. 28 December 2014. Retrieved 28 December 2014.

External links