The Banque Centrale Populaire (BCP) of Morocco released a Communique on 16th October 2018 announcing the finalization of its acquisition of Banque des Mascareignes in Mauritius from Banque Populaire et Caisse D’épargne (BPCE), after receiving the necessary regulatory approvals.

BCP is one of the leading banks in Morocco and has the highest share (over 50%) of the Moroccan diaspora market. The group is present in 28 countries, including 14 African countries, the United States, Denmark, Canada among others.

The decision of BPCE to disinvest from Banque des Mascareignes in Africa to focus on its European activities has presented BCP with a sizeable opportunity to reinforce and accelerate its Africa strategy. BCP ambitions to build the first panafrican and locally implanted banking group and, Mauritius being a major gateway between Asia and Africa, the bank sees its positioning in the country as a way to further pursue its plan to tap into and develop business between English-speaking Africa and French-speaking Africa. On the local market, the bank’s plans are to develop innovative solutions in the monetary sector, digital solutions for businesses and Islamic banking solutions.

The arrival of BCP is expected to bring a new dimension to the banking sector in Mauritius, being given that the BCP will be first bank group on the island to also be present in Western, Northern and Central Africa.