BNP hands over Tangier offshore unit

21 June 1996

France's Banque Nationale de Paris (BNP) has transferred control of its offshore branch in Morocco's Tangier free zone to a local bank in which it is the controlling shareholder, a banking source says.

BNP, which set up the offshore unit in 1992, has decided to turn it over to Banque Marocaine pour le Commerce et l'Industrie (BMCI) because the opportunities for busi ness in the free zone have proved disappointing, the source told MEED.

'It was more convenient to connect this branch with BMCI. Compared to (other offshore zones like) the Caymans or Panama, the advantages from the Tangier rules are few,' the source says. Banque Nationale de Paris Internationale (BNPI) owns a controlling stake in BMCI.

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications