Banking tycoon Idrissa Nassa expands Coris Bank to Gabon, strengthening African footprint
Key Points
- Coris Bank International is expanding to Libreville, Gabon, as part of its strategy to strengthen its presence among Africa’s top financial institutions.
- CEO Idrissa Nassa met with Gabon’s transitional president to discuss entering the market through a new subsidiary or acquiring a local bank.
- Coris Bank has rapidly expanded across West and Central Africa, acquiring Société Générale’s units in Chad and eyeing further deals in Mauritania.
Coris Bank International, the Burkina Faso-based banking group led by Idrissa Nassa, is expanding its reach to Libreville, the capital of Gabon. This move is part of the bank’s broader strategy to strengthen its position among Africa’s top financial institutions.
Earlier this month, Nassa met with Gabon’s transitional president, Brice Clotaire Oligui Nguema, who chairs the Committee for the Transition and Restoration of Institutions. Their discussion centered on the possibility of Coris Bank establishing a presence in Gabon—either by opening a subsidiary or acquiring a local bank—according to a statement from the presidency.
This follows Coris Bank’s acquisition of Société Générale Tchad in January 2024, reinforcing Nassa’s ambitions in Central Africa. While the bank’s attempt to acquire Société Générale in Cameroon did not go as planned, it is now shifting its focus to Gabon’s banking market.
Coris Bank’s expansion gains momentum
Since its founding in 2008, Coris Bank International has grown from a small institution with just $3 million in capital to a financial powerhouse managing $9 billion in assets. It now operates in Côte d’Ivoire, Mali, Togo, Senegal, Benin, Niger, and Guinea-Bissau. Under Nassa’s leadership, the bank has rapidly expanded its footprint.
In 2021, it launched Coris Bank International Guinea, which quickly became a key player in the country’s banking sector. Two years later, it acquired Standard Chartered’s consumer banking business in Côte d'Ivoire, followed by the takeover of Société Générale’s unit in Chad. Now, the bank is eyeing Société Générale Mauritanie to further solidify its presence in the region.
Coris Bank’s expansion is impressive. Its subsidiary in Togo, Coris Bank Togo, has seen steady growth, with total assets rising from $685 million in 2021 to $845 million as of September 2024. The bank now serves over 79,000 customers and has 196,000 users on its e-money platform, Coris Money, which launched in July 2022 as part of a push for financial inclusion in West Africa. Customer deposits have grown to $496 million, while net loans stand at $331 million.
Nassa expands into oil and mining
Beyond banking, Nassa is making bold moves in other industries, particularly mining and energy. He recently acquired Total Energie, Burkina Faso’s largest fuel retailer, marking a strategic entry into the oil sector.
Coris Bank has also been instrumental in financing major projects, including a $100 million credit facility for the Kiaka Gold Project as part of a larger $265 million secured loan.
Through his company, Nioko Resources Corporation, Nassa has invested heavily in the mining sector, acquiring a $47 million stake in Orezone Gold to support the development of the Bomboré gold mine, one of Burkina Faso’s largest mining projects.