Morocco’s Banque Centrale Populaire (BCP) Group has become the largest banking group in Niger, after it finalized Tuesday the acquisition of the International Bank for Africa, so far the second-largest banking institution in the African country.
With the completion of this transaction, the BCP Group holds, through its subsidiary ABI, 69.51% of the capital.
BCP group also controls Banque Atlantique Niger (BANE), whose capital is held at 78% by Atlantic financial group, controlled by the Moroccan mutual banking group.
BCP Group becomes, through these two subsidiaries, the first banking player in Niger.
With the completion of this acquisition, BIA-Niger will benefit from the expertise and support of its key shareholder, BCP Group.
BCP group, along with Attijariwafa Bank and Banque Marocaine du Commerce Extérieur (BMCE) are the three largest banks in Morocco, holding about two-thirds of total bank assets.
They all have a systemic presence in several Sub-Saharan African countries, including Benin, Burkina Faso, Cameroon, Congo, Djibouti, Gabon, Côte d’Ivoire, Madagascar, Mali, Niger, and Senegal.
The financial expansion of Moroccan banks in the region went in parallel with increasing trade flows and the expansion of Moroccan companies operating in the sectors of telecommunications, public works, housing, insurance etc.