French Bank BPCE Sheds Moroccan Lending Arm

Law360, New York (December 20, 2011, 6:12 PM EST) -- French lender Groupe BPCE has agreed to sell its 23.8 percent stake in Moroccan real estate lender Credit Immobilier et Hotelier SA to Caisse de Depot et de Gestion, a bank also based in Morocco, BPCE said Tuesday.

After the deal is completed, the CDG will hold 67.9 percent of Credit Immobilier, according to the announcement. The terms of the deal were not disclosed.

BPCE has owned its stake in Credit Immobilier since a 2006 partnership between one of its predecessors and Massira Capital Management, a...
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