Morocco’s BCP Group acquires majority stakes in Madagascar’s BMOI

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 deal signed at BMOI will enable the BCP to deepen its foothold in the Indian Ocean area and develop new digital services in Madagascar, the Moroccan bank said in a statement.

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. Early this month, the financial institution present in 30 countries around the world also secured 68.5 per cent of Cameroon leading grantor of bank credit, Banque Internationale du Cameroun pour l’Epargne et le Crédit (BICEC).

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.