Finance

Côte d'Ivoire: Government to strengthen Versus Bank’s capital

Thursday, 28 June 2018 19:57

(Ecofin Agency) - The Ivorian government adopted a decree whereby the share capital of the public bank Versus will be increased to CFA14.58 billion through the issue of 267,233 new shares. This was announced yesterday June 27 during a Ministers’ Council with the president Alassane Ouattara.

According to the government, the shares will be transferred to the Retirement Funds of State Officials “Caisse Générale de Retraite des Agents de l'Etat” (CGRAE) which is charged to collect contributions from government officials and manage pension schemes.  Therefore, the fund will acquire 47.11% shares in the bank’s capital while the government will hold the remaining 52.89%.

Authorities said the move aims to align the bank’s management system with WAEMU’s new prudential banking regulations and also to strengthen its growth momentum.

Let’s note that Versus Bank which launched activities in March 2004, was acquired by the Ivorian government in January 2009.

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