Coris Bank International, the Burkina Faso-based banking group founded by Idrissa Nassa, has completed the takeover of Banco Comercial do Atlntico BCA, one of Cape Verdes largest commercial lenders. The transaction closed Jan. 15 in Praia after clearance from Banco de Cabo Verde, the countrys central bank.
Coris enters Cape Verde banking market
The deal gives Coris full ownership of BCA following the purchase of a 59.81 percent stake previously held by Portugals state-owned Caixa Geral de Depsitos. Portugals Council of Ministers approved the sale. Financial terms were not disclosed. Coris said the acquisition marks its entry into Cape Verde and is intended to support local businesses, widen access to credit and strengthen trade links between the island nation and other African economies.
