Burkina Faso’s Coris Bank gets green light from the regulator for its IPO

September 14, 2016

The West African regulator of financial markets has cleared the Burkinabe Coris Bank International for its introduction to the Regional Stock Exchange (BRVM), based in Abidjan, Ivory Coast.

The Regional Council of Public Savings and Financial Markets (CREPMF) rendered its decision at its 67th session, on 8 September in Abidjan, Ivory Coast.
It now allows the public offer (IPO) of shares of the bank Burkinabe Coris Bank International . The operation, which will cover 20% of capital, will be launched by the end of October 2016.

“The introduction in Coris Bank International Stock Exchange will be a great opportunity for investors in the sub-region”, welcomed on his Facebook page the Burkinabe banking group, who is opening the doors of the regional stock exchange securities (BRVM), also based in the Ivorian economic capital.

According to information gathered by Jeune Afrique,the transaction involves 1.25 million shares, the issue price has however not disclosed.

Coris Bourse, a subsidiary of the holding company, is the leader of the operation.But the selling group includes all management companies and intermediation of the UEMOA zone (Economic and Monetary Union of West Africa).

First place in Burkina Faso
“We made the choice to strengthen the capital base of the bank by increasing the capital of 20% rather than making a sale, says Jeune Afrique a source close to the bank, 70% owned by the businessman Idrissa Nassa . Our goal is to allow the bank to be stronger to be able to continuing its development ambition.”

“We now need to finalize a number of steps before launching the IPO scheduled for late October,” the same source said on condition of anonymity.

Coris Bank was founded in 2008 following the takeover of the assets of the Financière du Burkina, a credit institution. In 2015 Coris had annual net profit of 15 billion CFA francs stable on year (-0.2%) and distributed nearly $ 7 billion in dividends. At June 30, 2016, total assets reached 713 billion CFA francs.

Assets that allow the group to claim first place in Burkina Faso, its main market, beating the Moroccan subsidiary of BMCE Bank Of Africa (673 billion CFA francs), and the Pan African Ecobank (665 billion CFA francs).

Already present in Ivory Coast, Mali and Togo, Coris Bank now plans to deploy in Benin and Senegal in the last quarter of this year. Source:  Jeune Afrique