Djibouti: Groupe BANK OF AFRICA (BOA) and Crédit Agricole SA today announced the conclusion of an agreement for the acquisition of Banque Indosuez Red Sea (Djibouti) by BANK OF AFRICA

(HornTrade) – The BANK OF AFRICA Group and Credit Agricole SA (“Credit Agricole”) announced today that they conclude an agreement on the acquisition by the BANK OF AFRICA capital of Banque Indosuez Red Sea (“BIMR”), the banking subsidiary of Credit Agricole in Djibouti. BANK OF AFRICA will subsequently enter Proparco and FMO BIMR  in the capital.

The completion of this transaction is subject to validation of financial authorities and regulatory authorities and may occur before the end of the fourth quarter of 2010.

For Credit Agricole, the sale is part of the process of refocusing its retail banking International Group on Europe and the Mediterranean Basin, advertised in the capital increase carried out by Credit Agricole in 2008.

For the BANK OF AFRICA, this acquisition fits into the strategy for long-term presence on the African continent and in particular strengthening it in East Africa and the Indian Ocean, where the Group is already BOA implemented in Uganda, Kenya, Burundi, Tanzania and Madagascar.

The Group BANK OF AFRICA was born in 1982 at the initiative of private shareholders Sahara, which for nearly 30 years, gradually building a group of commercial banks now hearing mainland, setting development strategy and implementing it out. Alongside these private shareholders, BANK OF AFRICA also has strong institutional partners such as Proparco, FMO, BIO and IFC, as principal shareholder, since 2008, the Moroccan Foreign Trade Bank (BMCE), with which an alliance strategy has been tied.

With this operation, BANK OF AFRICA, also located in France, is now present in 13 African countries, serving its customers through a network of over 230 agencies.

The Group BANK OF AFRICA today operates in 6 countries in West Africa (Benin, Burkina Faso, Cote d’Ivoire, Mali, Niger and Senegal), 5 countries in East Africa and the Indian Ocean (Burundi, Kenya, Madagascar, Tanzania and Uganda) and the Democratic Republic of Congo, through a network of 12 commercial banks, a housing bank, three leasing companies, a brokerage firm, two companies investment, an asset management company and several other financial companies.

The Group BANK OF AFRICA was born there nearly 30 years in Mali, on 31st December 2009 with total assets exceeding 2.5 billion euros (over U.S. 3.5 billion) and net final more than 34.7 million euros (approximately U.S. $ 49.7 million *).

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