Morocco’s Banque Centrale Populaire, BCP, finalized Thursday the acquisition of 71 per cent stakes in Banque de Madagascar et de l’Océan Indien (BMOI), an Antananarivo-based bank owned by French group BPCE (Banque Populaire et Caisse d’épargne). The Moroccan banking group is already present in Mauritius through its subsidiary BCP Bank. With the latest acquisition, BCP continues its rapid expansion on the African continent. It also this month completed the acquisition of BCI bank in Congo Republic also controlled by BPCE. BCP, the sixth leading banking group on the continent, has now become the only African bank present in North Africa, West Africa, Eastern Africa and Indian Ocean area.

Source: The North Africa Journal October 18, 2019 15:56 UTC