The state-owned Versus Bank, pending privatization, will see its capital more than quadruple to 3.5 billion to 14.850 billion FCFA, announced the Ivorian government this 27 June. This capital increase will be in favor of the public pension fund, the CGRAE.
For the authorities, the objective is to “bring the bank’s financial situation in line with the new prudential banking regulation system of the WAEMU” and “consolidate the growth momentum of this public bank”.
At the end of the operation, the Ivorian state will only hold 52.89% of the bank’s share capital, compared to 47.11% for the CGRAE.
Versus Bank, which has been on the list of privatizations since 2013, has managed to recover its accounts in recent years after going bankrupt. At the end of 2016, it had doubled its profit to 1.454 billion CFA francs, or about 2.2 million euros.
In the Ivorian market, the bank is positioned as one of the main donors of SMEs. It was awarded for this purpose at the Forum Finance is committed last October.
