, created by the
merger of Banques Populaires and Caisse d’Espargne
in 2009, has
bought a majority stake in Banque Malgache de L’Ocean Indien
(BMOI), the Madagascan subsidiary of BNP Paribas.

The acquisition of a
BNP Paribas’ 75% stake in ten-branch strong BMOI was carried out by
BPCE’s international subsidiary BPCE International et

BPCE is targetting
both organic
and inorganic growth in Asia and Africa
and, in February, set
aside an initial budget of €1bn ($1.45bn) for acquisitions.

But the exact sum for
the 75% stake in BMOI was not disclosed.

BPCE is shifting its retail banking business
focus on emerging markets as higher capital and liquidity reserves
required under Basel III are straining its domestic retail banking

BPCE already operates in Cameroon, the Congo,
Tunisia, Morocco, Mauritius.

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BMOI generated a net banking income of €20m
and total net income of €9m in fiscal 2010.