Monday, August 02, 2010
The deal to sell Bank Indo-Suez Red Sea of Djibouti (BIMR), followed talks between the Djiboutian Prime Minister, Bank of Africa and Credit Agricole. BIMR has operated in the tiny, but stable, Horn of Africa nation more than 100 years.
"For Credit Agricole, the disposal is part of the process of refocusing the Group's international retail banking business on Europe and the Mediterranean basin, as announced in connection with its 2008 capital increase," the bank said in a statement.
The acquisition, which is contingent on approval by the competent financial and regulatory authorities, may take place before the end of fourth quarter 2010."
The Bank of Africa plans to sell stakes to PROPARCO, a French funding agency and Dutch development bank FMO.
With its entry into Djibouti, Bank of Africa will have presence in 13 countries on the continent, including Kenya, Madagascar, Tanzania, Burundi and Ivory Coast. By the nd of last year, it had assets totalling more than 2.5 billion euros.
Source: Reuters