October 11, 2019 / 5:00 PM / 8 days ago

Morocco's BCP bank buys Congo's BCI bank

RABAT, Oct 11 (Reuters) - Morocco’s Banque Centrale Populaire (BCP) said on Friday it had bought a 100% stake in Banque Commerciale Internationale (BCI) in the Republic of Congo from France’s BPCE.

The deal will help BCP boost its presence in central Africa, said the bank in a statement noting that it now operates in 30 countries, including 16 in Africa.

BCP, one of the biggest lenders in Morocco, this month bought a 68.5% stake in Cameroon’s Banque Internationale du Cameroun pour l’Epargne et le Crédit (Bicec) from BPCE.

BCP has 6.2 million clients in Morocco and branches in Europe and the Gulf. It also this year launched a subsidiary trade bank in Mauritius, where BCP sees opportunities created by investment flows from Asia to Africa. (Reporting by Ahmed Eljechtimi; Editing by Nick Macfie)

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