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Morocco's Banque Centrale Populaire seeking more M&A opportunities in Africa

Moroccan lender Banque Centrale Populaire is planning to purchase banks in at least four African nations, Bloomberg News reported Oct. 17.

The bank recently completed a deal to acquire Mauritius-based Banque des Mascareignes Ltée and has ambitions to further expand its operations.

Co-CEO Kamal Mokdad said that the bank was looking for opportunities in Kenya, Rwanda, Ghana and Tanzania. Banque Centrale Populaire intends to source 30% of its income from Africa by 2020, up from 18% in 2017, Mokdad said.

In September, Banque Centrale Populaire was reported to be in exclusive talks with Groupe BPCE for the French lender's banking interests in Cameroon, Madagascar, the Republic of the Congo, and Tunisia.