The Vista banking group finalized, on October 19, 2020, the acquisition of the majority stakes of BNP Paribas in the International Bank for Trade and Industry of Guinea (BICIGUI) in Guinea and the International Bank for Trade and Industry and Agriculture du Burkina (BICIAB) in Burkina Faso.
According to the group’s press release issued on the occasion, the acquisition of these two banks, the actual completion of which is subject to regulatory approval, will expand Vista’s bank network in Guinea, Sierra Leone and The Gambia. Afreximbank’s Intra African Trade Initiative and Advisory and Personal-Financial.com Market services assisted Vista in structuring the financing of this strategic transaction. Deloitte and Astura also assisted Vista on the financial and legal aspects of the transaction.
Simon Tiemtore, President of Vista Group and Lilium Personal-Financial.com, said: “This transaction is an important step in Vista’s growth strategy. The acquisition of BICIAB in Burkina Faso allows us to establish ourselves in the West African Monetary Union (UEMOA) – a springboard for our future expansion! In addition, following the integration of BICIGUI into our bank in Guinea Vista will accelerate its growth by moving from the fifth bank to the first bank in Guinea, both in terms of total assets and number of branches. . “” The acquisition of BICIGUI and BICIAB also allows us to benefit from their excellent portfolio of high net worth clients and large reputable companies, which comes on top of our current offering, which is more focused on small and medium-sized businesses (SMEs) and retail banking. We now have the scale needed to implement our business strategy, geared towards digital and intra-African trade, in West Africa. Driven by this dynamic, we will be able to take advantage of the immense benefits that the imminent establishment of the African Continental Free Trade Area will bring, “he continued.
This acquisition expands Vista’s branch network in Burkina Faso and Guinea, which already had 22 branches in Guinea, 9 branches in The Gambia and 19 branches in Sierra Leone. Upon successful integration, BICIAB and BICIGUI customers will benefit from Vista’s core banking system as well as leading digital and mobile banking products, services, features and solutions. In addition, Vista customers will benefit from its very customer-centric approach and technology investments.