Short-listed candidates for the takeover of a majority stake in Zitouna Takaful Bank are known. Coris Bank is one of two shortlisted applicants.
The operation bears, remember, on a single block of shares consisting of shares held by:
-The Tunisian State, Al Karama Holding and the Société Portfolio Invest in the capital of Banque Zitouna and representing 69.15% of the capital
-Al Karama Holding and the Société Portfolio Invest in the capital of Zitouna Takaful, representing 70% of the capital.
The stakes are important. “This is the majority transfer of a bank positioned in the Islamic finance segment and which has experienced strong since its creation in 2011,” said Geraldine Mermoux, associate director of the firm Finactu, which supports the Tunisian state in this operation.
The quality and diversity of offers is an indicator of the market’s perception of both the quality of management and the future performance of the bank. “We have leading players with different typologies in terms of positioning and geography,” continues the director of Finactu.
The final qualification should be based on the financial capacity of the candidates, their technical and financial offers and their vision of development. Leader of the Islamic finance market in Tunisia, Zitouna Bank has a network of 114 agencies spread in strategic areas of the 24 governorates of Tunisia. A possible alliance with Coris Bank would open a corridor between Tunis and ECOWAS. To be continued.
Zitouna Bank Key Indicators in 2017
◦Total assets: + 25% of TCAM15-17
◦ Net banking product: + 28% of TCAM15-17
◦Result: + 44% of TCAM15-17
◦ROE: +2.1 pts between 2015 and 2017
◦ROA: +0.2 pt between 2015 and 2017
Zitouna Takaful performances
◦Primes issued: very strong 2-digit growth in all segments
◦Technical result of non-life insurance multiplied by 9.2x between 2015 and 2017
◦Technical result of life insurance multiplied by 1,5x between 2015 and 2017
◦Financial net result multiplied by 3.3x between 2015 and 2017
• Strong risk management and compliance with regulatory ratios
A comfortable solvency margin of 173% in 2017
