Idrissa Nassa’s Coris secures up to $100 million IFC backing for Cabo Verde bank acquisition

Coris Bank International (Coris Bank), the banking group founded by Burkinabe financier Idrissa Nassa, is set to receive a senior loan of up to $100 million from the International Finance Corporation (IFC) to finance the acquisition of a controlling stake in Banco Comercial do Atlântico (BCA), Cabo Verde’s largest bank.

The proposed five-year facility, to be extended to Coris Holding in either euros or U.S. dollars, will support the purchase of a 59.81% stake in BCA from Portugal’s Caixa Geral de Depósitos, as well as the potential acquisition of additional minority shares through the local securities exchange.

A strategic push into Cabo Verde
Of the $100 million equivalent senior loan, up to $40 million will come from IFC’s own account, with the balance mobilized from other lenders.

Discussions are ongoing with multiple partners, including the Managed Co-Lending Portfolio Program FIG III (MCPP FIG III) for potential U.S. dollar disbursement, alongside investment banks and impact fund investors if the financing is structured in euros, Coris’s preferred option.

The transaction marks a significant step in Coris Group’s regional expansion strategy, extending its footprint beyond West Africa into the island nation of Cabo Verde.

By acquiring control of BCA, Coris aims to leverage its expertise in SME and MSME-focused banking services to deepen financial inclusion and stimulate private-sector growth.

Driving inclusive banking growth
IFC said the project is designed to promote inclusive economic development in Cabo Verde by strengthening the banking sector and expanding access to credit, particularly for small and medium-sized enterprises.

The investment reflects a broader trend of African banking groups attracting development finance institution backing to fund cross-border acquisitions, enhance governance standards, and reinforce capital buffers.

If completed, the deal would position Coris as a key player in Cabo Verde’s financial system, while reinforcing its ambition to build a diversified, pan-African banking platform anchored in local expertise and supported by international capital.