Africa-Press – Cape verde. The Bank of Cape Verde (BCV) announced this Monday, November 24th, that its Board of Directors, meeting on November 20th, decided not to oppose the proposed acquisition of 59.81% of the voting rights and shares of Banco Comercial do Atlântico (BCA) by Coris Holding, S.A.
In a press release, the BCV explains that the operation stems from the sale process of the shares held by Caixa Geral de Depósitos, S.A., and Banco Interatlântico, S.A., which signed a Share Transfer Agreement with Coris Holding on May 6, 2024.
Coris’s proposal had been previously selected by the Portuguese Government.
According to the BCV, the initial assessment did not identify any evidence that would jeopardize the suitability of the proposed acquirer and its beneficial owner, nor its financial soundness, nor any signs of operations related to money laundering or terrorist financing.
However, doubts remained regarding the conditions required to ensure effective supervisory exercise, as stipulated in Article 47 of the LAIF (Law on Financial Institutions and Financial Institutions), which were subsequently resolved with new elements presented in the process.
On June 21, 2024, Coris Holding submitted to the BCV (Central Bank of Venezuela) a request for non-opposition to the acquisition of a qualified controlling stake in BCA.
The BCV explains that, due to the complexity of the operation, involving a holding company with a presence in several jurisdictions, and the size of BCA, classified as a systemically important domestic bank, additional due diligence was necessary, including requests for clarification and supplementary due diligence.
The Central Bank also informs that the acquisition project should be completed within the timeframe defined by the Supervisory Authority.
Caixa Geral de Depósitos (CGD) announced in 2023 the sale of its majority stake, 59.81% of the share capital of BCA, to Coris Holding for €70.5 million.
The sale is part of CGD’s plan to reorganize its international operations, which will continue to operate in Cape Verde through Banco Interatlântico.
Coris Holding S.A. is a financial holding company based in Burkina Faso, which controls the Coris Bank International group and other subsidiaries in the banking and financial services sector. Present in several West African countries, the group operates primarily in banking services, financing for small and medium-sized enterprises, and financial digitalization.
For More News And Analysis About Cape verde Follow Africa-Press
