BIC, Banque des Comores specializing in supporting industry and businesses in the Comoros, was officially acquired on October 10, 2020 by the Atlantic Financial Group. This financial consortium, based in Côte d’Ivoire, is the main buyer of troubled African banks.

In 2019, an agreement was signed between BNP Paribas and theAtlantic Financial Group (AFG) for a takeover of the French bank’s shares in the Banks for Industry and Commerce of Mali, Gabon and the Comoros. Since March 2020, regional financial observers have been wondering about the future of this signature, the Covid crisis requires.

Obviously, the health tsunami, which is at the origin of the contraction of the world economy, does not discourage AFG. On October 10, 2020, the Atlantic Financial Group’s takeover of the BIC of Comoros was sealed in Abidjan, Côte d’Ivoire. A Comorian delegation made up of the administrator of BIC Dhakoin Mohamed, Antoine Ganga, Director General, and the Secretary General, Mrs. Moinaïd Oussouf, initialed the assignment.

AFG is made up of banks, insurance companies, factories …

The consortium that weaves its web on the continent is made up of banks, but also insurance companies, telecommunications companies, industrial units and factories processing agricultural products. Clearly, this sprawling group has diversified its areas of activity in order to constantly balance its resources and adapt its strategy to market turmoil.

AFG, whose activities are concentrated in Africa, does not have the same performance obligations as multinationals established in industrialized countries. She works in a more fragile environment. However, in 2019, it managed to generate a net profit of € 10.8 million in Cameroon thanks to its takeover of the former Amity-Bank, renamed Banque Atlantique Cameroun. Financial Afrik. The same management model will henceforth be applied in its subsidiaries in the Comoros, Mali and Gabon.