Government launches tender to pre-select actors interested in taking over UTB and BTCI

Banking

Friday, 27 September 2019 16:24

Government launches tender to pre-select actors interested in taking over UTB and BTCI

(Togo First) - The government just took a step further in the privatization of its last two banks, UTB and BTCI.

The authorities have announced a tender to pre-select investors interested in the privatization of both lenders, according to an official document obtained by Togo First.

In effect, the Togolese government seeks "strategic investors with strong banking and financial capabilities to which it will cede its stake and/or open up the majority of the two banks' capital."

Applicants' selection will occur in two stages, through a call for proposals. Only pre-selected applicants will have the opportunity to participate in the final selection procedure.

Submission of proposals closes on November 22, 2019.

With respective total balance sheets of XOF198 billion and XOF281 billion, at December 31, 2018, the BTCI and UTB are among Togo's five major banks. In 2017, while BTCI's profits neared XOF20 billion, UTB's losses were about the same amount.

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