Ivorian tycoon Ahmed Cissé buys $180 million stake in BICICI
Ivorian businessman Ahmed Cissé has acquired a $180 million stake in the bank BICICI through his investment firm, Brandon & Mcain Capital. This move increases his control of the bank to over 40 percent, pending regulatory approval.
Why it matters
Significant shifts in ownership of major financial institutions in West Africa can impact regional economic stability and banking competition.
The Ivorian government has agreed to sell a $180 million block of shares in one of the country's oldest banks to the businessman who chairs it.
The Banque Nationale d'Investissement, the state's financing arm, signed the agreement on July 13 with Brandon & Mcain Capital, the investment company Ahmed Mamadou Cissé founded and controls. The block covers 3,514,941 shares in the Banque Internationale pour le Commerce et l'Industrie de la Côte d'Ivoire, 21.09 percent of its capital and voting rights. Cissé has chaired the bank since May 2023. Neither party disclosed the price, and the state did not put the shares out to tender.
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