NSIA Banque Côte d’Ivoire said it has taken over the Ivorian assets of NSIA Banque Bénin (formerly Diamond Bank SA) by increasing its share capital.
It would be recalled that Nigeria’s Diamond Bank had started the divestment of its West African units before merging with Access Bank.
The West African bank said the decision was adopted unanimously its shareholders at the Special General Meeting held in Abidjan on Friday October 18th 2019, is strictly subject to obtaining prior approval from the UMOA Banking Commission.
This operation attests to NSIA Group’s solid growth, which strengthens its projection on the entire African continent.
To conclude the Partial Transfer of Assets concerning the Ivorian branch of NSIA Banque Bénin to NSIA Banque Côte d’Ivoire, an increase in share capital was needed within this branch.
Accordingly, a net asset of over 6 billion CFA francs was received by NSIA Banque Côte d’Ivoire, whose share capital consequently increased from 23,170,000,000 to 24,944,323,000 CFA francs, with an acquisition premium of 4,624,878,626 CFA francs. This conclusion takes place in a context marked by NSIA Banque Côte d’Ivoire’s solid financial record and strong growth in 2019.
In the first half of this year, NSIA Banque Côte d’Ivoire published a pre-tax revenue of 7.5 billion CFA francs, an increase of 29% in comparison to the first half of 2018. This encouraging performance is down to the bank’s credit risk management policy, which facilitates successful implementation of an expansion strategy in the Côte d’Ivoire and the sub-region of West Africa.
Léonce YACE, Managing Director of NSIA Banque Côte d’Ivoire, explains; “The conclusion of the takeover of Diamond Bank CI assets is an important step for the bank, which consolidates its position as a key player in Côte d’Ivoire and in the sub-region. Today our partners value a controlled risk management strategy and the complete overhaul of our institution, in a banking sector which is evolving rapidly on the continent”.
Jean Kacou DIAGOU, President of the NSIA Group explains: “The conclusion of operations following the acquisition of Diamond Bank is a great source of pride for the group and its 2,800 employees. It demonstrates the continued confidence of our markets, our financial partners and our customers. After the insurance sector, our ambition is to become the leader of the banking sector in the sub-region”.
The new share capital of NSIA Banque Côte d’Ivoire, at the end of this Special General Meeting, amounts to 24,944,323,000 CFA francs.