Togo: Banque Populaire pour l’Epargne et du Crédit (BPEC) becomes Sunu Bank

Finance
Thursday, 05 March 2020 17:48
Togo: Banque Populaire pour l’Epargne et du Crédit (BPEC) becomes Sunu Bank

(Togo First) - In Togo, Banque Populaire pour l’Epargne et du Crédit (BPEC) is now Sunu Bank. 

In 2018, SUNU Group acquired a majority stake (65.7%) in BPEC at a time where the lender was at the bottom of the pitfall. For its first year of activity, BPEC had recorded a loss of XOF197 million and ran on losses from 2012 to 2016. 

However, since SUNU joined its shareholding, the bank’s prudential indicators have improved, but the lender is not yet out of trouble. For example, its intermediation margin rose from 1.5 billion (before SUNU arrived) to 2.3 billion at the end of 2018, while its assets’ value increased by XOF5 billion, in the same period, to reach XOF66 billion. 

To consolidate these results, Sunu Bank bets on digital services like WhatsApp banking. 

SUNU Group is an insurance holding based in Dakar, Senegal, and headed by Pathé Dione. The insurer’s investment in Togo marks its first step in the banking market.

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