The Observer of Morocco & Africa BCP finalizes the acquisition of 71% stake in BMOI – The Observer of Morocco & Africa

The Banque Centrale Populaire (BCP) group finalized, on October 17, 2019, 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), after having obtained all the regulatory authorizations.

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.

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, General Manager of the bank.

On the sidelines of the signing ceremony, Mr. Mokdad said that "we are very pleased with the completion of the acquisition of BMOI, a dynamic and successful player in the Malagasy banking landscape".

"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", he said.

BCP Group is the sixth-largest banking player in the Continent by the size of its own funds, and one of the leading African banks in terms of total assets. 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, West and Central Africa to be present in Mauritius, through its subsidiary BCP Bank (Mauritius).