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INTERVIEW WITH TWO CHAIRMEN
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The BANK OF AFRICA
Group, whose history goes back to Mali in 1982, now operates
in six countries in the West African Economic and Monetary Union
(WAEMU) and in Madagascar.
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The Group favours a strategy characterised by a high level of independence,
revolving around geographic and sector-based development, through
a network of banks and financial institutions operating in the fields
of insurance, financial leasing and stock broking. The seven BANK
OF AFRICA entities all offer general banking services and fulfil
an important role in their respective economic environments.
As at 31/12/2002, the consolidated balance sheet total of the BANK
OF AFRICA Group amounted to EUR 952 million.
The BANK OF AFRICA Group relies on a wide range of African private
shareholders, international institutional partners deeply committed
to Africa, such as PROPARCO, a subsidiary of AFD1
, FMO2
, IFC3
and BOAD4
- and the Natexis bank Banques Populaires.
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1 |
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Agence française de développement |
2 |
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Nederlandse Financierings- Maatschappij voor
Ontwikkelingslanden |
3 |
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Société Financière Internationale
(Groupe de la Banque Mondiale) |
4 |
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Banque Ouest Africaine de Développement |
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Development of synergies and practical implementation
of a strategic alliance at the service of the customer |
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True to their respective strategies and backed up by the complementary
nature of their geographic and sector-based aspects, while respecting
the links and approaches which characterise the two networks, the
two banking groups have decided to combine forces and enter into a
strategic alliance.
The foundations of this alliance aim to achieve the concerted development
of the two networks, linked to a constant improvement in the services
offered to their respective customers. Consequently, both African
and European customers will have access to wider geographic coverage
of both continents. Moreover, both banking groups will be able to
focus their efforts on managing and developing more uniform networks.
This alliance should ultimately also enable the two groups to offer
a wider range of joint products, among others in the areas of electronic
banking and Internet banking, and develop organisational synergies
particularly with respect to information technology.
To strengthen their alliance, the two groups are to establish shareholding
links with one another. In 2004, BELGOLAISE is expected to take up
a maximum holding of 20% in the capital of AFRICAN FINANCIAL HOLDING,
the reference shareholder of the BANK OF AFRICA Group. There are also
plans in return to transfer four banks from the BELGOLAISE network
to the BANK OF AFRICA Group.
Subject to the authorisation of the competent supervisory authorities
and their respective management bodies, the four banks in the BELGOLAISE
network that are to join the BANK OF AFRICA Group are BIA-Togo, The
Trust Bank (Ghana), Allied Bank International (Uganda) and Eurafrican
Bank (Tanzania). They will then operate under the BANK OF AFRICA brand.
The next stages in this alliance will be announced as they take effect. |
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In line with the strategies of the shareholders |
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The BANK OF AFRICA Group will therefore continue the geographic
development of its network, especially in East Africa and in English-speaking
areas, and BELGOLAISE will reinforce its sphere of activity in Africa
through increased specialisation and concentration.
This strategy is consistent with the points of view expressed by
the shareholders of both banking groups :
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as regards BELGOLAISE, to establish its position
as the skills centre in Africa for the Fortis Group, which considers
the operation as a whole innovative and likely to prove successful
for the Fortis Bank subsidiary ; |
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for all the shareholders in the BANK
OF AFRICA Group, both institutional and private, to reflect
their constant wish for a strong footing in Africa and controlled
development, while preserving the identity and independence
of the Group. |
The alliance concluded between the BANK OF AFRICA and BELGOLAISE
groups, which is expected to contribute towards strengthening and
developing the range of banking services available in sub-Saharan
Africa, has been laid down in a memorandum of agreement signed on
14 october 2003.
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