NSIA Banque-Cote D’Ivoire Working on IPO for Regional Bourse

NSIA Banque-Cote D’Ivoire is looking to raise funds for expansion in Africa from the sale of at least 10 percent of its shares in an initial public offering this year, according to the head of its parent company.

The shares will trade on the eight-nation West African BRVM stock exchange, said Jean Kacou Diagou, chief executive officer of NSIA Group, on Wednesday in the capital, Abidjan.

“Our aim is to raise funds on the BRVM to finance our strategic and development plans in Ivory Coast and in Africa for the next three to five years,” said Diagou. “The Ivory Coast government, which holds 20 percent of the bank, want to put 5 percent to 10 percent of its shares in the BRVM.”

NSIA Group has an 80 percent stake in NSIA Banque-CI, according to the bank’s website. The rest is held by the Ivorian government, which in 2013 announced a plan to sell off half its shares in NSIA Banque-CI. Source: Bloomberg