Morocco’s Banque Centrale Populaire considers selling a stake to a lender in East Asia

Moroccan bank Banque Centrale Populaire is planning to sell a significant stake to a lender in East Asia, Bloomberg reported on Wednesday.

The plan, expected to help the bank boost its capital and growth, is part of a five-year strategy that would start in 2021, two well-informed sources told Bloomberg.

Under this strategy, the Casablanca-based bank will start talks with lenders from different countries in East Asia, including China and Singapore.

Said plan is considered as a big shift in BCP’s strategy, which focused more on traditional business links with Europe, the same source explained.

During the last ten years, the bank was also focused on the sub-Saharan Africa market, concluding acquisitions in Mauritius, Cameroon and Cote d’Ivoire.