IB Holding, owned by construction mogul Mahamadou Bonkoungou, will get an 8.2% stake in the BTCI, one of Togo’s two remaining State-owned banks. This was disclosed by the government at the end of the council of ministers held on August 11.
Lomé said it has started selling part of its stake in the lender’s shareholding, “in line with its ambition to build partnerships with the private sector, and speed up economic growth.”
The deal, whose amount is yet to be revealed, completes the bank’s privatization – a process launched in 2019, after the State gave up on its first option, a merger. At the time, about 100 private investors said they wanted to buy BTCI shares. Only five, however, responded to the government’s call for tenders to get a benchmark investor.
IB Holding will, therefore, secure a majority stake in the bank in which the State will keep 10% . The sale should, according to the government, “boost banks’ contribution to the national economy,” and the State “will protect the interests of workers and bolster the financial system.”
Last January, Mahamadou Bonkoungou, owner of IN Holding, launched IB Bank in Djibouti. The lender, previously Banque de l’Habitat du Burkina Faso (BHBF), was bought and renamed by the businessman in 2018. Bonkoungou, after making his fortune with EBOMAF, a construction company, now eyes the banking sector.
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