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Orange Said to Partner Ivorian Lender for West African Foray

Baudelaire Mieu
Orange Said to Partner Ivorian Lender for West African Foray

Orange SA is partnering Ivory Coast’s Groupe NSIA to start banking operations in West Africa as the telecommunications group accelerates an expansion into financial services, according to three people familiar with the matter. The venture plans to use the assets in Ivory Coast and Senegal that NSIA acquired from Nigeria’s Diamond Bank Plc in November, said the people, who asked not to be identified because the information isn’t public. Orange will own 75 percent of the venture, with NSIA holding the remaining stake, they said.