Sénégal - BICIS - 2009 - VA

Banking
Senegal
PROPARCO
PROPARCO
Long-term lending in local currency
Project start-up: 2009
Financing: FCFA 6.7bn line of credit
Partner: BICIS (Banque internationale pour le commerce et l’industrie
du Sénégal)
Impacts
Context
PROPARCO is participating
in the economic
development of the country
by providing long-term
resources to Senegal’s
banking system via a key
player.
Senegal has one of the most developed banking systems in the WAEMU
region (West African Economic and Monetary Union): deposits account
for 34% of GDP (gross domestic product) against an average 16% in the
zone. This makes it the second largest banking market in West Africa
after Côte d’Ivoire.
Senegal’s banking sector is highly competitive: over 15 banks share
550 000 accounts for a population of over 12 million inhabitants. The
rate of access to banking services (percentage of people in a country
with a bank account) does however remain below 10%.
The current economic climate
is marked by a low level of
liquidity following the State’s
budget difficulties and the
credit squeeze caused by the
financial crisis. Thanks to
PROPARCO, liquidity and
long-term resources will be
injected into the market to
finance investments made by
national companies.
Project objective
The development of a range of loans with longer maturities will provide
Senegalese businesses with resources to invest in their growth. It will
consequently contribute to the development of the private sector and
employment in the country.
Project description
Banque internationale pour le commerce et l’industrie du Sénégal (BICIS)
was created in 1962 with the takeover of the Banque nationale pour le
commerce et l’industrie (BNCI)in the form of a limited company under
Senegalese law. It is now BNP PARIBAS’ subsidiary in Senegal and is
specialized in the private customer, professional, institutional and
corporate segments of the domestic market. BICIS is today the third
largest bank in Senegal with 17% of market share.
BICIS has requested a 6.7 billion CFA franc line of credit from PROPARCO
with a seven year maturity. The provision of long-term resources will
allow it to strengthen its balance sheet by limiting the financing of longterm debt by short-term resources.
Find out more at www.proparco.fr