IB Bank, formerly known as the Togolese Bank for Commerce and Industry, plans to contribute to the development of the Togolese economy by offering the lowest interest rates on the market.
The bank, which is owned by Burkinabe construction tycoon Mahamadou Bonkoungou’s IB Holding, wants to support companies in the agro-industry, transport and infrastructure sectors.
The bank’s CEO Nabil Tahari made the statement on Friday to the Togolese press during a meeting with President of the National Council of Employers of Togo Laurent Coami Tamegnon.
“Our credit rates will remain very reasonable between seven and 11 percent, maximum,” he said, according to a news report by Republic of Togo. “We have not come to do a spot operation with young companies and not see them tomorrow, we are going to help them develop and prosper.”
“We cannot operate in a country and forget the SMEs-SMIs which constitute 90 percent of its economic fabric,” he said. “We are not a selective bank.”
Last year, IB Holding acquired the Togolese Bank for Commerce and Industry. It was renamed IB Bank Togo, and marked the entry of the Burkinabe construction and aviation tycoon into Togo’s commercial banking and financial services industry. Bonkoungou’s company owns a 90-percent shareholding in IB Holding, while the Togolese state owns 10 percent of the bank.
Bonkoungou, 52, is the founder and chairman of EBOMAF Group, the largest construction company in Burkina Faso. The company builds and maintains roads, bridges, runways, and other infrastructure. He also owns Liza Aviation, a private jet charter company.
