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Koné Dossongui’s AFG buys BPCI after year-long talks

Source: africabusinessplus.com

TL;DR

AFG Holding, led by Koné Dossongui, signed a deal on September 26, 2023, to acquire state-owned Banque Populaire de Côte d'Ivoire (BPCI) after over a year of talks.[[1]](https://www.africabusinessplus.com/en/817022/kone-dossonguis-afg-buys-ivorian-bpci-what-happened-behind-the-scenes)
The deal transfers BPCI's full client base of 370,000, 78 agencies, and all staff to AFG Bank Côte d'Ivoire, approved by ministerial order on December 20, 2023.[[2]](https://www.agenceecofin.com/finance/0401-114971-afg-bank-cote-d-ivoire-se-renforce-sur-le-marche-bancaire-ivoirien-grace-a-la-reprise-des-activites-de-la-bpci)
This boosts AFG's footprint in Ivory Coast's banking market and supports pan-African expansion amid state privatization efforts.[[4]](https://afgholding-sa.com/en/notre-histoire)

The story at a glance

Koné Dossongui's Atlantic Financial Group (AFG) signed an agreement with the Ivorian government on September 26, 2023, to take over the fully state-owned Banque Populaire de Côte d'Ivoire (BPCI). AFG Bank Côte d'Ivoire, the local subsidiary newly created that year, absorbs BPCI's operations, staff, and network following regulatory nods from the WAMU Banking Commission and a ministerial order. The article details the prolonged negotiations and inside story of this privatization. AFG, a pan-African player founded by Ivorian businessman Koné Dossongui, has pursued aggressive banking acquisitions across West and Central Africa.[[4]](https://afgholding-sa.com/en/notre-histoire)

Key points

Negotiations lasted over a year before the September 26, 2023, agreement; buyout neared completion by July 2023 per reports.[[1]](https://www.africabusinessplus.com/en/817022/kone-dossonguis-afg-buys-ivorian-bpci-what-happened-behind-the-scenes)[[5]](https://www.africaintelligence.com/west-africa/2023/07/13/atlantic-gets-new-banking-boss-as-bpci-buyout-nears-completion,110003314-art)
BPCI, 100% owned by the Ivorian state, transfers its entire active client base (370,000 customers), 78 agencies, and all personnel to AFG Bank CI starting early 2024.[[2]](https://www.agenceecofin.com/finance/0401-114971-afg-bank-cote-d-ivoire-se-renforce-sur-le-marche-bancaire-ivoirien-grace-a-la-reprise-des-activites-de-la-bpci)
Process approved by WAMU Banking Commission (decision around December 18, 2023) and ministerial arrêté on December 20, 2023; integration emphasizes continuity and upgrades.
AFG plans to rebrand and rehab BPCI agencies to international standards, adding digital services, bancassurance, and proximity focus.
Part of AFG's 2023 rebranding and expansion: new AFG Bank entities in Côte d'Ivoire and Madagascar alongside this deal.[[4]](https://afgholding-sa.com/en/notre-histoire)

Details and context

The original article from Africa Business+ focuses on the behind-the-scenes of the deal, highlighting prolonged government talks amid Ivory Coast's push to privatize underperforming state banks like BPCI. Snippets confirm the signing followed intensive negotiations, with AFG emerging as the buyer after earlier stages reported in mid-2023.[[1]](https://www.africabusinessplus.com/en/817022/kone-dossonguis-afg-buys-ivorian-bpci-what-happened-behind-the-scenes)

AFG Holding, financial arm of Koné Dossongui's Atlantic Group (active 40+ years in banking, insurance, industry), operates in West Africa, Central Africa, and Indian Ocean. This fits a pattern of acquisitions: BICIG (Gabon, 2020), Société Générale Guinea (2024), Access subsidiaries (2024).[[4]](https://afgholding-sa.com/en/notre-histoire)

Integration prioritizes no disruption—BPCI clients retain services while gaining AFG's broader network and innovations. Advisors assisted both sides, per follow-up coverage, but specifics remain behind paywalls.[[6]](https://www.africabusinessplus.com/en/817991/acquisition-of-bpci-advisors-for-afg-holding-and-the-ivorian-state)

Key quotes

"AFG Bank Côte d’Ivoire capitalisera sur son propre réseau d’agences en place ainsi que celui hérité de la BPCI qui sera réhabilité aux normes AFG et aux standards internationaux." – AFG Bank CI press release

Why it matters

This privatization signals Ivory Coast's strategy to offload state banks to private pan-African groups, enhancing efficiency in a competitive UEMOA market. For customers and staff, it means seamless transition to a larger network with digital upgrades; for investors, AFG strengthens as a mid-tier regional player. Watch AFG's integration progress, further acquisitions, and any rebranding of ex-BPCI branches, though full details on deal terms remain limited.