Carte Groupe reached an agreement to acquire a 39% stake in pour le SA Union Bancaire Commerce et L'Industrie (BVMT:UBCI) from BNP Paribas SA (ENXTPA:BNP) for approximately TND 180 million on August 28, 2019. Under the terms, Carte will acquire 7.8 million shares for TND 23.5 per share. BNP Paribas will retain a stake of little above 11% in UBCI post completion.

During the year ending December 2018, UBCI achieved a net profit of TND 47.75 million dinars. The implementation of the agreement is subject to obtaining the regulatory authorizations in force. The transaction is expected to close in 2020.

BNP Paribas Corporate Finance acted as financial advisor to BNP Paribas SA. As on November 25, 2020, Central Bank of Tunisia (BCT) has approved the transaction. Carte Group and the BNP Paribas also inform the UBCI that the transaction will be completed as soon as all the terms and conditions relating to the transaction are finalized.