Bank of Africa shares attractive to investors
Africa’s financial world has long been an outsider’s world. Now, however, interest in local companies is growing, and not just among local investors. Bank of Africa‘s shares, for example, are increasing rapidly, something that has not happened for several years. In general, analysts note a high level of activity on the BRVM region’s stock exchanges. As a result, financial institutions are increasing in value.
After the financial conglomerate announced an increase in share capital, there was a sharp rise in interest in securities. These are institutions from such countries:
1. Bank of Africa’s share price rose by more than 21%, reaching 2095 FCFA, the highest level in the last five years.
2. Bank of Africa of Senegal recorded an increase of almost 18% to 4,840 FCFA, the highest level since the IPO.
3. Bank of Africa Côte d’Ivoire rose 6.3%, the highest in 6 years. The FCFA index reached 8400.
The price of the Bank of Africa conglomerate’s securities is rising on the BRVM stock exchange as a result of an increase in its share capital. The institution intends to achieve this result by using reserves and premiums.
Bank of Senegal’s performance has been excellent. In just four weeks, its shares have risen by 26%. Analysts note that such trends can be seen in many financial institutions in Africa.
BOA business overview
Bank of Africa, or BOA, is a financial conglomerate based in Morocco. In addition to its home country, it operates in 18 African countries. The bank’s six subsidiaries operate in the west of the mainland, considered francophone. There are branches in Niger, Burkina Faso and other countries, all listed on the BRVM stock exchange.
The main structures of the Bank of Africa are the financial institutions of Morocco and Mali. The first one dates back to 1959, the second to 1982. The Bank of Benin joined the group in 1990, followed by Kenya in 2005. At the same time, the bank actively sought new investors to increase its capital and expand its operations.
Until 2020, the conglomerate’s name was Banque Marocaine du Commerce Extérieur, or BMCE. In return, the Bank of Morocco acquired a 35% stake in the new entity, giving it the capital it needed to strengthen its regional position.
Othman Benjelloun is the conglomerate’s largest shareholder. He owns more than 27% of the company’s securities and holds shares through his other companies.
BOA has offices in various continents and countries, such as Canada, the United Kingdom, China, Italy, the Netherlands and others.
