Benin Raises $166M from BIIC Stake Sale Ahead of BRVM Listing

The Beninese government raised over 100 billion XOF ($165.6 million) from the sale of more than 33% of its stake in the International Bank for Industry and Commerce (BIIC) through an initial public offering (IPO). The shares will be listed on the BRVM, making BIIC the third publicly traded Beninese company after the National Lottery of Benin (LNB) and BOA Benin.

With the completion of the IPO, the government’s stake in BIIC dropped from 51.26% to approximately 18%. The sale was part of a broader strategy to raise funds for infrastructure and economic development while increasing private sector participation in the banking sector. The offering, launched on December 24, 2024, and closed on February 28, 2025, involved the sale of 17.56 million to 23.10 million shares at 5,250 XOF ($8.72) per share. EDC Investment Corporation, a subsidiary of Ecobank, led the transaction.

BIIC, formed from the 2020 merger of Banque Internationale du Bénin (BIBE) and Banque Africaine pour l'Industrie et le Commerce (BAIC), is one of Benin’s largest banks. As of June 30, 2024, BIIC’s total assets reached 1,141 billion XOF ($1.90 billion), representing 22% of national banking assets. The bank’s equity stood at 107.9 billion XOF ($179.3 million), making it the second most capitalized bank in the country.

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