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Morocco-based BCP purchases 100% stake in Groupe BPCE's Congo unit

Morocco-based Banque Centrale Populaire purchased a 100% stake in Groupe BPCE's Republic of the Congo unit, Banque Commerciale Internationale, Reuters reported, citing a statement from the Moroccan lender.

The financial terms of the deal were not disclosed.

BCP said it expects the transaction to strengthen its presence in central Africa. The lender now operates in 30 countries, 16 of which are in Africa, and has 6.2 million clients in Morocco and branches in Europe and the Gulf region, according to the newswire.

France-based BPCE entered into exclusive talks with BCP in 2018 to divest its banking interests in Cameroon, Madagascar, the Republic of the Congo and Tunisia.

Earlier in October, BCP reportedly completed the acquisition of BPCE's 68.5% stake in Cameroon-based Banque Internationale du Cameroun Pour l'Epargne et le Crédit.