Nsia Banque CI, a banking institution listed on the Brvm (Regional Stock Exchange), continues the integration of the Ivorian branch of Nsia Banque Bénin, after the authorization of the Regional Council for Public Savings and Financial Markets

(Crepmf) obtained on December 4, 2020.

According to a press release, the transaction will take the form of a partial contribution of assets from the Ivorian branch of Nsia Banque Bénin (formerly Diamond Bank SA). It is subject to the legal regime of the division, in accordance with Article 195 of the Uniform Act of Ohada on the law of commercial companies and the Gie (Auscgie), and will lead Nsia Banque Bénin to transmit a net asset of 6,427,171,508 FCfa to Nsia Banque Côte d'Ivoire, based on the accounts as at 31 December 2019.

"1,564,572 shares of Nsia Banque CI, with a nominal value of 1,000 CFA francs each, will be created and distributed among the shareholders of NSIA Banque Bénin, the contributing company. The issuance of new shares will be led by Nsia Finance, the management and intermediation company of the Nsia Group," it said.

"This operation announced on the market since 2019 has obtained the authorization of the Crepmf. The consequence for Nsia Bank CI is an increase in the share capital. The new shares that will be created will be admitted to the Brvm's listing," said Eliane Alangba, Deputy CEO of Nsia Finance.

The transaction had previously received the favourable opinion of the Banking Commission on 27 March 2020 and the approval of the Ministry of Economy and Finance of Benin on 29 May 2020.

"The Boards of Directors of Nsia Banque Bénin and Nsia Banque CI, meeting on June 14, 2019, had adopted the draft treaty of partial contribution of assets that had been submitted to them. This Treaty was revised during the 19 October 2020 session of the Bank's Board of Directors, based on figures as at 31 December 2019. The effective date of the transaction has been set for 1 January 2020. The Extraordinary General Meeting held on November 9, 2020 approved the terms of the operation," the statement said.

Léonce Yace, Chief Executive Officer of Nsia Banque CI, welcomed this significant step forward in the takeover process: "We have been waiting for several months for the completion of the integration process of the Ivorian branch of the French-speaking subsidiary of the Diamond Bank Group acquired in 2017. We are entering the final stage of this journey. This recovery augurs new horizons and opportunities for our customers, companies and individuals, who will be able to benefit in the medium term from the synergies of the Nsia Group in the countries where our brand is established.

We thank all our employees for their commitment to the conduct of this project that began in 2017. We are pleased to welcome new employees and a new clientele to Nsia," Yace added.

AllAfrica, Inc.