Togo: IB Holding buys majority stake in State-owned bank BTCI

Banking

Saturday, 14 August 2021 02:30

Togo: IB Holding buys majority stake in State-owned bank BTCI

(Togo First) - IB Holding, owned by construction mogul Mahamadou Bonkoungou, will get an 8.2% stake in the BTCI, one of Togo’s two remaining State-owned banks. This was disclosed by the government at the end of the council of ministers held on August 11.

Lomé said it has started selling part of its stake in the lender’s shareholding, “in line with its ambition to build partnerships with the private sector, and speed up economic growth.”

The deal, whose amount is yet to be revealed, completes the bank’s privatization - a process launched in 2019, after the State gave up on its first option, a merger. At the time, about 100 private investors said they wanted to buy BTCI shares. Only five, however, responded to the government’s call for tenders to get a benchmark investor.

IB Holding will, therefore, secure a majority stake in the bank in which the State will keep 10% . The sale should, according to the government, “boost banks’ contribution to the national economy,” and the State “will protect the interests of workers and bolster the financial system.”

Last January, Mahamadou Bonkoungou, owner of IN Holding, launched IB Bank in Djibouti. The lender, previously Banque de l’Habitat du Burkina Faso (BHBF), was bought and renamed by the businessman in 2018. Bonkoungou, after making his fortune with EBOMAF, a construction company, now eyes the banking sector.

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REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.