Atlantic Bank Group Explained

Atlantic Bank Group
Native Name:Groupe Banque Atlantique
Native Name Lang:fr
Type:Private company
Industry:Financial services
Location City:Lomé
Location Country:Togo
Area Served:West Africa
Assets:US$1.5 billion+ (2010)[1]
Products:Retail banking, Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages

Atlantic Bank Group, commonly known by its French name Groupe Banque Atlantique, is a West African financial services conglomerate, headquartered in Lomé, Togo. The Group consisting of banks and other financial services companies in Côte d'Ivoire, Benin, Niger, Burkina Faso, Mali, Togo, Senegal and Cameroon.

The Group is a large financial services provider in West Africa and Central Africa, with emphasis on retail banking, but offering a full range of financial products. The group maintains in excess of 150 branches in the 8 countries that it serves. The Group's shareholder's equity is in excess of US$122 million, .[2]

History

The first bank that the group established was Atlantic Bank Côte d'Ivoire (Banque Atlantique Côte d'Ivoire) (BACI), which was founded in 1978.

In 1997, the Group acquired the assets of Barclays Bank in Côte d'Ivoire, keeping the new acquisition separate, but renaming it COBACI. In 2001, the Group created a joint stock with the symbol SGI. In 2005, SGI became Atlantic Financial Group, the holding company of the Atlantic Bank Group.[3] In 2004, a new subsidiary under the name GIE was established to handle the Group's computing and information technology needs. In 2007, GIE rebranded as Atlantic Technology SA.

Starting in 2006, the Group started a regional expansion drive by the opening of Atlantic Bank Benin that year. The next year, Atlantic Bank Niger, Atlantic Bank Burkina Faso, Atlantic Bank Mali and Atlantic Bank Togo were established. Since then Atlantic Bank Senegal (2007) and Atlantic Bank Cameroon (2009) were established.[4] Also in 2009, COBACI was merged with Atlantic Bank Côte d'Ivoire (BACI).[5]

Group members

The holding company for the group is Atlantic Financial Group, based in Lomé, Togo. The member companies of the Atlantic Bank Group include the following:[6]

  1. Atlantic Bank Côte d'Ivoire - Abidjan, Côte d'Ivoire
  2. Atlantic Bank Benin - Cotonou, Benin
            1. Atlantic Bank Niger - Niamey, Niger Atlantic Bank Burkina Faso - Ouagadougou, Burkina Faso Atlantic Bank Mali - Bamako, Mali Atlantic Bank Togo - Lome, Togo Atlantic Bank Senegal - Dakar, Senegal Atlantic Bank Cameroon - Douala, Cameroon[7]
    1. Atlantic Technology SA - Lomé, Togo Atlantic Finance - Lomé, Togo - A management and financial intermediation company
  3. Cash Money Worldwide - Lomé, Togo - A funds transfer company
  4. Atlantic Bank France - Paris, France - The Group maintains a representative office in Paris, France.

See also

Notes and References

  1. http://banqueatlantique.net/english/index.php?parcours=reports Estimated Group Assets March 2010
  2. http://banqueatlantique.net/english/index.php?parcours=groupe_presentation Overview of Atlantic Bank Group
  3. News: Banking Sector: Atlantic Business International (ABI). 24 March 2016. Marcopolis. 23 December 2014.
  4. http://banqueatlantique.net/english/index.php?parcours=groupe_historique History of Atlantic Bank Group
  5. http://banqueatlantique.net/english/index.php?parcours=reports2 BACI and COBACI of Ivory Coast Merged In 2009
  6. http://banqueatlantique.net/english/index.php?parcours=reseau Member Companies of Atlantic Bank Group
  7. News: Cameroon: Banking Boom in Cameroon. Vubem. Fred. 2009-06-11. Cameroon Tribune (Yaoundé). 2017-09-05.