BCP strengthens its presence in Africa

This is a partnership which  is to create a joint holding company called "Atlantic Bank International," which AFG bring its holdings in seven African banks. For its part, the PCO will provide that holding the cash equivalent value of these investments to ensure the development of its banks and, as part of a vision and shared objectives.

Banque Centrale Populaire (BCP) , Morocco's second biggest lender,has agreed to invest 1 billion euros ($1.26 billion) for a 50 percent stake in Ivory Coast's Group Banque Atlantique, the two companies announced this  on Thursday.

"We are going to invest around 1 billion," BCP's CEO Rachid Agoumi told a press conference in Ivory Coast's commercial  capital, Abidjan. "That will allow us to be in seven countries in Africa" he said, according to Reuters.

Morocco is increasingly looking to Africa for investment and is buying into African banks. BCP has its affiliates in Guinea and the Central African Republic.

Its immediate rivals AttijariWafa Bank and BMCE Bank have stronger presences in the continent.Morocco's third biggest bank,BMCE Bank holds a 59.4 percent stake in Bank of Africa,which is active in 21 African countries.