Bank of Africa Group

Bank of Africa Group (BOA), also known as Bank of Africa, is a multinational pan-African banking conglomerate with banking operations in eighteen African countries, and a representative office in Paris, France. Bank of Africa maintains its headquarters in Bamako, the capital of Mali.

Bank of Africa Group
TypePrivate
IndustryFinancial services
Founded1982
HeadquartersBamako, Mali
Key people
Mohamed Bennani
Group Chairman & CEO
ProductsCredit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management, wealth management
€ 76 million (2017)
Total assets € 7,8 billion (2016)
Total equity € 746 million (2016)
OwnerBMCE Bank (74.98 %)
Number of employees
 5655 (2016)
Websitebank-of-africa.net
A derelict "Bank of Africa" billboard in Niger

Overview

BOA is a large financial services provider in eighteen sub-Saharan countries. As of December 2016, the group's total assets were valued at €7.8 billion (US$7.9 billion)[1] In addition to its fourteen commercial banks, the group also includes a finance company, a housing bank, a leasing company, one brokerage firm and two investment firms, as well as a management company and a representative office in Paris.[1]

History

The maiden bank of the BOA Group, BOA Mali, was established in late 1982, in Bamako, Mali, by local businesspeople. It was formed to address the scarcity of banking services for local businesses and individuals, which was prevalent not only in Mali at that time, but across most of Francophone West Africa. This initial effort was without any external financial backing.

The success of BOA Mali, led to the establishment of African Financial Holdings (AFH), as the holding company for BOA Mali in 1988. The objectives of AFH were to promote the establishment of banking subsidiaries across Africa, with local capital participation as a key component and to offer both management, technical support as well as equity participation in these new banking subsidiaries.

Starting in 1990 with BOA Benin, the group started opening subsidiaries across the continent, initially in Francophone countries but eventually in Anglophone Africa, starting with BOA Kenya in 2004. To increase their capital base, AFH took on new investors including the PROPARCO, a division of the French Development Agency, Netherlands Development Finance Company (FMO) and Natexis (now Natixis) of France.

In 2008, Banque Marocaine du Commerce Exterieur (BMCE) took a 35% shareholding interest in AFH, which had rebranded to Bank of Africa Group, bringing much needed financial capital and banking expertise to the group.[2]

Member companies

Banking subsidiaries

BOA had operational bank subsidiaries in the following countries, as of March 2016:[2]

  1. BOA Benin
  2. BOA Burkina Faso
  3. BOA Burundi
  4. BOA DRC
  5. BOA Djibouti
  6. BOA Ethiopia
  7. BOA Ghana
  8. BOA Kenya
  9. BOA Ivory Coast
  10. BOA Madagascar
  11. BOA Mali
  12. BOA Niger
  13. BOA Rwanda[1]
  14. BOA Senegal
  15. BOA Tanzania
  16. BOA Uganda
  17. BOA France - Representative office in Paris.

Specialized subsidiaries

The specialized subsidiaries of Bank of Africa Group include the following:

  1. Banque de l'Habitat du Bénin (BHB)
  2. Equipbail Benin
  3. Equipbail Mali
  4. Equipbail Mada
  5. Actibourse SA
  6. Agora SA
  7. Aissa - BOA's IT company
  8. Attica SA

Ownership

As at March 2016, the stock of Bank of Africa Group is owned by the following corporate entities and individuals:[3]

Bank of Africa Stock Ownership
RankName of OwnerPercentage Ownership
1Banque Marocaine du Commerce Exterieur (BMCE) of Morocco72.70
2Private African investors16.09
3Netherlands Development Finance Company (FMO) of the Netherlands5.02
4PROPARCO of France3.84
5Belgian Investment Company for Developing Countries (BIO)2.35
Total100.00

See also

References
  1. BOAf (13 October 2015). "Bank of Africa growing its network with a new subsidiary in Rwanda". Bamako: Bank of Africa Group (BOAf). Archived from the original on 21 March 2016. Retrieved 17 March 2016.
  2. BOAf (17 March 2016). "About Bank of Africa Group". Bank of Africa (BOAf). Retrieved 17 March 2016.
  3. Kariuki, James (17 March 2016). "Morocco's BMCE ups Bank of Africa stake in capital raising deal". Daily Nation. Nairobi. Retrieved 17 March 2016.
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