MOROCCO’S BCP BEGIN TALKS TO ACQUIRE STAKES IN FOUR AFRICAN BANKS

RABAT– BanqueCentralePopulaire (BCP), one of Morocco’s largest lenders, says it has started exclusive talks with France’s co-operative lender, BPCE, to buy major stakes in four of the latter’s African banks.

According to a statementissued by BCP here Tuesday, it intends to acquire BPCE’s controlling stakes in banks operating in Cameroon, Madagascar, Congo and Tunisia.

The Moroccan bank aims to fully acquire BanqueCommercialeInternationale (BCI) in Congo and a 71 per cent stake in Madagascar’s BanqueMalgache de L’OcéanIndien (BMOI).

The deal will also include 68.5 per cent stake in BanqueInternationale du Cameroun pour l’Epargneet le Credit (BICEC) in Cameroon and a 60 per cent stake in BanqueTuniso-Koweitienne (BTK) in Tunisia.

BCP noted that the four banks have 1,886 employees and 117 agencies.

Earlier this year, BCP acquired another bank in Madagascar and opened a subsidiary in Mauritius.

If the Moroccan bank concludes the deal with BPCE, it will expand its presence in Africa to a total of 17 countries.

Source: NAM NEWS NETWORK