October 16, 2018 / 7:29 PM / a month ago

Morocco’s BCP bank seals acquisition of Mauritius unit of France's BPCE

RABAT, Oct 16 (Reuters) - Morocco’s Banque Centrale Populaire (BCP) said on Tuesday it had sealed the acquisition of Banque des Mascareignes in Mauritius from French cooperative lender BPCE group.

The acquisition helped BCP become the first Moroccan bank to operate in Mauritius after receiving regulatory approvals, the bank said in a statement.

This purchase is meant “to foster the flow of Asian investments to Africa, notably those from China and India,” it said.

The deal would also help Banque des Mascareignes develop electronic banking services and trade finance, BCP said in a statement, adding that the acquired bank will be rebranded.

Terms of the deal were not disclosed.

In September, BCP said it had entered into exclusive talks with BPCE to acquire majority stakes in other banks in Cameroon, Madagascar, Tunisia and Republic of the Congo. (Reporting by Ahmed Eljechtimi; Editing by Adrian Croft)

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