Moroccan lender Banque Centrale Populaire (BCP) has signed a deal with the state of Niger to take control of Niger’s Banque Internationale pour l’Afrique (BIA-Niger).
The African country is the biggest stakeholder in BIA-Niger since its acquisition of the bank from Coris International Bank in 2012.
BCP director in charge of corporate and international development Rachid Agoumi was quoted by Reuters Africa? as saying: "We are investing 240 million dirhams ($25 million) as a capital increase which represents 53 percent of the capital."
The Moroccan bank, through its African holding company Atlantic Business International (ABI), is also planning to take over another chunk from investors in Niger, thereby increasing its overall stake to about 70%.
The deal is projected to help BCP become the market leader in Niger as ABI already owns Banque Atlantique Niger.
Moreover, the Niger government has also agreed to support the bank’s bad debt worth billions of CFA francs, BCP said.