Banking Company of West Africa

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CBAO Bank headquarters at the Place de l'Independance, Dakar, January 2008. Dakar-CBAO.jpg
CBAO Bank headquarters at the Place de l'Indépendance, Dakar, January 2008.

The Banking Company of West Africa (CBAO) (French: Compagnie bancaire de l'Afrique occidentale) is a Dakar, Senegal based private bank.

Dakar Capital and largest city of Senegal

Dakar is the capital and largest city of Senegal. The city of Dakar proper has a population of 1,030,594, whereas the population of the Dakar metropolitan area is estimated at 2.45 million.

Senegal republic in Western Africa

Senegal, officially the Republic of Senegal, is a country in West Africa. Senegal is bordered by Mauritania in the north, Mali to the east, Guinea to the southeast, and Guinea-Bissau to the southwest. Senegal also surrounds The Gambia, a country occupying a narrow sliver of land along the banks of the Gambia River, which separates Senegal's southern region of Casamance from the rest of the country. Senegal also shares a maritime border with Cape Verde. Senegal's economic and political capital is Dakar.

Contents

History

The CBAO traces its history back to the 1853 French Imperial Bank of Senegal, through the 1901-1962 Bank of West Africa (BAO), to the Banque Internationale pour l'Afrique Occidentale and its restructuring from a Senegalese government investment bank to an internationally owned retail bank.

Bank of West Africa (BAO) Senegal Banking institution

Banque d'Afrique Occidentale : was a bank French colonial authorities established in 1901 in Dakar, Sénégal, as the central bank of the colonies of French West Africa.

Renaming and Reorganization

The CBAO is the result of a 1993 renaming and reorganisation of the International Bank for West Africa (BIAO), formed from the Côte d'Ivoire and Senegal, Niger, and several other branches of the pre-independence sections of the French colonial Bank of West Africa (BAO). Some sections in Central Africa became the Banque internationale pour la Centrafrique (BICA). The Senegalese section split from the other BIAO banks and was partially privatised in 1965, thereafter owned by the Senegalese Government and the United States Citibank company. In 1989, the BIAO Senegalese sections were liquidated into several private institutions, with a majority share of the largest going to the Senegalese MIMRAN Group. [1] 1991 to 1997 marked a general collapse of the BIAO banks across West Africa: Méridien BIAO SA and Méridien international Bank limited (MIBL) of the Bahamas consolidated banks as Méridien BIAO Burkina, Méridien BIAO Niger (later BIA-Niger), Méridien BIAO Gabon, Méridien BIAO Cameroon, Méridien BIAO Chad, and Méridien BIAO Togo. The Ivorian section survived and retained the name BIAO Côte d'Ivoire, and was itself later privatised. [2]

Niger Republic in Western Africa

Niger or the Niger, officially the Republic of the Niger, is a landlocked country in West Africa named after the Niger River. Niger is bordered by Libya to the northeast, Chad to the east, Nigeria to the south, Benin to the southwest, Burkina Faso and Mali to the west, and Algeria to the northwest. Niger covers a land area of almost 1,270,000 km2 (490,000 sq mi), making it the largest country in West Africa. Over 80% of its land area lies in the Sahara Desert. The country's predominantly Islamic population of about 21 million live mostly in clusters in the far south and west of the country. The capital and largest city is Niamey, located in Niger's southwest corner.

Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex. The U.S. branches are concentrated in six metropolitan areas: New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. In 2016, the United States accounted for 70% of revenue and Mexico accounted for 13% of revenue. Aside from the U.S. and Mexico, most of the company's branches are in Poland, Russia, India and the United Arab Emirates.

Recent Situation

In 2007, the Moroccan Attijariwafa bank bought a majority stake of the CBAO, [3] and in 2008 joined it with the majority Attijariwafa owned Attijari Bank Senegal. The CBAO operates as a private retail and commercial bank entirely within Senegal. [4]

Attijariwafa Bank Moroccan banking company

Attijariwafa Bank is a Moroccan multinational commercial bank and financial services company founded and based in Rabat, Morocco he is the leading bank in Morocco and is part of king Mohammed VI's holding company the SNI.

As of December 2007, the CBAO had a capitalisation of 11 billion, 450 million CFA Francs. Attijariwafa bank owned 79.15%, 9% was retained by the government of Senegal, and 12% was held by other private investors. [5]

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References

Notes
  1. ↑ Entreprise & Developpement N°43 Archived 2011-07-25 at the Wayback Machine . Patrick Mestrallet, Institut Panafricain De Developpement Des Entreprises (IPDE), Benin. 05-09-2005
  2. ↑ Banques africaines: Dix ans de restructurations. Jeune Afrique, 12 May 2008.
  3. ↑ Morocco's Attijariwafa Bank buys nearly 80% of Senegalese CBAO Archived July 19, 2011, at the Wayback Machine , Government of Morocco, Rabat, Nov. 14 -2007
  4. ↑ "CBAO | Partenaire à vie". www.cbao.sn (in French). Retrieved 2017-08-30.
  5. ↑ "CBAO | Partenaire à vie". www.cbao.sn (in French). Retrieved 2017-08-30.
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