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Coris Bank International, a Burkina Faso-based financial services company led by banking mogul Idrissa Nassa, has surfaced as a possible bidder for Societe Generale Guinee, the Guinean subsidiary of French multinational Societe Generale.
Coris Bank’s interest in Societe Generale Guinee stems from its desire to diversify its businesses, increase income and profit, and strengthen its position as a pan-African financial services group with worldwide reach. This is consistent with Societe Generale’s continuous aim to exit Africa, having completed transactions in the Republic of Congo (December 2023) and Chad (January 2024).
The bank’s aspirations mirror those of Saham Group, a renowned African insurance provider founded by Moroccan billionaire Moulay Hafid Elalamy. In April, Saham paid €745 million ($793 million) for Societe Generale Marocaine de Banques and its subsidiaries, including La Marocaine Vie.
Coris Bank International, founded in 2008 by Idrissa Nassa, has grown rapidly. The Burkina Faso-based financial services group’s capital has grown from $3 million to an amazing $9 billion thanks to the widespread operations of its subsidiaries in Cote d’Ivoire, Mali, Togo, Senegal, Benin, Niger, and Guinea-Bissau.
Under Nassa’s guidance, Coris Bank International expanded its presence by establishing Coris Bank International Guinea in 2021. The subsidiary has established itself as a key financial partner in Guinea’s banking sector.
In 2023, the bank agreed to acquire Standard Chartered’s consumer banking operations in Côte d’Ivoire, aligning with their growth goals.
Furthermore, as part of Nassa’s ongoing development strategy, the top lender has expressed interest in Societe Generale Mauritanie (SocGen), indicating a strategic aim to strengthen its position.
