Transaction Alert BLC Robert acted as Mauritian counsel to BPCE IOM on the sale of its entire shareholding in Banque des Mascareignes to Banque Central Populaire

Groupe BPCE, the second leading banking group in France, recently announced that it entered into exclusive negotiations with the Banque Centrale Populaire in view of the divestment of BPCE's interests in various banks in Africa, amongst which the Mauritian incorporated bank, Banque des Mascareignes. The disposals are part of Groupe BPCE's strategy of refocusing on sectors and regions considered to be priorities for developing the Group's business lines.

The sale of Banque des Mascareignes was successfully completed on the 16th October 2018 in Mauritius, after the various approvals from the Central Bank of Mauritius were obtained.

Banque Centrale Populaire is one of Morocco's major banking groups with an established presence in Africa and worldwide. With this new acquisition, Banque Centrale Populaire continues its expansion and becomes the first Moroccan banking group to operate in Mauritius.

BLC Robert assisted BPCE IOM on the regulatory implications as well as the corporate aspects of this sale. BLC Robert team was led by Iqbal Rajahbalee and Valerie Bisasur, assisted by Shane Mungur.