(Ecofin Agency) - French banking group BNP Paribas has finalized the sale of 39% stake in Union Bancaire pour le Commerce et l'Industrie (UBCI) to the Tunisian group Carte for TND183.3 million ($67 million). The parties involved in this transaction notified the Tunis Stock Exchange on March 16, 2021, that the agreement has been completed.

With this transaction, the French group now retains a minority share of 11.09% in the capital of UBCI. The sale is part of a strategic review of its footprint in UBCI initiated in January 2019.

In August 2019, BNP Paribas and Carte Group reached an agreement that will see Carte acquire 7.8 million UBCI shares, representing 39% of the company’s capital, at a unit price of TND23.5 per share. The implementation of the agreement was subject to the necessary regulatory approvals.

This operation will strengthen the presence of local players in the capital of the Tunisian bank UBCI.

Chamberline Moko