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Allen & Overy Advises Banque Centrale Populaire On The Acquisition Of Four Banks In Africa

 

28 September 2018

CASABLANCA – Allen & Overy (A&O) advised the Moroccan banking group, Banque Centrale Populaire (BCP), on its offer for the acquisition, from the French group BPCE of:
  • 68.5 % of the share capital and voting rights of Banque Internationale du Cameroun pour l’Épargne et le Crédit (BICEC), the third most important bank in Cameroun,
  •  71 % of the share capital and voting rights of Banque Malgache de l’Océan Indien (BMOI), the fourth most important bank in Madagascar,
  • 100 % of the share capital and voting rights of Banque Commercial Internationale (BCI), the fourth most important bank in Congo, and
  • 60 % of the share capital and voting rights of Banque Tuniso-Koweitienne (BTK), a long-standing player in the Tunisian banking market.
The transaction will shortly be presented to BPCE International’s employee representative bodies by means of an information-consultation procedure and shall be subject to the usual conditions precedent for this type of transaction, and particularly, the approval of local regulators in Morocco, Tunisia, Congo, Cameroun and Madagascar.
 
This operation follows the former acquisition, announced last February, by BCP from BPCE of Banque des Mascareignes, a leading bank in Mauritius.
 
This deal will strengthen BCP’s presence on the African continent with a geographical coverage of 17 countries.
The A&O Team was led by partner, Hicham Naciri, assisted by counsel, Younes Maleh, and corporate associate, Omar Zizi.
 
For further information, please contact Amal Ounir, Amal.Ounir@allenovery.com, on +212 520 478 000.
 

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