Moroccan bank, Attijariwafa Bank, has acquired majority shares in International Bank for Africa (BIA-Togo) by buying 55% of its capital.
According to terms of the agreement signed with the Togolese authorities, the remaining 45% of the capital of the troubled bank is reserved for national shareholders and the West African Economic and Monetary Union (UEMOA).
The Belgian financial institution, Belgolese Bank, tried in vain to save BIA and eventually withdrew.
The Togolese government, with the support of the World Bank and IMF, has since 2010 initiated a process to divest its shares in public companies, especially state-owned banks.
The process gives a new mission to the companies and demands transparency in their management.