Bloomberg/Christophe Morin

Business

BNP Paribas plans to sell stakes in Tunisia and Gabon retail bank units

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The French lender has maintained for decades a presence in many French-speaking West African countries and intends to remain there, however it said it would dispose of non-strategic as well as unprofitable units.

Thursday 25, April 2019 BY KUDAKWASHE MUZORIWA

BNP Paribas said that it is in the process of seeking buyers for its stakes in its retail banks in Tunisia and Gabon as the lender exits some non-core assets.

In January, BNP Paribas told the board of Tunisia-based Union Bancaire pour le Commerce et l’Industrie that it was looking for a partner to take over its 50.1 per cent stake in the retail bank.

Additionally, the bank confirmed reports that the bank was considering selling its stake in its bank in Gabon, in which it holds 47 per cent.

In a statement, BNP Paribas insisted that its presence in Africa is totally part of its international strategy and does not plan to withdraw from the continent.

BNP Paribas’ units in Tunisia and Gabon are said to be smaller than others it owns in other African countries, reported Reuters.

TAGS : BNP Paribas, Union Bancaire pour le Commerce et l’Industrie, Tunisia BNP Paribas, Gabon BNP Paribas

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