Involved in the banking industry in Burkina Faso since 2008 with 40 branches, including a dozen in Ivory Coast, five in Mali and a few ones in Togo and Senegal, Coris Bank International (CBI), Coris Bank celebrates its 10 years. This decade included CFA 32 billion share capital, and participation in the Regional Stock Exchange. On this occasion, ANA met the founder and Chairman of the Board, Idrissa Nassa.
Interview by Ibrahima Sanou from Ouagadougou
Your institution celebrated its 10th anniversary on January 7. How can you assess the 10 years of operation?
During the 10 years of operation, Coris Bank International made its modest contribution to the financing of the national economy in an efficient way. In July 2017, our institution provided, through savings mobilization, $ 122 billion to the Government of Burkina Faso for the financing of National Economic and Social Development Program (NESDP) projects. In general, we provided more than CFA 2,000 billion to fund the national economy with a fair share of SME financing considered, according to the statistics of the World Bank, as the driving force of African economies’ growth with more than 70% of production and investment and 90% of jobs created. The bank is at the forefront for sectors of activity such as agriculture, the banking of women and young people (especially students with the Academia credit card), the empowerment of women… More than 13,737 women grouped in associations or business promoters have benefited from CFA 88 billion. As a socially-accountable company, CBI Burkina Faso, a Coris Holding branch, awarded “best employer of young people” in 2010 by the Government, has provided an overall envelope of nearly CFA one billion in initiatives and projects for the well-being of the population. All this was possible thanks to the good performance showed for an annual average of CFA 15 billion of net results since 2012. In 10 years of operation, the CBI has generated taxes for the Government to the tune of CFA 93 billion, deserving congratulations by the government through the ministry of Economy for its fiscal civic values.
What are the challenges of the institution during the year 2018?
During the year 2018, Coris Bank International is planning to tackle major projects. Our primary goal is to strengthen our positions across the continent, improve the quality of services and strengthen our contribution to the national economy. We will also continue our development at the international level. We reiterate our commitment to support the Government in funding the NESDP.
You recently signed an agreement with the government of Burkina Faso for the establishment of the very first financial holding company in Burkina Faso called Coris Holding. What is the role of this company in the finance industry?
Coris Holding is the institution that carries the ambitions for the development of our banking, insurance, securities and electronic banking activities throughout Africa. Created in 2013, it is a separate and autonomous structure, not to be confused with Coris Bank International, which has a different legal personality. Coris Holding directs, coordinates and controls its branches wherever they are located in the continent. In the finance industry, when you set up a financial holding, this company needs a specific tax agreement to carry out its activities. The holding company does not directly carry out ground activities; it is not operational. The activities are conducted through its branches, which are under the current tax system. Our branches (banks, insurance and stock exchange) do not benefit from any special conditions as a result of this agreement. It should be noted that the specific agreement signed does not give Coris Holding the advantages of a headquarters agreement, but allows the holding to move to Burkina and be able to carry out its activities properly. All banks and group branches to Burkina Faso are managed by holding companies based in other countries. For example, the holding companies of BOA and Banque Atlantique groups are based in Côte d’Ivoire, based on headquarters agreements. This is also the case for the holding companies of the Ecobank and Orabank groups established in Togo. Any Burkinabe who has a good understanding of the issue should be proud to see the establishment of Coris Holding headquarters in this country; which will help enhance the local private sector and boost the national economy.