Rédaction Africa Links 24 with Jorge Montezinho
Published on 2024-03-23 10:11:00
The society based in Burkina Faso was chosen by the Portuguese government to buy the stake of Caixa Geral de Depósitos in BCA. However, the approval of the Bank of Cape Verde is still pending. So far, no documentation has been submitted to the Central Bank.
Coris Holding, headquartered in Burkina Faso, was chosen by the Portuguese State to sell the 59.81% stake that Caixa Geral de Depósitos holds in BCA. The resolution was approved by the Council of Ministers, which opted for the proposal presented by the Burkina Faso-based Holding over the proposals presented by IIBGroup Holdings, based in Bahrain, and the Ghanaian First Atlantic Banke.
According to Jornal de Negócios, the sale will be made for a value of around 70 million euros, as explained by Caixa Geral de Depósitos in a statement sent to the Securities Market Commission (CMVM). “If the overall price is confirmed, it is expected to generate capital gains of around 15.795 million euros,” CGD added.
Until the end of last year, Coris Holding was present in 9 African countries – Burkina Faso, Benin, Ivory Coast, Guinea-Bissau, Guinea-Conakry, Mali, Niger, Senegal, Togo – but in January of this year, the Coris group completed the acquisition process of its subsidiary Société Générale in Chad, a process initiated in June 2023.
At that time, the President of the Coris Group, Idrissa Nassa, declared: “The completion of this process in record time allows the Coris Group to operate its brand Coris Bank International in Chad and officially enter Central Africa.”
In an outlook for what may happen in Cape Verde, Nassa also mentioned that: “The implementation of the Group’s standards will strengthen financial inclusion through the diversity of its offerings to customers with a wider range of financial products and services and solutions tailored to their needs. The subsidiary’s customers in Chad will benefit from a smooth transition and will continue to carry out their banking operations without interruption, which will remain unchanged.”
Already in the 2024 message – on the group’s website – the CEO had stated that the development of commercial activity in Africa implies a perpetual need for renewal and adaptation of banking institutions.
“With its potential and the dynamism of its staff, Coris Bank International aims to achieve its goals, establishing its subsidiaries in the sub-regional market and conquering the African market,” wrote Idrissa Nassa. Founded in 2008, Coris Holding, based in Ouagadougou, owns Coris Bank International, which currently has over 160 branches in 69 African cities and employs more than 2,000 staff members.
According to the latest Report & Accounts released by the group – published in 2020 – Coris Holding had equity of 56.7 billion CFA francs at the time after 49.3 billion CFA francs in 2019, while current liabilities amounted to 18.2 billion at the end of December 2020, a 65.2% increase compared to 2019, consisting mainly of a linked current account and tax and social security liabilities.
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To be continued…
Read the original article(Portuguese) on Expresso das Ilhas
