Groupe BPCE signed an agreement through unit BPCE International et Outre-mer SA to divest Mauritius-based Banque des Mascareignes Ltée and the latter's Madagascan unit, Banque des Mascareignes Madagascar, to Morocco's Banque Centrale Populaire and its strategic partner in Madagascar, Groupe Sipromad.

Terms of the deal were not disclosed.

Completion of the transaction is subject to usual condition, particularly approval from regulatory authorities in Mauritius, Madagascar and Morocco, which should be obtained by the end of the first half.

Groupe BPCE said the deal is part of its strategy to refocus on priority growth markets and regions.

Banque Centrale Populaire is 4.51% owned by Groupe BPCE, according to S&P Global Market Intelligence data.