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Rabat – Morocco’s Banque Centrale Populaire (BCP) is considering selling a major stake to a company based in East Asia, according to Bloomberg.
Through the potential sale, the bank aims to strengthen its capital for greater growth.
The sale would be part of a five-year strategy, starting in 2021, that Banque Centrale Populaire is planning to introduce for approval, the business news outlet said.
The site quoted “two people with direct knowledge” who spoke under anonymity about the possible sale.
If it secured shareholder approval, BCP would start talks in 2021 with banking institutions from East Asian countries including China and Singapore, Bloomberg’s sources said.
The business news platform sees the potential deal as a major change, marking a pivot in “Morocco’s traditional business links with Europe.”
BCP is the second largest bank in Morocco with several branches across the world, including a presence in 16 African markets.
BCP also has locations in the US, the EU, the UAE, Saudi Arabia, Qatar, and Canada.
The group controls 52% of the deposits from Moroccans residing abroad (MREs).
Forbes listed BCP among the world’s 2,000 largest public companies in its 2019 annual ranking, published on May 15 of last year.
The magazine ranked Banque Centrale Populaire 1,855th with $2.4 billion in sales, $313 million in profits, and $5 billion in market value.
