After years of legal proceedings in Belgium, Banque Centrale Populaire (BCP) and its subsidiary Banque Chaabi du Maroc have officially put the case behind them. The Court of First Instance of Brussels has approved a settlement reached with Belgium’s federal prosecutor’s office, bringing an investigation that started in 2018 to a close.
Under the agreement, the two banks will pay €174.5 million.
BCP said the settlement does not mean that either bank has admitted guilt or accepted criminal liability.
The case was linked to the activities of Banque Chaabi du Maroc, which has long provided banking services to Moroccans living in Belgium.
According to the group, both banks worked with Belgian judicial, regulatory and market authorities throughout the investigation.
BCP said the payment will not affect the group’s financial performance or financial strength. It added that its financial ratios remain well above regulatory requirements.
The bank also said the settlement will not change its growth plans. The group currently operates in 32 countries, including 18 across Africa.
