Arval PHH Morocco was formed in partnership with the Banque Morocaine de Commerce et d'Industrie (BMCI) in which BNP Paribas, Arval's parent company, has a majority holding.
Arval PHH Group and BMCI hold 66.66% and 33.34% of the shares of the North African subsidiary respectively.
Arval said its latest development forms part of the group's continuing strategy of international growth. It currently has operations in 22 countries around the world and manages 672,000 vehicles.
The company said expansion in Morocco will enable Arval PHH to take advantage of the strong presence of its parent company, BNP Paribas, while also developing fleet services for the many existing multinational clients that have offices there.
Arval PHH senior vice-president (global business development) Richard Netherclift said: 'The creation of Arval PHH puts the group in a strong position to lead this expanding market. We will be able to support the fleet needs of our existing clients as well as seeking new local opportunities with the support of BMCI.'
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