Moroccan second-largest lender by assets Eyes Rwanda Market
Morocco’s second-largest lender by assets Banque Centrale Populaire (BCP) says it is mulling over expanding operations into Kenya as it seeks to tap new East African deals and serve large multinationals in the country.
The $35 billion (Sh3.5 trillion) bank with several branches in Europe and 14 African markets told Bloomberg it plans to acquire banks in at least four African nations including Rwanda and Kenya as it targets to double its income contribution from the region.
“We’re looking for opportunities in Kenya, Rwanda, Ghana and Tanzania in the medium-term,” co-CEO Kamal Mokdad was quoted saying.
BCP made a failed bid to buy a stake in Rwandan lender, Bank of Kigali in March, this year.
The BCP announcement marks the latest declaration of interest by a foreign lender to enter Kenya’s 40-plus bank market.
Kenya has witnessed renewed interest by global banks, since the CBK lifted a licensing moratorium in March last year.
They include America’s largest bank JPMorgan Chase & Co, which said in January it was mulling over a Kenya entry.
One of Russia’s largest privately-owned banks, Promsvyazbank, also announced in August last year it would seek a piece of the pie.
The banking sector is expected to see mergers and acquisitions of third-tier lenders in the wake of the rate capping law, Genghis Capital researchers projected earlier.
