Morocco’s BCP Bank Wants to Buy France’s BCPE in Africa

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).

The four banks have 1,886 employees and 117 agencies.

The French group said that its divestment of banking interests in Africa to the Moroccan bank is in line with its strategy to refocus on sectors and regions considered to be priorities for developing business lines.

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.