Thehe Moroccan group Banque Centrale Populaire (BCP) finalized, on Thursday, October 17, the acquisition of 71% of the capital of the Bank of Madagascar and the Indian Ocean (BMOI), from Groupe BPCE (French banking group formed by Banque Populaire and Caisse d'Epargne networks), after having obtained all the regulatory authorizations.
An official ceremony was held at the BMOI headquarters in Antananarivo, in the presence of Kamal Mokdad, Director General of BCP and International, Naina Andriantsiohaina, Chairman of the Board of Directors, and Alain Merlot, Chief Executive Officer of the Bank .
Already present in Madagascar and Mauritius through its subsidiary BCP Bank (Mauritius), BCP Group is now a leading player in the Malagasy banking market, and at the same time strengthens its geographical footprint in the Indian Ocean, indicates a statement from the group.
"We are very pleased with the completion of the acquisition of BMOI, a dynamic and successful player in the Malagasy banking landscape," said Mokdad, on the sidelines of the signing ceremony. Adding that "with the support of our local partners, we have the ambition to put BMOI in a new and significant stage of its development, with the rapid introduction of new solutions, including digital and electronic solutions".
BCP Group is the sixth largest banking player in the continent by the size of equity, and one of the first African banks in terms of total balance sheet, notes the bank.
BCP has a historical presence in West Africa under the "Atlantic Bank" brand and in Europe via its "Chaabi Bank" subsidiary.
BCP is also the only banking institution in North Africa, West and Central to be present in Mauritius, through its subsidiary BCP Bank (Mauritius), the statement concludes.