The bank for a changing world

BNP Paribas announces reorganisation of its consumer lending activities in Morocco

  • 21.05.2001
BNP Paribas' subsidiary, Cetelem, is acquiring a 51% stake in BMCI SALAF, a 99.5% subsidiary of BMCI (Banque Marocaine pour le Commerce et l'Industrie)

Cetelem to boost its presence in Morocco :

The Agreement signed in Paris on the 14th of May, gives Cetelem, which already has a presence in Morocco through Attijari Cetelem (joint venture with BCM), a majority stake (51%) in BMCI SALAF, which was until now a 99.5% subsidiary of BMCI, one of Morocco's leading banks, itself a 51.5% subsidiary of BNP Paribas.

This takeover of BMCI SALAF by Cetelem is a prime example of the synergies realised in Morocco in connection with the merger between BNP and Paribas.

Developing Synergies :

BMCI SALAF will draw on Cetelem's expertise to expand its consumer lending operations, offering products and services tailor-made to the needs of Moroccan consumers. The equity investment agreement is the logical extension of the technical assistance protocol entered into at the end of December 2000 by BMCI SALAF and Attijari Cetelem, a company which was set up in 1996 through an alliance with BCM (Banque Commerciale du Maroc).
This deal helped pool management tools to produce synergies and savings.
Complementarities :

While they have their own sales and marketing strategies and approaches, BMCI SALAF and Attijari Cetelem will be creating highly complementary business activities.
BMCI SALAF's business focuses primarily on consumer lending at points-of-sale, and Attijari Cetelem's business revolves around the following three core businesses:

- A personal loan business conducted through several distribution networks: BMCI's network, BMCI SALAF's own network (currently being developed), as well as through possible partners' network (in January 2000, BMCI SALAF entered into a partnership agreement with Barid Al Maghrib, the Moroccan Postal Service to distribute BMCI SALAF's products).
- An "employee agreements" business which provides personal loans to employees in connection with comprehensive agreements with BMCI SALAF, which is supported by BMCI, the leading provider of this type of service in Morocco.
- Lastly, a car loan business through arrangements with car dealers.

This investment is a new step in the BNP Paribas' international expansion in the consumer lending market. Already present in 20 countries with Cetelem, BNP Paribas is consolidating its position in the Moroccan market which has huge growth potential.

Cetelem is now number one in consumer lending in France and in Europe with 19.4 billion Euros of assets under management at the end of 2000. For the past 48 years, Cetelem has been a special partner to businesses and played a natural role in the growth of some of the biggest names of the retailing industry. Cetelem also closely follows consumer and lending trends. The Cetelem Observatory, first set up in France in 1989, then rolled out throughout Europe, demonstrates how important it is for the company to understand and anticipate market trends.
For further information, please visit our web site at : www.cetelem.com
Press contact(s)
BNP Paribas - Contacts
Michèle Sicard
Tel: 01 40 14 70 61
Agathe Heinrich
Tel: 01 42 98 15 91

Cetelem - Contacts
Catherine Sainz
Tel: 01 46 39 12 73
Email: catherine.sainz [at] cetelem (dot) fr

Christine Pizzini
Tel. : 01 46 39 11 40
Email: christine.pizzini [at] cetelem (dot) fr

BMCI Contacts
Adiba Lahbabi
Tel: 00 212 22 46 14 03
Email: adiba.lahbabi [at] africa.bnpparibas (dot) com