Burkina Faso-based Coris Bank International, led by prominent banking tycoon Idrissa Nassa, is poised to bolster its pan-African operations through the acquisition of select businesses from Societe Generale (SocGen).
The strategic move marks Coris Bank’s entry into Mauritania and Chad, expanding its reach in the region and intensifying competition with other lenders such as Ecobank and Bank of Africa which is led by Moroccan billionaire, Othman Benjelloun.
The latest move places the Nassa-led banker as a key player among the new generation of emerging lenders capitalizing on opportunities presented by major financial institutions like SocGen, BNP Paribas, Standard Chartered, and Barclays, which have been scaling down their presence on the continent.
Notably, Coris Bank is not the sole contender vying for SocGen’s businesses. Vista Bank, backed by U.S.-based investment company Lilium Capital and founded by Burkinabe banker Simon Tiemtore, is also in the race to acquire a share of the operations.
Coris Bank International has already established itself as a prominent player in the West African financial services sector, boasting a strong presence across francophone Africa.
With operations in Burkina Faso, Cote d’Ivoire, Mali, Togo, Senegal, Benin, Niger, and Guinea-Bissau, the bank has built a reputation for its distinctive industrial model tailored to each geographic location.
As of 2021, Coris Bank’s current deposits totaled CFA859.1 billion ($1.42 billion), while current loans amounted to CFA1.015 trillion ($1.67 billion), underpinning the bank’s substantial financial standing.
The bank’s consistent growth is further exemplified by its financial performance during the first nine months of 2022. Coris Bank recorded a net income increase from CFA34.74 billion ($57.8 million) to CFA43.18 billion ($71.04 million), attributed to growth in both interest and non-interest income.
This remarkable achievement solidifies Coris Bank International’s position as a major force in the financial services sector.
Under the leadership of Nassa, the acquisition of SocGen’s businesses in Mauritania and Chad not only expands Coris Bank’s footprint but also positions the institution to tap into new markets and strengthen its position in the competitive landscape of pan-African banking.