Burkinabe tycoon Idrissa Nassa’s Coris Bank eyes Societe Generale Guinee in pan-African push

Mfonobong Nsehe -

Coris Bank International, a Burkina Faso-based financial services provider led by banking tycoon Idrissa Nassa, has emerged as a potential buyer for Societe Generale Guinee, the Guinean unit of French multinational Societe Generale.

Coris Bank in talks to acquire Societe Generale Guinee

Coris Bank’s interest in Societe Generale Guinee comes as it seeks to diversify its operations, boost revenue and profit, and solidify its position as a pan-African financial services group with global reach. This aligns with Societe Generale’s ongoing strategy to exit Africa, having finalized sales in the Republic of Congo (December 2023) and Chad (January 2024).

The bank’s ambitions follow the example of Saham Group, a leading African insurance provider founded by Moroccan billionaire Moulay Hafid Elalamy. In April, Saham acquired Societe Generale Marocaine de Banques and its subsidiaries, along with La Marocaine Vie, for €745 million ($793 million).

Burkina Faso’s Coris Bank: A $9-billion success story

Since its establishment in 2008 by Idrissa Nassa, Coris Bank International has experienced remarkable growth. The Burkina Faso-based financial services group’s capital has surged from $3 million to an impressive $9 billion through the broad-based operations of its subsidiaries in Cote d’Ivoire, Mali, Togo, Senegal, Benin, Niger, and Guinea-Bissau.

Under Nassa’s leadership, Coris Bank International expanded its footprint by launching Coris Bank International Guinea in 2021. The subsidiary has established itself as a prominent financial partner in the Guinean banking sector.

Coris Bank eyes further expansion in Africa

Late in 2023, the bank signed an agreement to acquire Standard Chartered’s consumer banking business in Côte d’Ivoire, a deal aligned with both parties’ growth strategies.

Additionally, the leading lender, under Nassa’s continued expansion drive, has expressed interest in Societe Generale  Mauritanie (SocGen), underlining its strategic intent to solidify its position.