Moroccan Attajari Bank Purchases Senegalese CBAO Bank
May 16, 2008
The president of the Moroccan banking group Attijariwafa Bank-ONA-SNI, Mohamed El Ketani, announced on Tuesday in Dakar the acquisition by its group of the West Africa Banking Company (CBAO), a Senegalese bank.
The Moroccan group gets 79.15% of the CBAO capital. This acquisition is seen as “the association of a great institution to a great group with an African calling and sensitivity,” the CBAO board chairman, Jean-Claude Mimran, said.
This is the second acquisition of the Moroccan bank in Senegal, after that of the Senegal-Tunisian Bank (BST) in January 2007, which enabled Attajari bank to hold 66.7% of the BST capital.
“My group’s ambition is to strengthen the economic relations between Morocco and Senegal, on one hand, and between Morocco and the sub-region of the West African economic and monetary Union, on the other,” Moroccan Boubker Jai, owner of the Moroccan consortium, said during a press conference.
In addition to Senegal, Attijariwafa Bank is present in Tunisia and Mauritania and intends to set up in Burkina Faso and in Cote d’Ivoire “soon”.
Jai refused to reveal the acquisition cost, stressing that a provision of confidentiality prohibits its publication.
“However, there will not be any reorganization,” he pointed out, adding that this “development and non-financial investment” is their “biggest in Senegal.”
The Attijariwafa bank group, “accompanied by its reference shareholders (ONA, SNI)” started acquiring 79.15% of the CBAO capital in November 2007.
This operation was concluded on Monday 21 April, 2008 following the CBAO board of directors’ meeting which noted its re-composition.
CBAO, which merged with another bank created in 1853 (BIAO) will not disappear “for the moment”, EL Ketani said, noting that a working group is looking into the name issue.
With 328 people and a network of 32 agencies, CBAO presented CFA 457.8 billion (US$ 1 billion) as total statement of accounts on 31 December, 2007.
It contributes CFA 31 billion (US$ 70 million) to the Gross National Product (GNP) and its own capital stock is at CFA 45.9 billion i.e. US$ 109.8 million. The net income is CFA 121.2 billion i.e. a little more than US$ 25 million.
In 2007, the Moroccan consortium had 8,858 employees, 766 agencies including 626 in Morocco, a total statement of accounts of CFA 12, 233 billion, a contribution of CFA 507.6 billion to the GNP (US$ 1.1 billion).
Its own capital stocks stand at CFA 978.3 billion (US$ 2.2 billion) with a net income of 141.7 billion FCFA (US$ 318 million).
Established in Dakar in July 2006 with four agencies, the Moroccan group was created in 2004 following the merging of two Moroccan banks (Banque commerciale du Maroc and Wafa Bank).
Attijariwafa Bank is currently number 1 in Morocco and eighth in Africa before the acquisition of its second bank in Senegal.
Source African Press Agency
I would like to know if there is any C.B.A.O Banks at this address:::::: Place De L’Independence P.B 129 Dakar Senegal and if the Chief Director named[ Ahanta Diop] because I thik that a scam is going on using this name of a bank to retrieve american bank account information to wipe out other peoples money and this is the number +211-77305-8466 please let me know if this is a fraud or not I was contacted by a young lady saying she was stranded in Africa and had $2.6 million dollars and needed me to submitt my banking information to this bank. Im thanking you in advance for assisting me with this matter.
Bruce M Tankson #651-793-4260
COMPAGNIE BANCAIRE DE L’AFRIQUE
OCCIDENTALE (CBAO)
1 PLACE DE L’INDEPENDANCE
BP 129 DAKAR, SENEGAL
This is the official address for the CBAO bank.
As to the young lady needing help with her $2.6 million we cannot judge without the full facts but there are plenty of scams that use this same technique to obtain people’s bank details. Maybe you should direct her to the local police for help.
i was contacted by a young girl,too. She said to me that she is a refugees from Ivori Coast and she said that she have a 3,6milion phounds, she gave me 30% if i pay 705eur for document, power of autority, in your bank.
Hi,
Even i was contacted by a young lady who said that her father was poisoned by someone and she inherits $4.5 million dollars. I am not sure what is happening? She wants to invest in some market etc and wanted my bank details. The CBAO bank address also matches the one given by Bruce.
Place De L’Independence P.B 129 Dakar Senegal.
Please share your thoughts!!!