Sofibanque Eyes Expansion Beyond Congo as Profits Rise Over 40% [BNN Bloomberg (Canada)]
Barrick Gold Corporation (BC) (GOLD)
Last barrick gold corporation (bc) earnings: 2/12 07:00 am
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Source: BNN Bloomberg
Expansion into neighboring Zambia or Republic of Congo could be attractive for Sofibanque with the right partners, the CEO said in an interview in the southeastern city of Lubumbashi. Another possible target is Guinea, where his brother, Fadi Wazni, is a major player in the bauxite market. High prices for copper and gold helped Congo's economy expand 8.3% last year, contributing to record profits for bankers including Rawbank Sarl and a unit of Kenya's Equity Group Holdings Plc. Congo is the world's second-largest copper producer and home to one of Africa's largest gold mines, owned by Barrick Gold Corp. and AngloGold Ashanti Ltd. Sofibanque's after-tax profit rose more than 40% in 2023 to $30 million from a year earlier as its focus on corporate clients benefited from a boom in Congo's mining industry, according to Wazne. “It has proven itself to be a profitable model,” he said. “And I hope at some point we can convince partners to join us to expand the bank into becoming oursel
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