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Coris Bank International, the Burkina Faso-based banking group founded by Idrissa Nassa, has completed the takeover of Banco Comercial do Atlântico (BCA), one of Cape Verde’s largest commercial lenders. The transaction closed Jan. 15 in Praia after clearance from Banco de Cabo Verde, the country’s central bank.
Coris enters Cape Verde banking market
The deal gives Coris full ownership of BCA following the purchase of a 59.81 percent stake previously held by Portugal’s state-owned Caixa Geral de Depósitos. Portugal’s Council of Ministers approved the sale. Financial terms were not disclosed. Coris said the acquisition marks its entry into Cape Verde and is intended to support local businesses, widen access to credit and strengthen trade links between the island nation and other African economies.
After completing the takeover, Coris launched a mandatory public offer to acquire remaining shares from minority investors, in line with Cape Verde’s capital market rules. BCA is listed on the Cape Verde Stock Exchange. Market participants said the move could streamline ownership and give the new owner more room to move on operational changes and expansion plans.
From local lender to regional group
Founded in 2008, Coris Bank International has expanded steadily across West and Central Africa. The group operates in Burkina Faso, Côte d’Ivoire, Senegal, Togo, Benin, Mali, Guinea and Chad, with branches in Niger and Guinea-Bissau.
Under Nassa, Coris has used acquisitions to broaden its footprint. It opened Coris Bank Guinea in 2021, bought Standard Chartered’s retail operations in Côte d’Ivoire in 2023, and acquired Société Générale’s units in Chad and Mauritania in 2024. Company figures show the group’s assets now exceed $9 billion, up from initial capital of about $3 million at launch.
Fresh capital backs expansion
Coris recently secured a €10 million ($11.6 million) investment from Dutch development finance institution FMO. The funding forms part of a €102 million ($118.43 million) round led by Mediterrania Capital Partners and backed by development lenders including BII, BIO and IFU.
The Burkina Faso-based banking group initially declared its intention to acquire BCA in March 2024, following its designation as the preferred bidder for the Portuguese state's stake. Now that the deal has closed, Cape Verde joins the group as its 11th African market, bolstering its presence in Portuguese-speaking countries.
