Table of Contents
Key Points
- Coris Bank launches Chad unit after acquiring Société Générale’s operations, marking its first entry into the Central African Economic and Monetary Community (CEMAC).
- With a presence in 10 countries, Coris is accelerating its pan-African expansion, targeting Gabon and Mauritania for potential acquisitions.
- Founded in 2008 with $3 million, Coris now manages $9 billion in assets across West and Central Africa under Idrissa Nassa’s leadership.
Coris Bank International, the Burkina Faso-based lender founded by banking mogul Idrissa Nassa, has officially launched its operations in Chad, marking its entry into the Central African Economic and Monetary Community (CEMAC).
The new subsidiary, Coris Bank International Chad, takes over from Société Générale Chad following the completion of its acquisition on Feb. 31, 2024. This move brings Coris into its tenth country of operation, deepening its footprint in the region.
Nassa is also weighing a potential expansion into Gabon, a step that would further anchor the bank’s long-term goal of becoming one of Africa’s leading financial institutions.
Coris enters Chad, eyes regional growth
The Chadian unit represents Coris Bank’s first step into Central Africa. The launch signals more than just a geographic milestone, it’s a clear indication of the group’s intent to grow into a truly pan-African banking network.
Coris already holds a strong position in the West African Economic and Monetary Union (UEMOA), where it ranks among the top three banking groups. Its expansion strategy targets markets with room for growth and meaningful impact.
From $3 million startup to regional giant
The rise of Coris Bank has been impressive. Founded in 2008 with just $3 million in capital, the institution has grown into a financial powerhouse managing over $9 billion in assets. Today, it operates in ten markets including Mali, Togo, Senegal, Benin, Niger, and Guinea-Bissau.
Under Nassa’s leadership, the bank has made decisive moves to expand. In 2021, it launched operations in Guinea. Two years later, it took over Standard Chartered’s retail business in Côte d’Ivoire. And earlier this year, it completed the acquisition of Société Générale’s Chadian unit.
Coris Bank eyes Gabon expansion
The bank’s sights are now set on Gabon. In March, Nassa met with President Brice Clotaire Oligui Nguema in Libreville to explore the possibility of opening a subsidiary or acquiring an existing lender in the country. Coris is also reportedly evaluating a potential acquisition in Mauritania, where Société Générale is said to be looking to exit.
Meanwhile, the board of Coris Bank International Chad has nominated Towadan Fidèle Désiré Toko, a seasoned banker from Benin, as managing director. His appointment is subject to approval by the Bank of Central African States (BEAC).
