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Groupe BPCE finalizes the sale of its equity interest in Crédit Immobilier et Hôtelier

Groupe BPCE today finalized the sale of its 23.8% indirect equity interest in Crédit Immobilier et Hôtelier (CIH), to the Caisse de Dépôt et de Gestion marocaine (CDG). All the suspensive conditions related to the transaction have been fulfilled; the transaction is legally effective as of today.

Since July 2006, Groupe BPCE, through BPCE International et Outre-mer, has held an indirect equity interest in CIH via Massira Capital Management (MCM), a subsidiary jointly owned by the French group.

CDG and Groupe BPCE express their satisfaction with the quality of their partnership between 2006 and 2011, which enabled them to turn CIH around and to give it the means it required to adopt a universal banking model. Now, however, the two groups want to change their relationship as joint shareholders. Groupe BPCE will continue to pursue its commercial relations with CIH.