Morocco’s Populaire Buys French BPCE’s Mascareignes

Agreement signed with Banque Populaire Caisse d’Epargne allows Morocco’s second-biggest lender to expand African presence to Mauritius and Madagascar, the state- run news agency reports, citing a company statement.

* Terms of the deal no tdisclosed;
* Deal is for the purchase of Mauritius-based Banque des Mascareignes and its Madagascar subsidiary;
* ”Deal is part of BCP’s African expansion strategy, expanding footprint to Indian Ocean”;
* BCP’s spokesperson Hammad Bennis did not return calls seeking comment. Source: Bloomberg