Bank of Africa (BOA Red Sea) is the second largest
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
in
Djibouti
Djibouti, ar, جيبوتي ', french: link=no, Djibouti, so, Jabuuti officially the Republic of Djibouti, is a country in the Horn of Africa, bordered by Somalia to the south, Ethiopia to the southwest, Eritrea in the north, and the Red ...
and is part of Mali based
Bank of Africa Group
Bank of Africa (BOA) is a Moroccan banking conglomerate headquartered in Casablanca, Morocco, with banking operations in Morocco and eighteen other African countries. Its main predecessor entities started in 1959 in Morocco and in 1982 in Mali. ...
. Bank of Africa Group acquired Djibouti based Banque Indosuez Mer Rouge in 2010. BOA Red Sea operates seven branches in Djibouti and a representative office in
Addis Ababa
Addis Ababa (; am, አዲስ አበባ, , new flower ; also known as , lit. "natural spring" in Oromo), is the capital and largest city of Ethiopia. It is also served as major administrative center of the Oromia Region. In the 2007 census, t ...
.
History
The firm traces its presence in Djibouti to 1908 when
Banque de l'Indochine
The Banque de l'Indochine (), originally Banque de l'Indo-Chine ("Bank of Indochina"), was a bank created in 1875 in Paris to finance French colonial development in Asia. As a bank of issue in Indochina until 1952 (and in French Paci ...
established a branch there, although it had started issuing banknotes for Djibouti in 1907. Banque de l'Indochine had just received the French government concession to create the Franco-Ethiopian Railway between Djibouti and Addis Ababa (Ethiopia).
The bank's name changed as its ownership changed. The Bank of Indochina became in 1974 Bank of Indochina and Suez then Bank Indosuez. The operation in Djibouti became Banque Indosuez Mer Rouge (BIMR).
BIMR had a monopoly on banking services in Djibouti until the arrival of a subsidiary of BNP Paribas in 1954: Bank for Trade and Industry-Red Sea (BCIMR). The two banks' headquarters stood together at Place Lagarde for nearly half a century.
Banque Indosuez Mer Rouge (BIMR) became a wholly owned
subsidiary of the French bank
Crédit Agricole Indosuez when the Crédit Agricole banking group acquired Banque Indosuez in 1996.
In August 2010 the BOA Group, commenced negotiations to acquire BIMR, negotiations that came to fruition in on 22 December 2010 when the bank became Bank of Africa Red Sea (BOA-Red Sea).
References
External links
Banque Indosuez Mer Rouge @ DjiboutiPhoneBook
Companies based in Djibouti (city)
Banks of Djibouti
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