Carte Group to take control of 39% of UBCI's capital

Carte Group, a major player of the Tunisian insurance market [4], has acquired 39% of the capital of the Union Bancaire pour le Commerce et l'Industrie (UBCI), that is 7 800 000 shares for a unit price of 23.5 TND (8.1 USD). This stake was purchased from BNP Paribas, the bank's former majority shareholder. Following this transaction, BNP Paribas retains 11.09% of UBCI's capital.

Through this merger, Carte Group and UBCI Bank intend to strengthen the cooperation and partnership relationships that have united them for more than 40 years. The transaction is subject to regulatory approval.