Burkina Faso-based Coris Bank International, led by banking tycoon Idrissa Nassa, has been chosen as a leading contender to participate in the purchase of shares representing the capital of Banco Comercial do Atlântico de Cabo Verde, presently held both directly and indirectly by the CGD Group. This marks a significant development in the financial services sector of Cape Verde.
Joining Coris Bank International as finalists in this endeavor are First Atlantic Bank and IIBGroup Holdings, creating a competitive landscape for the acquisition of shares directly and indirectly held by the CGD Group, a financial institution based in Cape Verde.
Coris Bank International’s role in this venture comes on the heels of its strategic move to fortify its pan-African operations. The bank recently unveiled plans to acquire select businesses from Societe Generale (SocGen), a move that signifies its expansion into Mauritania and Chad.
This expansion strengthens Coris Bank’s regional presence and intensifies competition with other leading lenders, including Ecobank and Bank of Africa, led by Moroccan billionaire Othman Benjelloun.
The latest development, authorized by the resolution of Cape Verde’s Council of Ministers, was published this Tuesday in the Diário da República.
The resolution empowers Caixa Geral de Depósitos Group (CGD Group) to extend invitations to the three selected investors to present “binding proposals” for the acquisition of shares within the direct sales operation.
This direct sale pertains to shares held directly and indirectly by CGD Group, representing a portion of the share capital of Banco Comercial do Atlântico, totaling 54.41 percent directly and 5.4 percent indirectly through Banco Interatlântico.
Nevertheless, proposals may be considered for the acquisition of a lower percentage and, indirectly, for all or part of the share capital of companies held directly or indirectly by Banco Comercial do Atlântico, along with their respective assets.
Under the leadership of Nassa, Coris Bank has emerged as a formidable force in the financial services industry, primarily due to its unique industrial model tailored to each of its geographic locations.
Currently, it stands as the second-largest banking group in Burkina Faso, offering a comprehensive range of services, including retail banking, corporate banking, and Islamic banking.
With a presence in Burkina Faso, Cote d’Ivoire, Mali, Togo, Senegal, Benin, Niger, and Guinea-Bissau, Coris Bank has built a solid reputation for its geographic-specific approach. As of 2021, the bank’s deposits totaled CFA 859.1 billion ($1.42 billion), while loans amounted to CFA 1.015 trillion ($1.67 billion), underscoring its robust financial position.
This growth trend persisted in the first nine months of 2022, with Coris Bank reporting a net income increase from CFA 34.74 billion ($57.8 million) to CFA 43.18 billion ($71.04 million), driven by growth in both interest and non-interest income. This financial performance positions Coris Bank International favorably in the quest for Banco Comercial do Atlântico shares.
