After its privatization in 2021, the Togolese government took over in 2024 the buildings housing the headquarters of the Togolese Banking Union (UTB) and the former Togolese Bank for Commerce and Industry (BTCI), which became IB Bank. The aim is to stabilize these two fragile banks, which represent a significant portion of banking sector assets.

The two entities alone represent 20% of the assets of the Togolese banking sector. According to information made public by Togo First, the purchase of the UTB head office alone would have cost 31 billion CFA francs. Indeed, a restructuring plan must be adopted before April 2025, with full implementation scheduled for October. During this period, UTB will remain under public control before possible privatization. For IB Bank, the revenue from the sale of its former headquarters helped alleviate financial pressure and improve its regulatory capital, but not enough to ensure stability

After several years of losses, it returned to profits in 2024. These results are expected to continue this year, largely supported by the resumption of significant provisions and commitments that are now strongly oriented towards the sovereign, according to Togo First. In reality, the Togolese government had set aside more than 69 billion FCFA ($108.2 million) in the 2024 budget to get the two banks back on their feet. This expenditure should increase a public deficit that is already under stress, according to the IMF