Coris Group Boosts Stake in Cape Verde’s BCA Bank to 62%
West African financial giant Coris Holding has solidified its control over Cape Verde’s Banco Comercial do Atlântico (BCA), increasing its stake to 62.25% following a mandatory takeover bid. The results of the offer, announced today by the Cape Verdean stock exchange, mark a significant step in Coris Group’s expansion into the Atlantic archipelago.
Consolidating Control
The takeover bid was triggered after Coris Holding finalized the acquisition of a 59.81% majority stake from Portugal’s Caixa Geral de Depósitos in January. Under local regulations, acquiring a controlling interest necessitated a formal offer for the remaining 40.19% of the bank’s share capital.
Coris offered 14,918 Cape Verdean escudos (€135) per share. According to the exchange filing, 20 acceptance orders were submitted for a total of 32,300 shares. While this represented only 6.07% of the shares targeted by the offer, it successfully pushed Coris’s total ownership above the 62% mark.
Shareholders Signal Confidence
The fact that many minority shareholders chose to hold onto their stock—leaving 500,113 shares in the hands of 672 different investors—was viewed positively by the bank’s leadership. These remaining investors now represent 17.25% of BCA’s capital.
“Our interpretation is that they want to continue being BCA shareholders because they believe in the new reference shareholder, Coris Holding,” said Gilberto Barros, Chairman of the Board of Directors of BCA.
A Vision for Growth
With its position now secured, Coris Group intends to play a pivotal role in Cape Verde’s financial development. Barros emphasized that the group is committed to financing all sectors of the economy, including individuals, private companies, and the State.
“There will be an even stronger focus on structural projects for the transformation of the Cape Verdean economy,” Barros added.
In addition to Coris Holding’s majority stake, BCA’s shareholder structure remains diverse. Key institutional partners include the National Institute of Social Security (INPS) with 12.54%, the insurance firm Garantia (owned by the Fidelidade group) with 5.79%, and the state-owned airport operator ASA with 2.17%.
Image: Pexels – Abenezer Muluken
