BMCI has sold its 33.33% stake in Arval Maroc to French company Arval Service Lease as the Moroccan bank continues to reshape its business ahead of a change in ownership.
The agreement was signed on 29 June and covers one-third of Arval Maroc’s shares and voting rights.
BMCI said the sale is not expected to have a major effect on its financial results because it only recorded its share of Arval Maroc’s profits in its accounts rather than the company’s full revenue.
Arval Maroc is a Morocco-based vehicle leasing and fleet management company with a share capital of 30 million dirhams. It is headquartered in Casablanca.
The buyer, Arval Service Lease, is based in Paris and is part of the BNP Paribas Group.
The sale comes after BNP Paribas agreed earlier this year to sell its 67% stake in BMCI to Moroccan conglomerate Holmarcom Group.
The latest deal means BNP Paribas will keep full ownership of Arval Maroc after the BMCI sale is completed. It allows the French banking group to hold on to its vehicle leasing business in Morocco while selling its retail banking operations.
BMCI has a share capital of 1.33 billion dirhams and is based in Casablanca.
Although Arval Maroc’s share capital is 30 million dirhams, companies like it are usually valued by the size of their vehicle fleets and long term leasing contracts rather than their registered capital.
