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Chuks Udo Okonta
Afreximbank congratulates Vista Bank Group for its successful expansion to promote Intra-African trade.
The EUR 59.167 million facility from Afreximbank’s Intra-African Investment supports Vista Bank’s expansion through its majority stake acquisition in VIstaGui (ex- Banque Internationale pour le Commerce et l’Industrie de la Guinée (BICIGUI)) and Vista Bank Burkina (ex- Banque Internationale pour le Commerce, l’Industrie et l’Agriculturedu Burkina (BICIAB)), from BNP Paribas.
Under Vista’s ownership, Vista Bank Burkina and VistaGui’s customers will be able to enjoy a wider range of services. The transaction supports Vista in filling a gap while enhancing the capacity of the target banks to deliver expanded services that will drive trade and create investment opportunities in the region. Vista Group’s strategic plan to create agency banking outlets, deploy affordable mobile banking solutions and increase its financial offerings for SMES, women and climate change will herald opportunities for increased business which will boost productivity and economic development in Burkina Faso and Guinea.
The facility showcases the Bank’s commitment to catalysing African Direct Investment. The success of this transaction is a signalling flag to the wider investing community that Africa is open for business and it particularly showcases Burkina Faso and Guinea as attractive and viable investment destinations.
The Finance Facility was signed by Simon Tiemtore, Chairman of Vista Group Holdings SA and Executive Vice President of Legal and Corporate affairs Dr George Elombi, Intra-African Investment Finance Facility, Afreximbank. It was announced in a ceremony on the main stage at the Intra-African Trade Fair 2021 in Durban, KwaZulu-Natal, South Africa on 18 November.
Simon Tiemtore, Chairman of Vista Group said: “This facility from the Intra-African Investment Finance Facility displays their belief in our strategy to promote intra-African trade and to play a critical role in the implementation of the AFTCA by deploying affordable mobile banking solutions, drive financial inclusion, increase our operations and meet the financing needs of businesses across Burkina Faso and Guinea and more generally in the ECOWAS. At Vista we are determined to play a major role in facilitating business and economic growth and development and to create significant employment opportunities across the communities, business and countries that we serve.”