The Banking Company of West Africa (CBAO) (French: ''Compagnie bancaire de l'Afrique occidentale'') is a
Dakar,
Senegal based private bank.
History
The CBAO traces its history back to the 1853 French Imperial
Bank of Senegal
The Central Bank of West African States (french: Banque Centrale des États de l'Afrique de l'Ouest, BCEAO) is a central bank serving the eight west African countries which share the common West African CFA franc currency and comprise the West ...
, 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.
Renaming and Reorganization
The CBAO is the result of a 1993 renaming and reorganisation of the
International Bank for West Africa (BIAO)
International is an adjective (also used as a noun) meaning "between nations".
International may also refer to:
Music Albums
* ''International'' (Kevin Michael album), 2011
* ''International'' (New Order album), 2002
* ''International'' (The T ...
, formed from the
Côte d'Ivoire
Ivory Coast, also known as Côte d'Ivoire, officially the Republic of Côte d'Ivoire, is a country on the southern coast of West Africa. Its capital is Yamoussoukro, in the centre of the country, while its largest city and economic centre is ...
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
Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City ...
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. 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.
Recent Situation
In 2007, the Moroccan
Attijariwafa bank bought a majority stake of the CBAO, 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.
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.
References
;Notes
;Sources
Concentration Du Marche Bancaire : Attijariwafa arrive en force Amadou FALL, Le Soleil (Dakar). 22 December 2008.
External links
CBAO.sn Official site.
{{Portal, Banks
Banks of Senegal