Morocco’s BCP acquires 71% stake in a Madagascar bank

Banque Centrale Populaire (BCP), one of Morocco’s biggest banks, announced on Thursday that it had acquired 71% stake in Banque de Madagascar et de l’Ocean Indien (BMOI) from Groupe BPCE, a French banking group, Reuters reports.

The deal is part of BCP’s plan to reinforce its presence in Africa. Last week, the bank, which has subsidiaries in 30 countries around the world, bought a 100% stake in Banque Commerciale Internationale (BCI) in the Republic of Congo from the same French bank.

Prior to this deal the Moroccan bank bought a 68.5% stake in Cameroon’s Banque Internationale du Cameroun pour l’Epargne et le Crédit from the same French bank.