• Côte d’Ivoire sells 52.9% Versus Bank stake to Harvest Capital
• Deal makes Harvest majority owner; CGRAE keeps 47.1% share
• New investor pledges SME focus, expansion, digital transformation

The Ivorian government has finalized the sale of its 52.89% stake in Versus Bank to Harvest Capital Holding, a company led by local businessman Koné Daouda Soukpafolo, marking the state’s direct exit from the bank’s capital, according to an announcement on Monday.

The transaction, which follows the government's 2009 takeover and restructuring of the bank, gives Harvest Capital a majority stake alongside the State Retirement Fund (CGRAE), which retains its 47.11% share.

The deal marks a strategic entry into Côte d’Ivoire's banking sector for Harvest Capital, which previously focused on agribusiness, infrastructure, and services. The company has pledged to mobilize billions of CFA francs to finance Versus Bank's investment plan and support its new phase of growth.

Ousmane Dembele, Harvest Capital's CEO, stated that the goal is to preserve Versus Bank's historic role in financing small and medium-sized enterprises (SMEs) while transforming it into a universal bank to meet the growing demand for financial services in the country’s economy. Versus Bank's management sees the new long-term shareholder as a major opportunity for development, with ambitions to diversify its services, expand its branch network, and continue its digitalization.

The transaction was approved by the Central Bank of West African States (BCEAO) and the West African Monetary Union (UMOA) Banking Commission, the two regional institutions responsible for supervising the stability of the banking sector. KeysFinance Partners served as Harvest Capital’s exclusive financial advisor, while the legal firm Asafo & Co. provided legal counsel.

Established in 2004, Versus Bank specializes in corporate, retail, and institutional financing. The change in ownership opens a new phase of development for the bank in Côte d’Ivoire’s rapidly expanding banking sector.

Chamberline Moko