Nsia Banque CI, a banking institution listed on the BRVM (Regional Stock Exchange), is continuing to integrate the Ivorian branch of Nsia Banque Bénin, after the authorization of the Regional Council for Public Savings and Financial Markets

(Crepmf) obtained on December 4, 2020.

According to a press release, the operation will take the form of a partial contribution of assets from the Ivorian branch of Nsia Banque Bénin (formerly Diamond Bank SA). It is subject to the legal regime of the division, in accordance with article 195 of the Uniform Act of Chad relating to the law of commercial companies and the IGE (Auscgie), and will lead Nsia Banque Bénin to transmit net assets of 6,171,427,508 FCfa to Nsia Banque Côte d'Ivoire, based on accounts as at 31 December 2019

“1,564,572 shares of NSIA Banque CI, with a nominal value of 1,000 CFA francs each, will be created and distributed among the shareholders of NSIA Banque Bénin, the transferring company. The issuance of new shares will be managed by Nsia Finance, a management and intermediation company of the Nsia Group

“This operation, announced on the market since 2019, has obtained authorization from Crepmf. The consequence for Nsia Banque CI is an increase in share capital. The new shares that will be created will be listed by the BRVM,” said Ms. Eliane Alangba, Deputy Director General

The transaction had previously received the favorable opinion of the Banking Commission on 27 March 2020 as well as the approval of the Ministry of Economy and Finances of Benin on 29 May 2020.

“The Boards of Directors of Nsia Banque Bénin and Nsia Banque CI, meeting on 14 June 2019, approved the draft partial asset transfer treaty that was submitted to them. This treaty was revised during the meeting of the Bank's Board of Directors on 19 October 2020, based on figures adopted as at 31 December 2019. The effective date of the transaction was set for January 1, 2020. The Extraordinary General Assembly, meeting on November 9, 2020, approved the terms of the operation,” the press release reads.

Léonce Yace, CEO of Nsia Banque CI, welcomed this significant progress in the takeover process: “for several months, we have been waiting for the end of the integration process of the Ivorian branch of the French-speaking subsidiary of the Diamond Bank Group, acquired in 2017. We are beginning the final stage of this journey. This takeover augurs new horizons and opportunities for our customers, businesses and individuals, who will be able to benefit in the medium term from the synergies of the Nsia Group in the countries where our

We thank all our collaborators for their commitment in conducting this project, which began in 2017. We are happy to welcome new employees and new customers to Nsia,” added Mr. Yace.

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