BCP Banking group, one of Morocco’s biggest lenders, is open to acquisitions and partnerships in Africa. The bank remains tuned to the market ready to seize any external growth or partnership opportunity that meets our criteria and development strategy on the continent. BCP’s latest deals date back to 2019 when it bought three banks – in the DRC, Mauritius, and Madagascar – bringing to 18 the number of African countries in which it operates subsidiaries. The COVID-19 crisis has certainly temporarily slowed this momentum, but recovery is promising, and we remain confident in the development of activity over the coming years.
Casablanca-listed BCP has branches that operate in insurance, microfinance, business banking and asset management, as well as money transfer. Like many other Moroccan banks and companies, BCP has stepped up investments in Africa, boosting the kingdom’s economic clout. The presence of Moroccan banks across Africa has facilitated investments by Moroccan companies there. BCP’s net banking income grew 3.6% in the third quarter to 15 billion dirhams ($1.62 billion). Subsidiaries contributed 25%. The IMF urged Morocco’s central bank to ensure banks continue to make provisions against impaired loans, which were up 24% to 84.6 billion dirhams.