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Coris Bank International (CBI), a Burkina Faso-based banking group led by Idrissa Nassa, has opened a new branch in Bissau, Guinea-Bissau, as part of a strategic effort to expand its presence in the West African region.
This comes nearly four months after the bank announced on Nov. 8, 2021, that it intends to establish a subsidiary in Guinea-Bissau to strengthen its brand and operations on the continent.
The recent launch of the CBI’s operation in Bissau at a ceremony attended by President of Guinea-Bissau Umaro Sissoco Embalo, Nassa, Myriam Kone, managing director of Coris Guinea-Bissau, and Ibrahima Fall, managing director of Coris Bank in Senegal, is part of the bank’s strategic expansion plans, as it builds up its presence in the eight countries of the West African Economic and Monetary Union (UEMOA).
Its presence in Guinea-Bissau also confirms CBI’s pan-African ambition, as the financial services group works to improve access to banking services and contribute to the growth of the national market, all while adding value to the Guinean economy.
Embalo stated that he is confident that the launch of CBI’s operations in Bissau will put the local economy on track to overcome one of its core challenges, which is financing the economy.
He went on to say that the bank’s operations will help to strengthen the country’s economic growth as CBI’s presence and investment in the country “represents a vote of confidence in the economy and in the future of Guinea-Bissau.”
Nassa is the founder of CBI.
In addition to its home country of Burkina Faso, the pan-African banking group has active subsidiaries in Cote d’Ivoire, Mali, Togo, Senegal, Benin, Niger and now Guinea-Bissau.
The bank has evolved into a key player in the West African financial services industry under Nassa’s leadership, as it built its development strategy around a unique industrial model tailored to the specificities of its areas of presence.
CBI’s market capitalization is presently valued at XAF320 billion ($540 million), making it one of the most capitalized banks on the Bourse Regionale des Valeurs Mobilieres.
The bank has a balance sheet value of FCF4.75 trillion ($8.4 billion) from its diverse operations acorss the UEMOA region.
