June 27, 2017 / 1:31 PM / 3 months ago

Ivory Coast's NSIA Banque to launch IPO on July 3

ABIDJAN, June 27 (Reuters) - Ivory Coast’s NSIA Banque IPO-NSIA.CI will launch an initial public offering (IPO) of stock on Monday ahead of a planned listing on West Africa’s regional BRVM bourse in the first week of September, company officials said on Tuesday.

The bank, formerly called BIAO-CI, is part of the NSIA financial group, which owns another bank in Guinea and is a leading insurance provider in 12 countries across West and Central Africa.

Stock worth 34.53 billion CFA francs ($58.77 million) will be sold at 9,000 CFA francs per share to private investors and at 6,750 CFA francs per share to bank employees from July 3 to 13, with a possible early closure of the IPO. Some 4,011,500 shares will be sold.

Jean Kacou Diagou, chairman of NSIA Group, told reporters at a news conference in Abidjan that the bank was looking to expand.

“We want to buy banks in other African countries to sell financial products,” he said.

NSIA Banque recorded a net profit of 17.12 billion CFA francs last year, up from 14.29 billion CFA francs in 2015, its managing director Philippe Attobra said.

$1 = 587.5000 CFA francs Reporting by Loucoumane Coulibaly; Editing by Joe Bavier and Mark Potter

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below