……acquires BNP Paribas in Guinea and Burkina Faso
Vista Bank Group (‘Vista’) has agreed with BNP Paribas to acquire BNP Paribas’ majority interest in the International Bank for industry in Guinea and the International Bank for Industry, Commerce and Agriculture in Burkina Faso.
The acquisition, whose completion is subject to regulatory approval, adds to Vista’s existing banks in Guinea, Sierra Leone and The Gambia.
Afreximbank’s Intra-African Trade Initiative, as well as Advisory and Capital Markets, advised and structured the financing of this landmark deal with Deloitte and Astura also assisting Vista on financial and legal aspects of the transaction.
The Chairman of Vista Group and Lilium Capital, Simon Tiemtore said the move is a milestone event in Vista’s growth strategy. The acquisition of BICIAB in Burkina Faso allows management of Vista to establish themselves in the West African Monetary Union (WAEMU) region as a springboard for their further expansion.
According to him, the integration of BICIGUI with their existing bank in Guinea propels Vista from the fifth-largest bank to the largest bank in Guinea in terms of both total assets and number of branches.
He added that Vista’s acquisition of BICIGUI and BICIAB also allows the company to benefit from an excellent portfolio of high net worth and large blue-chip corporate customer segments to add to their existing focus on the small and medium enterprises (SME) and mass retail sectors.
Vista now has both the scale and the critical momentum to deliver on its digital and intra-African trade strategies in West Africa in time for the immense benefits from the impending implementation of the African Continental Free Trade Area.
The acquisition adds bank branches in Burkina Faso and Guinea to Vista’s existing footprint of 22 branches in Guinea, 9 branches in The Gambia and 19 branches in Sierra Leone. Following integration, BICIAB and BICIGUI’s customers will further benefit from Vista’s core banking system, state of the art digital and mobile banking products, services, functionality and solutions. In addition, Vista has an intense customer-centric focus and ongoing investments in technology to fulfil its digital strategy.
Vista is now the largest bank in Guinea and operates in four countries including Burkina-Faso, a strategic point of entry into the WAEMU market.