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Report: Morocco's CFG Bank eyes strategic alliances in Ivory Coast, Senegal

CFG Bank SA plans to form strategic alliances for its asset management operations in Ivory Coast or Senegal as early as 2019, Bloomberg News reported May 14, citing an executive in the private equity company that recently acquired 13% of the Moroccan lender.

The move is part of the Casablanca-based bank's strategy to expand in French-speaking countries, said Laureen Kouassi-Olsson, Amethis Finance's regional head for Western and Central Africa. The plans could include acquisitions in the two countries to gain access to customers and a network that it could overhaul, Kouassi-Olsson told the newswire.

Amethis and private investment fund AfricInvest in April acquired a combined 24% stake in GFC Bank in exchange for an injection of 300 million Moroccan dirhams, Bloomberg noted. Amethis is raising a second fund, totaling about €350 million, Kouassi-Olsson said, having already invested 80 billion CFA francs in companies including Ivory Coast-based NSIA Banque and Fidelity Bank Ghana Ltd.

As of May 11, US$1 was equivalent to 9.36 Moroccan dirhams and 549.53 CFA francs.