Capital Intelligence (CI), the international credit rating agency, today announced that it has affirmed the Foreign Currency ratings of Morocco's Banque Marocaine pour le Commerce et l'Industrie (BMCI) at BBB- (Long-term) and A3 (Short-term), which are at the sovereign ceiling for Morocco, and the Financial Strength rating at BBB-. The Support rating was maintained at 2. The Outlook for all ratings remains Stable.
BMCI's ratings reflect an overall sound financial profile, supported by a good business franchise in the Moroccan banking sector, particularly connected to the corporate sector and an increasing presence in the retail sector. Asset quality is considered acceptable, reflecting a manageable level of nonperforming loans (NPLs) and high provision coverage. The challenge for BMCI will be to maintain its loan asset quality in the face of a slightly weaker economic environment in 2010. The capital position is comfortable following an increase in the Capital Adequacy Ratio and, along with this, allows for moderate balance sheet growth going forward.
Based on a universal banking but client-driven model, BMCI offers a wide range of banking services to both retail and corporate clients in Morocco. Retail products include consumer loans, mortgages and credit cards while services to corporates include financing, capital markets activities and trade finance.
BMCI falls under BNPP's Mediterranean basin banking business, and specifically within its operations in North Africa. The latter region comprises over 400 branches and includes subsidiaries in Libya, Egypt, Algeria, Tunisia, and BMCI in Morocco. BMCI's operations utilise the support and product development expertise of BNPP in respect of retail banking while its commercial and corporate services, particularly in regard to specialised financing, trade finance and capital markets, benefit from the reach and expertise of the wider group. The group operation across all geographical locations aims for a unified banking platform involving distribution, markets and solutions, brand and communication, risk controls, and retail banking information systems.
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From 1964 to 1973, BMCI operated as Banque Nationale pour le Commerce et l'Industrie - Afrique, which was part of what is now the BNP-Paribas Group (BNPP). Incorporated with local capital in 1973, the Bank's principal shareholder remains BNPP, which holds a 66% stake. BNPP is strongly represented on the board, and has seconded a number of BNPP expatriates to senior management positions, including the Directeur-Général (Chief Executive Officer and Managing Director). Further, BNPP supports the Bank in the areas of credit control, risk, audit procedures, technology and training.
Contact:
Darren Stubing
darren.stubing@ciratings.com
Tel: 357 2534 2300
Tom Kenzik
tom.kenzik@ciratings.com
Tel: 357 2534 2300
© Press Release 2010
