(Ecofin Agency) - BNP Paribas’ 50% stake in Tunisian banking group Union Bancaire pour le Commerce et l'Industrie (UBCI).

For the time being, there are no financial details about the operation but, if successful it will boost Arab Bank’s presence in Tunisia since it already has 64.24% stake in Arab Tunisian Bank, another Tunisian group.

The sale of BNP Paribas’ stake in UBCI was announced during the latter’s administrative council in January 2019.

Let’s note that BNP Paribas wants to boost its presence in other North African countries like Morocco (where it has 66.74% stake in Banque marocaine pour le commerce et l’industrie-BMCI) and in Algeria where it owns El Djazaïr.

Chamberline Moko