This year we are celebrating our Group’s 30th Anniversary.
BANK OF AFRICA was established at a time when the West African banking sector experienced serious difficulties. The founder’s goal of the first BANK OF AFRICA, BOA-MALI, created in 1983 and then headed by Paul DERREUMAUX, was to fill a gap by creating a private African bank, with African capital, and dedicated to serving the African economy.
2011 was highlighted by a broad-based economic crisis, at times exacerbated by serious local difficulties, such as occurred in Côte d’Ivoire and, to a lesser extent, Madagascar.
Despite this challenging and, at times even dangerous, environment, the women and men who make up the BANK OF AFRICA Group (BOA Group) have demonstrated capacities for adaptation, commitment and professionalism that allowed the Group in 2011 to achieve further improvement, seen in the following figures.
In 2009 most African countries had experienced a slowdown in economic growth, but this did not keep the BANK OF AFRICA (BOA) Group from posting gains in terms of revenues and NBI.
2010, in contrast, saw a restarting of economies, but one that remains insufficient to erase the impacts of the crisis. The main risk factors remain as follows: internally, the emergence of severe labour tensions and the delay in implementing national and community projects to absorb energy shortfalls, particularly in WAEMU countries; externally, uncertainty on the strength of the global recovery and its impact on demand, and higher oil prices.