Bank of Africa Red Sea is the second largest

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

Djibouti Djibouti, officially the Republic of Djibouti, is a country in the Horn of Africa, bordered by Somalia to the south, Ethiopia to the southwest, Eritrea in the north, and the Red Sea and the Gulf of Aden to the east. The country has an area ...

and is part of the Bank of Africa (BOA) Group. Bank of Africa Group, by then based in Mali, acquired Djibouti-based Banque Indosuez Mer Rouge in 2010. BOA Red Sea operates seven branches in Djibouti and a representative office in

Addis Ababa Addis Ababa (; ,) is the capital city of Ethiopia, as well as the regional state of Oromia. With an estimated population of 2,739,551 inhabitants as of the 2007 census, it is the largest city in the country and the List of cities in Africa b ...

History

In 1907, the Banque de l'Indochine started issuing banknotes for Djibouti, and in 1908 established a branch there. The bank had just received the French government concession to create the Franco-Ethiopian Railway between Djibouti and Addis Ababa (Ethiopia). It had a monopoly on banking services in Djibouti until the arrival in 1954 of the ''Banque pour le Commerce et l'Industrie - Mer Rouge (BCIMR)'', a subsidiary of Paris-based Banque Nationale pour le Commerce et l'Industrie. The two banks' headquarters stood together at Place Lagarde for nearly half a century. In 1974, the Banque de l'Indochine merged with Banque de Suez to form

Banque Indosuez Banque Indosuez was a French bank, the product of the 1975 merger of Banque de l'Indochine and Banque de Suez et de l'Union des mines. It was purchased by Crédit Agricole in 1996, and formed the core of what is now Crédit Agricole Corporate ...

, and the operation in Djibouti became ''Banque Indosuez Mer Rouge'' (BIMR). BIMR became a wholly owned

subsidiary A subsidiary, subsidiary company, or daughter company is a company (law), company completely or partially owned or controlled by another company, called the parent company or holding company, which has legal and financial control over the subsidia ...

of the French bank Crédit Agricole Indosuez when the Crédit Agricole banking group acquired Banque Indosuez in 1996. In August 2010 the BOA Group initiated negotiations to acquire BIMR that came to fruition in on 22 December 2010, following which the bank was renamed Bank of Africa Red Sea.

References

External links

Banque Indosuez Mer Rouge @ DjiboutiPhoneBook
Companies based in Djibouti City Banks of Djibouti {{Djibouti-stub