Coris Bank International, a Burkina Faso-based financial services provider, led by banking tycoon Idrissa Nassa, has inked an agreement with the UK-based multinational banking group, Standard Chartered, to acquire its consumer banking business in Cote d’Ivoire in a deal that aligns with the strategic growth plans of both entities.
The transaction, announced recently, aligns perfectly with Coris Bank’s ongoing expansion efforts, coming in the wake of its planned acquisition of Société Générale Mauritanie (SocGen) — the proposed transaction acquisition underscores Coris Bank’s strategic intent to fortify its position in the burgeoning Ivorian market.
Coris Group President Idrissa Nassa champions acquisition to strengthen Coris Bank’s presence in Cote d’Ivoire
Nassa, president of Coris Group and a top figure in Burkina Faso’s financial landscape, expressed enthusiasm for the acquisition, citing its significance in bolstering Coris Bank’s foothold in Cote d’Ivoire. Nassa pledged to uphold service quality for the newly acquired clientele while introducing innovative products and services.
The agreement outlines that while Standard Chartered will divest its consumer banking operations, it remains committed to maintaining a presence in Cote d’Ivoire, redirecting its focus toward the Corporate, Commercial, and Institutional Banking sectors. This strategic shift aims to enhance the bank’s dedication to delivering superior services in these sectors.
CEO of Standard Chartered AME, emphasizes efficiency in AME region amidst strategic divestments
Sunil Kaushal, CEO of Standard Chartered AME, remarked on the significance of this agreement, emphasizing the bank’s commitment to streamlining operations in the AME region. Kaushal highlighted the importance of these strategic divestments, aligning with the bank’s global strategy to bolster efficiency and concentrate on growth opportunities in key regions.
Standard Chartered’s decision to divest its Cote d’Ivoire consumer banking unit is part of a series of strategic moves across multiple markets, including Zimbabwe, Lebanon, Angola, Cameroon, Gambia, Sierra Leone, and Tanzania since April 2022. These divestments form a crucial aspect of the bank’s global strategy, aimed at refining operations and bolstering its presence in the AME region.
Coris Bank’s pan-African ambitions persist amidst regulatory hurdles
Coris Bank International, led by Nassa, has established itself as a pivotal player in the West African financial services sector. With a strong presence across francophone Africa, including Burkina Faso, Cote d’Ivoire, Mali, Togo, Senegal, Benin, Niger, and Guinea-Bissau, the bank has tailored its industrial model to suit the nuances of each geographical location.
Coris Bank recently faced regulatory challenges in its SocGen acquisition plan following a suspension from the Central Bank of Mauritania (BCM) due to ongoing investigations into alleged fraud accusations. Notwithstanding, this recent agreement with Standard Chartered underscores Coris Bank’s determination to expand its pan-African footprint selectively.
