Cote d’Ivoire’s government has authorized a consortium led by the nation's national investment bank to take over the majority stake in the local BNP Paribas subsidiary.

The deal will see Ivory Coast's national investment bank, the national social insurance fund, and state-owned financial firm Caisse des Depots et Consignations take over BNP's 67.49% stake for 80 billion franc CFA ($117.3 million).

The Ivorian subsidiary confirmed the deal in a statement saying it was part of a strategic review announced in April. It gave no further details.

The sale is part of the French banking giant's retreat from the sub-Saharan African market that began in 2019. Following the sale of its units in Gabon and Guinea, the bank said in July that it had sold its subsidiary in Senegal to pan-African financial services company Sunu Group

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