BNP Paribas Set to Sell Stakes in Gabon, Tunisia Retail Banks

By Emmanuel Tumanjong

BNP Paribas SA (BNP.FR) is looking for buyers to take over its shares in its retail banks in Gabon and Tunisia, according to Gabonese newspaper reports on Wednesday.

Libreville-based Gabon Review said Tuesday that France's largest bank intends to sell its 46.7% stake in Banque Internationale pour le Commerce et l'Industrie du Gabon, or BICIG, and 50.1% shares in Tunisia's Union Bancaire pour le Commerce et l'Industrie SA (UBCI.TU).

BNP Paribas's move to sell its shares in both countries started in 2016, when it had said it was looking for "serious buyers." However, the French bank said it was not quitting Africa, as it still it holds investments in Algeria, Ivory Coast and Morocco.

"Discussions have been taking place for several years between shareholders of BICIG in a bid to reorganize the bank's capital," Gabon Review cited BNP Paribas as saying. A spokesman for Gabon's BICIG declined to comment.

BNP Paribas has operated in Gabon for 32 years, according to the country's Ministry of Finance.

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(END) Dow Jones Newswires

April 24, 2019 08:28 ET (12:28 GMT)

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