BCP acquires majority stake in BIA-Niger
The Moroccan bank overall stake will be close to 70 per cent.Moroccan bank Banque Centrale Populaire (BCP) has announced it has taken control of Niger's Banque Internationale pour l'Afrique (BIA-Niger).
It acquired a 53 per cent stake from Niger's government, which has been the biggest stakeholder in the bank since 2012, Reuters reports.
Niger has agreed to support billions of CFA francs of the bank's bad debt, according to the BCP.
"We are investing 240 million dirhams (€22 million) as a capital increase which represents 53 per cent of the capital," said Rachid Agoumi, BCP's director in charge of corporate and international development.
The deal will make BCP the market leader in Niger as ABI already owns Banque Atlantique Niger, he added.
BCP will also purchase through its African holding company Atlantic Business International (ABI) another stake from investors in Niger, bringing its overall stake close to 70 per cent.
BIA-Niger was launched in 1944 and has 16 branches across the country including seven in the capital Niamey.