Attijariwafa Ivorian Unit to Sell 26b CFA Francs’ Shares in IPO

July 11, 2016

Societe Ivorienne de Banque SA, Attijariwafa’s unit in Ivory Coast, to sell 2 million of shares July 18-29 in initial public offering, Director General Daouda Coulibaly says by phone from Abidjan, the commercial capital.

* 1.7m of shares priced at 14,000 CFA francs; 300,000 shares for bank’s staff priced at 7,820 francs;
* Total shares on sale amount to 26.15b francs;
* Shares represent 20% of the bank’s capital;
* Bank aims to be listed on the Bourse Regionale des Valeurs Mobilieres, or BRVM, by October;
* “The public offering should go well. The state has announced it for a long time and investors are waiting for it. The SIB is a sure value in the Ivorian banking sector”;
* 2015 profit up 74% to 15b francs; revenue up 13% to 44b francs;
* NOTE: SIB is 75%-owned by Casablanca, Morocco-based Attijariwafa Bank; Ivory Coast will retain 5% stake after listing;
* NOTE: SIB is Ivory Coast’s 3rd largest bank in deposits and loans;
* NOTE: March 2015, Attijariwafa’s Ivory Coast Unit to Sell Shrs on Abidjan Bourse. Source: Bloomberg