BPCE :Announcement of an agreement for the divestment of 100% of Banque des Mascareignes to Groupe Banque Centrale Populaire ...
21 February 2018 - 3:54AM
Announcement of an agreement for
the divestment of 100% of Banque des Mascareignes to Groupe Banque
Centrale Populaire and Groupe Sipromad
Paris, February 20, 2018
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.
Press Contact Groupe BPCE
Christophe Gilbert : 33 (0)1 40 39 66 00 / 33 (0)6 73 76 38
98
Anne-Laure Declaye : 33 (0)1 58 40 61 79 / 33 (0)6 20 09 10
44
Marie de Clercq : 33 (0) 1 58 40 59 26 / 33 (0)6 35 20 96
12
presse@bpce.fr
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information contained therein.
Source: BPCE via Globenewswire