Senegalese tycoon Yerim Sow's Bridge Bank launches $120 million IPO on the BRVM to fund West African expansion

Yerim Sow's Bridge Bank Group Côte d'Ivoire has set the terms and timeline for a long-anticipated public offering on the Bourse Régionale des Valeurs Mobilières, targeting CFA67.5 billion, or approximately $120 million, through the sale of a 20% stake on the Abidjan-based regional exchange.

The indicative share price is set at CFA6,750 ($12). An investor interest phase runs from May 4 to May 15, followed by a subscription period from May 20 to May 29. Settlement is scheduled for June 15, with the stock expected to begin trading on August 31. The transaction still requires approval of the prospectus from the Regional Council for Public Savings and Financial Markets, known by its French acronym CREPMF.

If completed as planned, Bridge Bank Côte d'Ivoire will become the 48th listed company on the BRVM, which serves the eight member states of the West African Economic and Monetary Union. Market observers have described it as one of the most closely watched listings of the year on the regional exchange, where mid-sized, fast-growing banking issuers remain scarce relative to the depth of investor demand.

Bridge Bank Group Côte d'Ivoire, known as BBG CI, started operations in 2006 as a commercial bank focused on small and medium-sized enterprises. It subsequently broadened its client base to larger corporates, public-sector entities, financial institutions and affluent retail customers. It now operates a network of approximately 14 branches, serves roughly 10,500 clients including around 800 corporations and large SMEs, and holds total assets of approximately 800 billion CFA francs with equity of about 75 billion CFA francs.

The majority of the bank is owned by Bridge Group West Africa, a financial holding company controlled by Sow's Teyliom Group, which holds approximately 77% of BBG CI. Côte d'Ivoire's state social security fund, the Caisse Nationale de Prévoyance Sociale, owns around 20%, with the remainder held by smaller investors and staff.

Sow, the founder and chairman of Teyliom Group and Senegal's richest man, has been positioning Bridge Bank for regional expansion over the course of a multi-year strategy. Bridge Bank Senegal launched in December 2021 as the group's first banking subsidiary outside Côte d'Ivoire. Bridge Bank expanded into Mali in 2024. A Guinea Conakry subsidiary is targeted for 2027. The IPO is designed to provide the long-term equity capital needed to fund that expansion, meet regulatory capital requirements across new markets and create a currency for future acquisitions within the WAEMU zone.

Teyliom Group's financial arm also controls Bridge Securities, a licensed brokerage; Bridge Asset Management, an asset manager; and Bridge MicroFinance, all based in Côte d'Ivoire, creating a small integrated financial services cluster built around the bank. Development financiers have been active on the balance sheet. In 2023, Dutch impact investors Oikocredit and Triodos Investment Management provided a EUR10 million Tier II subordinated facility to Bridge Bank, earmarked for SME lending expansion. The International Finance Corporation has backed the lender through trade finance guarantees under its Global Trade Finance Program.

Teyliom Group is active in 16 countries across West Africa, Central Africa, Europe and the Middle East, with interests spanning telecoms, real estate, hospitality, logistics and finance. Its finance operations represent approximately 41% of revenue. Sow founded the group after selling a controlling interest in Loteny Telecom, an Ivorian company that held the country's first GSM license, to the MTN Group in late 2005.