Morocco’s Banque Centrale Populaire is currently in negotiations with the Bank of Kigali on the possibility of acquiring a stake in the local bank.

Bank of Kigali’s Chief Executive Officer Dr Diane Karusisi confirmed the development, saying the Moroccan bank has expressed interest which they are evaluating to determine how well it fits within their plans.

"We do not have a timeframe, they have only expressed interest. We are weighing our options looking at what we can do but we have not reached any decision,” Dr Karusisi told The New Times on Wednesday.

She, however, noted that Bank of Kigali is interested in raising capital, hence the consideration of the offer by BCP.

"The bank is interested in raising capital, we got the interest so we are looking to see if it can fall within our plans to raise capital,” Karusisi added.

Earlier, speaking at the ongoing African Export-Import Bank (Afreximbank) Annual General Meeting at the Kigali Convention Centre, the Minister for Finance and Economic Planning, Claver Gatete, said that the move was part of ongoing efforts to forge strong economic ties between the two countries.

Banque Centrale Populaire is one of the major banks in Morocco and has a presence in Germany, England, Canada, Spain, France, Gibraltar, Netherlands and Belgium.

Last year, BCP recorded revenue amounting to $2.1 billion and assets worth about $35 billion.

The move follows similar interest by Morocco’s Attijariwafa Bank to acquire 76.19 per cent of one of Rwanda’s leading banks, Cogebanque, at $41 million.

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