Afriland Bank enters insurance market in Cote d'Ivoire

Afriland First Bank founded by Paul Kammogne Fokam has finalised purchasing of 90% of the insurance company Compagnie euro-africaine d’assurance (CEA-Vie). This comes after a recent acquisition of 97% of Access Bank’s assets in Cote d’Ivoire in December 2013.

Sources at the parent company Afriland First Bank in Yaoundé confirmed that the leader of the Cameroonian banking market had been negotiating the acquisition of CEA-Vie for some time, but has divulged no information on the operation’s finalisation or the amount of the transaction.

However, our source indicates that the participation in CEA-Vie’s capital was done to launch Afriland First Bank’s banking insurance, which began as Access Bank.

The goal is to replicate what it has done in Cameroon where it launched banking insurance in partnership with the African insurance company, SAAR Vie, which is also run by billionaire Paul Kammogne Fokam.