Morocco’s BCP bank started talks with French BCPE bank to buy major stakes in four of its African banks. BCP said in a statement it aims at acquiring BPCE’s controlling stakes in Cameroon, Madagascar, Congo and Tunisia. The French bank owns 68.5% of Banque Internationale du Cameroun pour l’Épargne et le Crédit (BICEC); 71% of Banque Malgache de l’Océan Indien (BMOI); 100% of Banque Commerciale Internationale (BCI); and 60% of Banque Tuniso-Koweitienne (BTK). Earlier this year, BCP acquired another bank in Madagascar and opened a subsidiary in Mauritius. The deal would help BCP expand its African presence to 17 countries.

Source: The North Africa Journal September 27, 2018 10:52 UTC