[2007-10-23]  Bank of Africa Enters Market
Bank of Africa Kenya Ltd, AUREOS East Africa Fund LLP (AEAF), and the Belgian Investment Company for the developing countries (BIO), have acquired the shares of Banque Belgolaise of Belgium in Euroafrican Bank (T) Ltd.

Bank of Africa Kenya Ltd is part of the Bank of Africa (BOA) Group. The Group, whose history goes back to Mali in 1982, now operates through a network of commercial banks in 10 countries; six in the West African Economic and Monetary Union (WAEMU), and three in the East African region of Madagascar, Kenya, Uganda and now Tanzania under a common name--Bank of Africa.


In Uganda, the bank has five branches in Kampala and one regional branch in Jinja while it has three branches in Nairobi and one regional branch in Mombasa. BOA Bank-Tanzania has four branches in Dar es Salaam.

As at December 31st 2006, the Group had a balance sheet of 1.4 billion euros, earned a net profit of 19 million euros and had a workforce of 1,776.

It is also active in the fields of insurance, financial leasing and stock brokerage.

Netherlands Development Finance Company (FMO) and PROPARCO, a subsidiary of Agence Francaise de Developpement (AFD), are significant shareholders in the holding company of the Bank of Africa Group, namely African Financial Holding, based in Luxemburg.





Source: Copyright © 2007 East African Business Week.