(Ecofin Agency) - Banque Centrale Populaire (BCP) finalized the purchase of the Mauritius-based Banque des Mascareignes and its subsidiary Banque des Mascareignes Madagascar.

BCP, present in 14 African countries received the approval of statutory authorities in Mauritius, Madagascar, and Morocco. With its Madagascar based partner Sipromad which operates in various sectors in Africa and India, BCP now controls two banking assets formerly owned by the French group BPCE.

The Moroccan group which is the sixth banking group in Africa in terms of equity will change the signs of these two banks.

The French group BPCE concluded the agreement on the sale of 100% of its stakes in Banque des Mascareignes and Banque des Mascareignes Madagascar in February 2018. Without revealing the amount of the transaction, BPCE indicated that it was going to focus on priority development zones and sectors.

Chamberline Moko