Announcement of an agreement for the divestment of 100% of Banque des Mascareignes to Groupe Banque Centrale Populaire and Groupe Sipromad
Groupe BPCE announces the signature of an agreement providing for the divestment of 100% of Banque des Mascareignes to Groupe Banque Centrale Populaire and Groupe Sipromad.
The agreement concerns the divestment by BPCE International of Banque des Mascareignes, an establishment based in Mauritius, and its Madagascan subsidiary (Banque des Mascareignes Madagascar), to the Moroccan banking group, Banque Centrale Populaire, and its strategic partner in the region, Sipromad, a diversified Madagascan group and a historic shareholder in the Madagascan subsidiary.
Completion of the divestment remains subject to the usual condition precedents for this type of transaction, and particularly the agreement of the regulatory authorities in Mauritius, Madagascar and Morocco, and should take place by the end of the first half of 2018.
This transaction is part of Groupe BPCE’s strategy of refocusing in priority growth markets and regions.
About Groupe BPCE
Groupe BPCE, the 2nd-largest banking group in France, includes two independent and complementary cooperative commercial banking networks: the network of 14 Banque Populaire banks and the network of 16 Caisses d’Epargne. It also works through Crédit Foncier in the area of real estate financing. It is a major player in Asset and Wealth management, Insurance, Corporate & Investment Banking and Specialized Financial Services with Natixis. Groupe BPCE, with its 106,500 employees, serves a total of 31 million customers and enjoys a strong local presence in France with 7,800 branches and 9 million cooperative shareholders.