Versus Bank: BCEAO Authorizes Koné Soukpafolo to Acquire Ivorian State’s Shares

Versus Bank, an Ivorian banking institution, is preparing to enter a new chapter in its history with the entry of Harvest Capital Holding into its shareholding structure. Harvest Capital is an Ivorian investment group active in finance and international development, owned by businessman Koné Daouda Soukpafolo.

This transition comes at a time when the bank has experienced mixed performance over recent years. Its net banking income grew from 4.1 billion CFA francs in 2014 to 7.2 billion in 2019, peaking at 12 billion in 2021. However, revenues declined to 9.2 billion by the end of 2023, reflecting the challenges of an increasingly competitive market. Similarly, net profit reached a high of 3.5 billion CFA francs in 2021, dropped sharply to 375 million in 2022, and then rebounded to 1.62 billion in 2023.

At the same time, the bank strengthened its financial position by doubling its capital to 20 billion CFA francs in June 2024, aligning with new regulatory requirements set by the BCEAO (Central Bank of West African States). The arrival of Harvest Capital Holding is a strategic move aimed at consolidating the bank's achievements, restoring sustainable growth momentum, and repositioning the institution within the Ivorian and regional banking landscape.

This deal, approved on December 19, 2024, by the Ivorian government, involved the sale of the state's majority stake (52.89%) in Versus Bank for 8.5 billion CFA francs to Harvest Capital Holding.

The transaction received approval from the BCEAO and the Banking Commission of the West African Monetary Union, ensuring a process aligned with transparency and regulatory soundness. As part of the transaction, Harvest Capital Holding is supported by Keys Finances Partners, a financial advisory firm known for its expertise in investment banking.

This change in ownership marks a clear intention to strengthen Versus Bank’s long-term position in the West African banking sector. The bank has outlined a strategy focused on enhancing financial capacity, improving governance, and boosting commercial performance. The aim is to better serve the needs of both individuals and businesses in an increasingly competitive environment.

The Caisse Générale de Retraite des Agents de l'État de Côte d'Ivoire (CGRAE) retains a 47.11% stake in Versus Bank, reaffirming its confidence in the bank’s robustness and its role in supporting the national economy.

With Harvest Capital Holding as the new majority shareholder, Versus Bank is entering a new phase of expansion. The bank plans to accelerate the digitalization of its services, broaden its product offering, and expand its geographical presence. A key focus will be on supporting the financing of small and medium-sized enterprises (SMEs)—a critical driver of Ivorian growth—while contributing to greater financial inclusion.

This restructuring of the bank’s shareholding reflects a broader trend of increased participation by Ivorian private investors in a banking sector long dominated by foreign capital. It is part of a structural transformation strategy that seeks to give greater influence to local players in the governance of financial institutions, to better catalyze endogenous economic growth.

Source : Sika Finance