Banque Populaire du Maroc issued the following announcement on Sept. 25.

As part of its expansion strategy in the Maghreb and sub-Saharan Africa, the Banque Centrale Populaire Group (BCP) announces that it has entered into exclusive negotiations with the French group BPCE, which has retained its firm offer for the acquisition of its holdings in four banks in Africa.

The signing ceremony took place on September 25th at Groupe BPCE headquarters in Paris.

In the presence of Mr. Mohamed BENCHAABOUN, the agreements were signed by Mr. Kamal MOKDAD, General Manager of the BCP group in charge of International, and by MM. Laurent MIGNON and Jean-Pierre LEVAYER, respectively Chairman of the Management Board of BPCE Group and Chief Executive Officer of BPCE International.

The participating interests are:

In Cameroon: 68.5% in the Cameroon International Bank for Savings and Credit (BICEC), the third-largest banking player in the country;

In Madagascar: 71% in the Malagasy Bank of the Indian Ocean (BMOI), 4th banking player;

In the Republic of Congo: 100% in the International Commercial Bank (BCI), 4th banking player;

In Tunisia: 60% in the Tunisian-Kuwaiti Bank (BTK), a historic player in the country's banking sector.

With 1,886 employees, the four banks have 117 branches and business centers, and at the end of 2017, generated an aggregate GDP of around 2 billion dirhams.

This offer, following the recent acquisition of the Mauritius-based Mascarene Bank, would allow the BCP Group to significantly accelerate its development by expanding its geographic coverage to 17 countries in Africa. It is part of the continuity of the strategic vision defined for the International, which aims to build the first banking group of the continent, with solidarity and strong local roots. It would enable the banks concerned to rely on a financial and industrial partner with solid experience in banking and able to further develop their business.

This project will be submitted to the Representative Bodies of the BPCE Group in France, and its finalization conditioned by obtaining the usual regulatory approvals in Morocco and in the various countries of presence of the banks concerned.

Original source: http://www.gbp.ma/EspaceCommunication/Pages/Actualite.aspx?IdActu=900