Ivorian Lender Versus Increases Share Capital to Comply with New Rules
TLDR
- Versus Bank raises share capital to 20 billion FCFA ($34 million) to comply with new regulatory requirements by 2026
- Decision approved at Extraordinary General Meeting on June 27, 2024, supported by key shareholders Côte d'Ivoire and CGRAE
- Capital increase is part of Versus Bank's transformation plan since 2020 to strengthen resilience and support customer financing needs.
Versus Bank has raised its share capital from 10 billion FCFA to 20 billion FCFA ($34 million), in compliance with the new WAEMU regulatory requirements mandating banks to meet this minimum capital threshold by December 31, 2026.
The decision, made at an Extraordinary General Meeting on June 27, 2024, was approved by the bank's shareholders, including the State of Côte d'Ivoire and the General Retirement Fund for State Employees (CGRAE).
This capital increase is part of Versus Bank's broader transformation plan, initiated in 2020, to enhance its resilience and meet the growing financing needs of its customers.
Key Takeaways
With over 20 years of market presence, Versus Bank is a leader in financing small and medium-sized enterprises (SMEs) in Côte d'Ivoire, while offering tailored solutions to individual and institutional clients. Its capital increase not only aligns with WAEMU’s new regulations but also strengthens its ability to support Côte d'Ivoire’s economic growth.
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