Atlantic Financial Group’s Acquisition Of BNP Paribas’ Subsidiaries In Africa

Clifford Chance advised the Banque Centrale Populaire group on the deal. Vaughan Avocats advised BNP Paribas.

BCP acted as lender on the financing of Atlantic Financial Group’s (AFG) acquisition of BNP Paribas’ subsidiaries in 2 African countries. This cross-border transaction, involving several jurisdictions such as Mali, Gabon, Côte d’Ivoire, Togo and Cameroon, was carried out during particularly tough times of the Covid-19 pandemic.

AFG is the holding company founded by Koné Dossongui in Côte d’Ivoire, active in the banking and insurance sectors. It had signed agreements for the takeover of 3 BNP Paribas’ subsidiaries last March, May and October. Further to this acquisition, AFG now owns a majority stake in Banque Internationale pour le Commerce et l’Industrie du Mali (BICIM), Banque pour l’Industrie et le Commerce aux Comores (BICC) and Banque Internationale pour le Commerce et l’Industrie au Gabon (BICIG).

The Clifford Chance team was led by Partner, Mustapha Mourahib (Picture), Counsel, Ouns Lemseffer and Associates Yasmine Andalous and Meriem Komiha, all based in Casablanca. The team worked in close collaboration with Cabinet Chauveau as local counsel in Côte d’Ivoire, as well as with Cabinet Adama Doe Bruce in Togo, FSD Conseils in Mali, Project Lawyers in Gabon and Cabinet Nyemb in Cameroon.

AFG was assisted by Viguié Schmidt & Associés, based in Paris, and by SCPA Konan Loan & Associés, based in Abidjan.

The Vaughan Avocats team included  Daouda Ba and Alhassane Soukouna.

Involved fees earner: Yasmine Andalous – Clifford Chance; Meriem Komiha – Clifford Chance; Ouns Lemseffer – Clifford Chance; Mustapha Mourahib – Clifford Chance; Daouda Ba – Vaughan Avocats; Alhassane Soukouna – Vaughan Avocats;

Law Firms: Clifford Chance; Vaughan Avocats;

Clients: Banque Centrale Populaire; BNP Paribas;

Author: Andrea Canobbio