Côte d’Ivoire: SUNU Group withdraws from State-controlled BICICI

Sunu Finance group has pulled out as main shareholder from Cote Ivoire’s trade and industry bank BICICI now controlled by a State-run consortium, “Sika Finance” reports.

The holding has sold its 19.11 shares for $35.6 million to Abidjan-based Brandon & MCain Capital, an investment firm founded by Ahmed Cisse, the President of Côte d’Ivoire’s employers’ Council.

SUNU became main shareholder after France-based BNP Paribas sold in February its 54 per cent to Banque National d’Investissement (BNI), Caisse de Depots et de Consignation (CDC-CI) and pensions CNPS and CGRAE, all under State control.
The BNI, CDC-CI, CNPS and CGRAE all of them now control 67.93 per cent of the trade bank.

SUNU is one of the leading insurance firms in the FR CFA zone. Though it is pulling out one of Cote’d Ivoire’s leading banks, the holding is still present in the financial sector of the FR CFA zone. Namely in Togo (SUNU Bank) and Senegal (BICIS).