Banque Populaire said a court-approved settlement has brought a long-running legal case in Belgium to a close. Morocco’s Banque Populaire Group has reached a settlement with Belgian authorities, bringing to a close a legal case that has been under investigation since 2018.
The agreement, approved on Monday by Brussels’ French-speaking Court of First Instance, ends all proceedings involving Banque Centrale Populaire (BCP) and its subsidiary Banque Populaire du Maroc.
A source familiar with the matter said the bank’s activities in Belgium were historically aimed at supporting the Moroccan community living abroad, particularly through assistance services designed to meet the needs of Moroccans residing in the country.
Following years of cooperation with judicial, regulatory, and market authorities, the two banks agreed to pay €174.5 million as part of the settlement.
Banque Populaire said the court’s approval formally closes the case and does not amount to an admission of criminal wrongdoing.
The group added that the settlement will not affect its financial performance or balance sheet, saying it continues to maintain strong capital and prudential ratios.
The bank said the closure of the case allows it to move forward while reaffirming its commitment to regulatory compliance, professional ethics, and customer service.