VISTA Bank group expands it's trade finance services in West Africa

Vista is now the largest bank in Guinea and operates in four countries including Burkina-Faso, a strategic point of entry into the WAEMU marketConakry/Ouagadougou, October 19, 2020 – Vista Bank Group (‘Vista’) has agreed with BNP Paribas to acquire BNP Paribas’ majority interest in La Banque Internationale pour le Commerce et l’Industrie de la Guinée (BICIGUI) in Guinea and La Banque Internationale pour le Commerce l’Industrie et l’Agriculture du Burkina (BICIAB) in Burkina Faso. The acquisition, whose completion is subject to regulatory approval, adds to Vista’s existing banks in Guinea, Sierra Leone and The Gambia. Afreximbank’s Intra-African Trade Initiative as well as Advisory and Capital Markets advised and structured the financing of this landmark deal. Deloitte and Astura also assisted Vista on financial and legal aspects of the transaction.

Simon Tiemtore, Chairman of Vista Group and Lilium Capital, said: “This is a milestone event in Vista’s growth strategy. The acquisition of BICIAB in Burkina Faso allows us to establish ourselves in the West African Monetary Union (WAEMU) region as a springboard for our further expansion. The integration of BICIGUI with our existing bank in Guinea propels Vista from the fifth largest bank to the largest bank in Guinea in terms of both total assets and number of branches.”

“Vista’s acquisition of BICIGUI and BICIAB also allows us to benefit from their excellent portfolio of high net worth and large blue-chip corporate customer segments to add to our existing focus on the small and medium enterprises (SME) and mass retail sectors. Vista now has both the scale and the critical momentum to deliver on our digital and intra-African trade strategies in West Africa in time for the immense benefits from the impending implementation of the African Continental Free Trade Area.”

The acquisition adds bank branches in Burkina Faso and Guinea, to Vista’s existing footprint of 22 branches in Guinea, 9 branches in The Gambia and 19 branches in Sierra Leone. Following integration, BICIAB and BICIGUI’s customers will further benefit from Vista’s core banking system, state of the art digital and mobile banking products, services, functionality and solutions. In addition, Vista has an intense customer-centric focus and ongoing investments in technology to fulfil its digital strategy.