Tunis backpedals on purchase of BPCE’s shares in BTK
According to our sources, the bank remains in the BPCE fold after the Tunisian state reneged on its choice to pre-empt the Moroccan group’s shares in the BTK.
21/10/2020 at 15h21, by El Mehdi Berrada
In the end, the Banque Tuniso-Koweïtienne (BTK) was not bought-out by the Tunisian state, as previously announced in December 2019. The decision to abandon the deal was, according to our sources, strongly influenced by Prime Minister Hichem Mechichi, who was appointed in July. The shareholding therefore remains unchanged, with BPCE retaining 60% of the Tunisian bank’s capital, and Tunis and the Kuwaiti state each holding 20%. Neither BPCE nor the Tunisian Prime Minister’s office have responded to our requests for comment.
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