(Ecofin Agency) - Mauritius Commercial Bank (MCB) announced it has agreed to sell all the 80% shares it held in payments processor ICPS for an undisclosed amount. The buyer is Morocco's payment solution provider HPS, which already owned 20% stake in the company.
This acquisition is part of HPS's strategy for growth and development abroad. The company is committed to providing payment solutions and services for issuers, retailers, and mobile network operators worldwide.
The strategy, which began in 2010, has enabled HPS to acquire several companies operating in the same business sector. Earlier in 2021, it finalized the acquisition of IPRC, which supervises nearly 5,500 ATMs on behalf of some 30 banks in Morocco and Africa. This new acquisition aims to "position HPS as a major payment player in Africa".
With a portfolio of about 30 clients in more than 22 countries in Africa and Asia, ICPS will merger with HPS. This partnership will allow both partners to extend their services in about 30 countries.