Côte d’Ivoire: Sunu sells BICICI stakes, exiting local banking market
Wednesday, 05 July 2023 06:29
Two months ago, Sunu acquired a majority stake in Banque Internationale pour le Commerce et l'Industrie du Sénégal (Bicis), a former subsidiary of BNP Paribas in Senegal. After this acquisition, the financial group is selling its minority stake in the Ivorian bank Bicici.
On June 27, financial services group Sunu announced the sales of its 19.11% stake in Bicici, a former subsidiary of French banking group BNP Paribas. It disclosed that transaction in a threshold crossing declaration published on the Abidjan-based exchange BRVM.
The shares were sold to investment firm Brandon & MCain Capital, owned by Cissé Ahmed, president of the largest Ivorian employers’ organization (CGECI) and chair of the Bicici board since May 4, 2023.
This transaction marks Sunu’s exit from Bicici and the Ivorian banking sector as well as a time when it is entering the Senegalese market with the acquisition of a 54.11% stake in local bank Bicis.
It completed the acquisition of Bicis, a former subsidiary of BNP Paribas, on April 28. Doing so, it increased the number of banking groups in its portfolio to two, Sunu Bank Togo included.
Chamberline Moko
Live News
-
Crisis at the Central Bank of Mauritius: A New Threshold Reached With The Request for The Governor’s Resignation
20:05
-
Google’s Free AI for African Students, or When Opportunity Meets Uncertainty
12:39
-
Shenghe Tightens Grip on Tanzania’s Ngualla Rare Earths: A Strategic Shift in Global Supply Chains
11:41
-
Cameroon’s Projected $4.9B Alcohol Market in 2025 Faces Informal Sector Safety Risks
11:36
-
Cameroon’s Financial Sector Grows 6.5% in Five Years but Fails to Drive Economy
15:49
-
Cameroon to Seek New Partnerships at Russia-Africa Economic Forum in October
15:45
-
100% Budget Execution Yields Five Councils CFAF 250 Million for Community Development
13:10
-
Chad Launches Digital Mining Registry to Boost Transparency and Investment
12:56
-
Algeria’s State Fund Backs New Tech Hub to Modernize Public Sector
11:57
-
Khalid Ashmawy Eases Cross-Border Transfers for Egyptians Abroad
11:47
From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...
Malawi votes in high-stakes presidential election Tuesday Economic crisis, inflation dominate vot...
Even though it remains the smallest "crypto-economy" in the world, sub-Saharan Africa shows that vir...
• UBS raises 2025 gold forecast to $3,800 amid rate cut bets• Gold hits $3,643/oz; silver ...
• Only six of Nigeria's 13 listed banks currently meet the Central Bank of Nigeria's (CBN) new recap...
Mauritius faces deeper turmoil as PM Ramgoolam asks central bank governor Rama Krishna Sithanen to resign after weeks of tensions. The S&P Mauritius...
Google offers free AI Pro to students in 8 African nations, raising hopes for skills but also concerns over data use. Weak regulation could turn Africa...
Shenghe takes full control of Ngualla, buying Peak Rare Earths for A$195m and securing 100% of future output. China tightens grip on NdPr supply,...
Cameroon’s $4.94B alcohol market faces risks as up to $2B flows through informal, unsafe channels. Study finds 32% of drinks exceed EU...
Lake Tritriva, located near the city of Antsirabe in Madagascar’s central highlands, is one of the country’s most mysterious and captivating natural...
Surprisingly, only one African song made it onto Rolling Stone's list of the 500 Greatest Songs of All Time. The track is "Essence," a collaboration...