Morocco's Banque Centrale Populaire completed the acquisition of Groupe BPCE's Mauritius-based unit, Banque des Mascareignes Ltée, Reuters reported, citing a statement from the Moroccan lender.
The deal will see Banque Centrale Populaire become the first Moroccan bank to operate in Mauritius. The lender noted that the transaction will enable it to foster the flow of Asian investments, mainly from China and India, to Africa, according to the newswire.
Banque Centrale Populaire added it will rebrand Banque des Mascareignes and develop its electronic banking services and trade finance. Terms of the deal, which was announced in February, were not disclosed.
Groupe BPCE owns a 4.51% stake in Banque Centrale Populaire, according to S&P Market Intelligence data. The banks are also in talks over the sale of BPCE's units in Cameroon, Madagascar, the Republic of the Congo and Tunisia.