France's Groupe BPCE enters exclusive negotiations with the Moroccan banking group Banque Centrale Populaire (BVC:BCP), with a view to divesting banking interests in Africa, the company said on tuesday.
"This proposed divestment of banking interests in Africa to the Moroccan banking group BCP is in line with Groupe BPCE’s strategy of refocusing on sectors and regions considered to be priorities for developing the Group’s business lines, and follows on from the divestment of Banque des Mascareignes to BCP announced back in February."
Here are some details of the equity interests held by BPCE International:
- in Cameroon: 68.5% of Banque Internationale du Cameroun pour l’Épargne et le Crédit (BICEC);
- in Madagascar: 71% of Banque Malgache de l’Océan Indien (BMOI);
- in the Republic of the Congo: 100% of Banque Commerciale Internationale (BCI);
- in Tunisia: 60% of Banque Tuniso-Koweitienne (BTK).
The bank will only keep a 4.5 percent stake in BCP and about 20 percent stake in a bank in Mali.
Subject to regulatory approvals, the deal is expected to close in the fourth fiscal quarter.
