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Report: Ivory Coast to further reduce stake in Société Ivoirienne de Banque

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Report: Ivory Coast to further reduce stake in Société Ivoirienne de Banque

Ivory Coast will continue its from -controlledSociété Ivoirienne de BanqueSA, a government spokesman said.

Bruno Koné said the country will sell half of its remaining10% stake in Société Ivoirienne de Banque, according to Reuters. A potentialbuyer and the expected price of the stake sale were not disclosed. The planned saleis part of the government's privatization efforts, which Koné reportedly saidare expanding.

Ivory Coast in 2015 sold a 24% stake in Société Ivoiriennede Banque to Attijariwafa Bank, bringing the Moroccan lender's holding to 75%.The government said at the time it would retain a 5% stake, reserve 5% for anIvorian institutional investor and cede 3% to the bank's Ivorian employees.

The remainder was to be temporarily acquired by AttijariwafaBank and floated through West Africa's BRVM exchange.