Banque Centrale Populaire (BCP), one of Morocco’s three biggest lenders, continues its expansion in Africa with the acquisition of Banque des Mascareigne in Madagascar and the opening of a subsidiary in Mauritius, thus becoming the first Moroccan bank to operate in the island.
With this acquisition, BCP reinforces footprint in the Indian Ocean as part of the group’s expansion strategy, said a BCP statement.
The presence of BCP in Mauritius will improve its access to Chinese and Indian investments in Africa in a way that is conducive to the group’s increasing investments in Africa.
Last July, BCP Group became the largest banking group in Niger, after it finalized the acquisition of the International Bank for Africa, so far the second-largest banking institution in the African country.
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. Moroccan banks are operating in 23 African countries and around 17 per cent of their foreign activity is on the continent.
The financial expansion of Moroccan banks in the continent went in parallel with increasing trade flows and the expansion of Moroccan companies operating in the sectors of telecommunications, public works, housing, insurance etc.