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This transaction amounted to CFA 5,6 billion (EUR 8,5 billion) and the
Belgolaise undertakes, together with the Côte d'Ivoire government,
to recapitalize the BIAO-CI, with each contributing its share to increase
the equity to CFA 14 billion (EUR 21.3 million). As the third largest bank in the West African Economic and Monetary Union (WAEMU), BIAO-CI has a 15% market share in Côte d'Ivoire, employs 478 staff and covers the entire country via its network of 29 branch offices. This investment is part of Belgolaise's ambition to establish local synergies
for its Corporate Banking, Private Banking and Correspondent Banking business
lines as well as to enhance its Correspondent Banking activity, to develop
locally Financial Markets activities and strengthen the synergies with
its network in West Africa.
.Information about Côte d'Ivoire
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Belgolaise
came forward to purchase 80% of the shares in the BIAO - Côte d'Ivoire
when it was being privatized, with the Côte d'Ivoire government
retaining the remaining 20%.
