ORAGROUP OBTAINS A GUARANTEE FROM AFRICAN GUARANTEE FUND
The pan-African banking group Oragroup has today obtained a guarantee from AGF for a forthcoming commercial paper issue of 35 billion CFA francs which will be launched within the WAEMU regional market subject to approval requested from the Central Bank of West African States (BCEAO).
This new issue of commercial paper with a maturity of 2 years and a remuneration of 6.1% per annum, co-arranged by the Management and Intermediation Companies, CGF Bourse and SGI Togo, will be 100% covered by AGF West Africa. The signing of the agreement between Oragroup and AGF West Africa occurred today in Lomé (Togo).
“This guarantee by AGF West Africa reflects strong confidence in Oragroup, its financial performance, its development model and its growth strategy which was materialized recently with our initial public offering last April for a 20% stake. This translates to the raising of 56.92 billion CFA francs (86 million euros) in the regional financial market and the largest transaction ever carried out at the BRVM,” said Ferdinand Ngon Kemoum.
In 2018, Oragroup posted a balance sheet total of CFAF 2 171 billion (€ 3.3 billion), an increase of 21% compared to the previous year. Customer deposits for the entire Orabank network amounted to 1,462 billion CFA francs and lending operations to 1,255 billion CFA francs, an increase of 24% and 16% respectively. In total, the Group posted net banking income of 126.77 billion CFA francs (193 million euros, + 17%) and consolidated net income up sharply by 36% to 29.77 billion CFA francs (45 million euros- 4 million euros). In May 2018, Oragroup obtained a long-term A and short-term A investment ratings from Bloomfield, thereby recognizing the strength and performance of the Group. On November 30, 2018, the three entities of the Group in Burkina Faso, Senegal and Togo won the “Best Bank in their respective countries” trophy awarded by The Banker magazine, published by the Financial Times group.
In 2016 and 2017, Oragroup had already successfully completed a two-tranche commercial paper issue of 35 billion CFA francs per public offering on the regional financial market of the Western Economic and Monetary Union. -African (UEMOA).