Moroccan lender Banque Centrale Populaire (BCP) has acquired a 71% stake in Banque de Madagascar et de l’Ocean Indien (BMOI).

According to a Reuters report, the Moroccan lender acquired the majority stake from France’s BPCE to bolster its presence in Madagascar.

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The report did not divulge the financial details of the transaction.

BCP also intends to develop new digital services in the island country, the news agency added citing a bank statement.

One of the major banks based in Morocco, BCP primarily operates as a credit institution and caters to individuals, professionals and businesses.

Its product portfolio includes bank accounts, cards, insurances, credit facilities and investment management among others.

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It has nearly 6.2 million clients in Morocco and has operations in 30 countries.

Recently, BCP has stepped up its efforts to further bolster its presence in Africa where it operates in 16 countries.

Last week, it acquired 100% stake in Banque Commerciale Internationale (BCI), also from BPCE. BCI is based in the Republic of Congo and its acquisition will increase the Moroccan bank’s footprint in central Africa.

This year, BCP also launched a subsidiary trade bank in Mauritius to tap the investment flows from Asia to Africa.

In the first half of 2019, the bank reported a net profit of $170m attributable to shareholders. At the end of June 2019, its total deposits amounted to MAD286bn ($29.8bn).