BIIC Bank Joins BRVM: Benin’s Financial Sector Achieves Milestone
Cotonou, Benin – In a landmark development for Benin’s financial sector, the International Bank for Industry and Commerce (BIIC) has officially been listed on the Regional Stock Exchange (BRVM). The ceremony, held on April 28, 2025, marks a significant step in Benin’s economic growth and regional financial integration.
A Historic Listing for Benin
BIIC becomes the third Beninese company to join the BRVM, following the National Lottery of Benin (LNB) just four months prior. Trading under the symbol BICB, the bank strengthens Benin’s presence in the West African Economic and Monetary Union (WAEMU) financial market.
This listing brings the total number of companies on the BRVM to 48, pushing the market capitalization to a record 11 trillion CFA francs. BIIC is now the 15th bank on the exchange and the 8th banking institution admitted in the past decade.
Record-Breaking Financial Achievement
The BIIC listing stands out for several remarkable reasons:
- Largest banking IPO: Raising 100.45 billion CFA francs, BIIC’s share issue surpasses previous records set by ORAGROUP (56.92 billion in 2019) and Ecobank Côte d’Ivoire (45 billion in 2017).
- Second-largest BRVM IPO: Only Orange Côte d’Ivoire’s 2022 offering (140.98 billion CFA francs) exceeds BIIC’s achievement.
Market Impact and Investor Confidence
With an initial market capitalization of 323.45 billion CFA francs, BIIC’s successful privatization demonstrates growing investor confidence in WAEMU markets. The offering attracted over 10,000 individual investors, contributing 25 billion CFA francs (25% of total funds raised).
BRVM officials hailed the listing as evidence of the regional market’s dynamism and increasing appeal to investors across West Africa.
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