Ivorian businessman Ahmed Mamadou Cissé, president of the General Confederation of Enterprises of Côte d’Ivoire (CGECI), is set to become the largest shareholder of Banque Internationale pour le Commerce et l’Industrie de la Côte d’Ivoire (BICICI) after agreeing to acquire the National Investment Bank’s (BNI) 21.09% stake.

The transaction, announced on July 13, remains subject to regulatory approval, including clearance from the Banking Commission of the West African Economic and Monetary Union (UMOA).

Once completed, Cissé’s investment company, Brandon & Mcain Capital, will increase its holding in BICICI from 19.11% to 40.20%, making it the bank’s leading shareholder.

The acquisition marks another milestone in the transformation of BICICI’s ownership structure following the exit of French banking group BNP Paribas in 2022. Since then, the bank has seen a growing presence of Ivorian institutional and private investors.

Ahmed Cissé had already strengthened his position in 2023 by acquiring SUNU Group’s 19.11% stake in the bank. He was subsequently appointed Chairman of BICICI’s Board of Directors.

Despite BNI’s exit, the Ivorian State will remain a key shareholder through public institutions, including the National Social Security Fund (CNPS), the Caisse des Dépôts et Consignations de Côte d’Ivoire (CDC-CI) and the Civil Service Pension Fund (IPS-CGRAE).

The transaction underscores the growing influence of domestic private capital in Côte d’Ivoire’s banking sector, as local investors increasingly take ownership of strategic financial institutions previously dominated by international banking groups.