iib has been certified as a Great Place to Work® in Bahrain (for the second consecutive year), Cape Verde (for the fourth consecutive year), and Djibouti (as the first company in the country to receive this recognition).

Following a survey conducted among colleagues, iib ranked exceptionally high across all parameters, including workplace culture, collaboration, open-door policy, teamwork, and camaraderie. iib congratulates the entire team on achieving this tremendous milestone.

Great Place To Work® Trust Index© Survey

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“This achievement underscores our unwavering commitment to fostering an environment where everyone feels valued, supported, and inspired to grow. As we move forward, we remain dedicated to nurturing a positive and inclusive culture that continues to set new benchmarks for excellence.”

Sohail Sultan, CEO

Great Place To Work ® is the global authority on high-trust, high-performance workplace cultures. Through proprietary assessment tools, advisory services, and certification programs, Great Place To Work ® recognises the Best Workplaces™ across the world in a series of national lists including those published by Fortune magazine (USA) and in leading media across the Middle East. Great Place To Work ® provides the benchmarks, framework, and expertise needed to create, sustain, and recognise outstanding workplace cultures.

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iib Djibouti is the first bank recognised as a Great Place To Work® in the region. All this is thanks to our passionate and dedicated team

High Level Results

“Becoming the first in the region certified as a Great Place to Work is a proud moment for iib Djibouti. This achievement is a testament to your dedication, teamwork, and shared vision. Thank you for setting the standard of excellence—we’ll keep leading together!”

Maruf Ahmed, CEO – iib East Africa

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A streak of successes: iib celebrates being recognized as a Great Place To Work® in Cape Verde for the fourth year running! A special thank you to our amazing team for making this possible and for promoting positive change everyday.

High Level Results

“Achieving Great Place to Work recognition is a testament to the incredible spirit of our iib Cabo Verde family. This milestone belongs to each of you – thank you for making iib Cabo Verde extraordinary. Let’s continue building greatness together!”

Joseph Carasso Junior, CEO – iib West Africa

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Financial literacy is a universal key to unlocking the doors of success for individuals and entrepreneurs alike. It’s a vital skill that empowers people to make informed financial decisions and shape their economic destinies. In today’s fast-paced and ever-changing financial landscape, being financially literate is not just an option; it’s necessary for anyone looking to embark on an entrepreneurial journey. In this article, we will explore the transformative power of financial literacy and how it can take you from debt to wealth on your entrepreneurial path, by addressing the example of the International Investment Bank Cabo Verde (iibCV).

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In observance of #WorldFoodDay, iib East Africa, in partnership with Souna Alhaya, took an active role by organizing a food distribution initiative. iib recognizes its responsibility in contributing to the well-being of the communities where it operates and Djibouti is no exception. The population of the country presents a critical need for sustainable support and iib continues to take tangible steps toward poverty alleviation.

This initiative, carried out at the premises of Souna Alhaya, saw iib employees on the ground, personally distributing food packages to 90 families. These curated food packs provided families with essential nutrients, offering relief from the daily struggle of securing food. By delivering this much-needed assistance, iib aimed not just to alleviate hunger but also to reinforce a sense of stability and hope within these communities.

At iib, this is not a one-off gesture, but part of our ongoing commitment to empowering communities in need. Our employees were deeply involved in the effort, embodying iib’s belief in compassion and action, demonstrating that our dedication extends beyond corporate commitments to real human engagement. By stepping into the role of community supporters, our team contributed to strengthening the fabric of society, one family at a time.

Aligned with the UN’s Sustainable Development Goals, particularly #ZeroHunger, this initiative underscores iib’s broader mission of fostering community resilience and well-being. We believe that sustainable development can only be achieved through active participation and collective action. As we continue our journey in Djibouti, we remain dedicated to making a measurable difference in the lives of the underserved, ensuring that they have the resources needed to build a brighter future.

At iib, our CSR activities are a reflection of our deep-rooted values, focusing on the critical issues facing our communities and proactively working to address them. Through our partnerships, we continue to drive positive change, reaffirming our role as a key player in the region’s development story.”

Global Payment Services (GPS), a leading FinTech and third-party payment processor in the Kingdom of Bahrain, announces its strategic partnership with International Investment Bank S.A., (iib East Africa) a management-owned bank with operations in Djibouti, among other locations.

Through this collaboration, GPS will be extending its payment processing capabilities to the East African market, providing Djibouti with VISA sponsorship, licensing, and secure infrastructure solutions to support the launch of prepaid and debit card products.

“We are thrilled to be partnering with iib East Africa to bring our innovative payment technologies to the financial industry in Djibouti,” said Mr. Ali Arab, the General Manager of Global Payment Services (GPS). “This agreement aligns with our broader strategy to expand our footprint across Africa and leverage our expertise to drive financial inclusion and economic growth in emerging markets.”

As part of the partnership, GPS will be deploying its advanced fraud management system and card management solutions to power iib East Africa’s new card offerings. This will enable the bank to deliver a secure and reliable payment experience to its customers.

Sohail Sultan, Chairman of iibGroup, commented on the occasion: “Collaborating with an industry leader as exemplified by GPS, allows us to offer innovative digital payment products that meet the evolving needs of our East African bank. We look forward to a successful long-term partnership that will support our mission of expanding access to innovative financial services across the region.”

GPS views this partnership as a crucial milestone in its strategy to expand operations across Africa and the Latin American and Caribbean (LAC) region. Both parties are united in their vision for innovation and excellence, committed to providing outstanding payment services that cater to the diverse needs of their customers.

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London, UK – June 25th, 2024 – iibanks is thrilled to announce that Mr. Sohail Sultan, CEO of iibanks, has been Awarded CEO of the Year in the Finance Industry by European CEO. This prestigious recognition underscores Mr. Sultan’s exemplary leadership, vast experience, and significant contributions to the financial sector.

The judging panel at European CEO was particularly impressed with Mr. Sultan’s extensive and distinguished career in the financial services industry. Sohail has 30 years of experience in financial services, acquired at leading multinational financial institutions.

“I have also been asked to pass on to you that in doing their due diligence and making their final decision, the judging panel were immensely impressed with Mr. Sohail Sultan in multiple ways,” the European CEO panel stated.

“Firstly, with Mr. Sohail Sultan’s immense and impressive high-level experience within the financial services sector, including starting his career at Citibank here in London, and subsequently reaching the position of not only the Head of Global Product Development for Financial Institutions but also the Head of Structured Finance for the Asia Pacific.”

Beginning his career at Citibank in London, Mr. Sultan quickly rose through the ranks to become the Head of Global Product Development for Financial Institutions, Head of Structured Finance for the Asia Pacific, and Head of Cross Border European Structured Product Arbitrage within six years. His roles included managing processes and risks, driving revenue, innovating products, and executing deals across Europe, the Americas, Africa, and the Far East.

Subsequently, Mr. Sultan worked at Barclays Capital in London for nine years, holding senior positions, including Managing Director. During his tenure, he was responsible for expanding the company’s Structured Capital Markets business beyond the UK into North America, Europe, and Asia Pacific.

Following his time at Barclays, he provided advisory services for private equity infrastructure projects in South Asia, the Middle East, and the UK at Cobussen and Partners, developing a portfolio of structured investments with private and institutional investors.

“The judging panel were also delighted to know that Mr. Sultan, in his 30 years of experience, has held senior positions at Barclays Capital, including Managing Director, along with working at Cobussen and Partners, where he provided expert advisory services,” the statement continued.

The panel highlighted Mr. Sultan’s continued demonstration of leadership, his achievements, and his ambition for iibanks’s expansion as crucial factors in their decision. “From the judging panel’s point of view, the leadership Mr. Sohail Sultan continues to demonstrate combined with his experience, achievements, and ambition for the group when it comes to expansion were important factors that the other shortlisted candidates could not compete with.”

This recognition by European CEO is a testament to Mr. Sultan’s dedication and the innovative spirit he brings to iibankss. His leadership has been pivotal in driving the company’s growth and success in an increasingly competitive financial landscape.

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Novo Banco leaves Cape Verde after sale to Bahraini group

The financial institution sold its remaining 10 percent stake in iibCV to the Persian Gulf group that owns the other 90 percent, the chairman of the holding company revealed in an interview with Negócios. Novo Banco declined to comment.

Novo Banco has sold its 10 percent stake in Cape Verde’s iib CV to the group that already owns the rest of the financial institution’s capital, revealed the iib Group’s chairman, Sohail Sultan (pictured), in an interview with Negócios, without mentioning the value of the operation.

‘Novo Banco had the right, which it exercised at the end of last year, to sell us the stake. The transaction was finalized a week ago,’ says Sohail Sultan. ‘We now have 100 percent,’ he concludes. Contacted by Negócios, Novo Banco declined to comment.

The group, which has banks in the Middle East, West and East Africa, and the Caribbean – and which has expressed its intention to buy a bank in Portugal – will not, however, hold all of iib CV’s capital permanently. ‘Our intention is to open up the share capital of the Cape Verdean organization and attract other international investors, as well as local investors,’ says Sohail Sultan. How much? ‘Our intention is to see if we can sell the 10 percent we’ve acquired,’ he adds, explaining that ‘to the extent that we need additional capital at some point in the future, we would potentially consider issuing more shares and going public even more. But right now, it’s not a priority and all the capital requirements for the bank are either being met by the group or being generated through the success of the operation,’ he says.

As for the profiles of the possible buyers of the minority stake he wants to sell, the chairman of the iib Group says he would like to ‘have shareholders in Cape Verde who can support the bank’s continued growth and expansion. Not only in Cape Verde but also in the Portuguese-speaking and African countries where we operate,’ he continues. The Bahraini group’s strategy is to take advantage of opportunities in markets where European banks have reduced their activity, either of their own volition or under regulatory pressure.

In 2023, iib CV achieved its highest-ever profit: 6 million euros, 55 percent up on the previous year.

Is BCA a closed case?

The Persian Gulf group’s ambitions for Cape Verde suffered a setback last March when it was rejected in its bid to buy almost 60 percent of the capital of Banco Comercial do Atlântico (BCA) from Caixa Geral de Depósitos (CGD), a deal in which the Portuguese public financial institution pocketed around 16 million euros. The winner of the race was Coris Holding, which is based in Burkina Faso.

The deal is awaiting the green light from the central banks of the two countries and Sultan is already open to returning to the dossier if the operation doesn’t succeed. ‘Ultimately, it will be up to the regulators to determine whether the sale of BCA by Caixa Geral de Depósitos to Coris is approved or not. If, for whatever reason, that doesn’t happen, we’re ready to take part in the process again and we hope we can be successful next time,’ he says, insisting that “if there are any concerns about the sale process, we’ll be happy to interact with CGD again to see if there’s a possibility of the sale being made to ourselves.” In this scenario, the outcome of BCA and iib CV is set: they will be merged into one.

Growing balance sheet

The iib Group, reflecting the evolution of the global financial system, had a positive year in 2023. The Bahraini group doesn’t disclose business figures, but Sohail Sultan says that the balance sheet grew by 10 to 15 percent on a consolidated basis compared to 2022. Partly thanks to the bank’s performance in Cape Verde. ‘When we bought iib CV, it was a problem bank. It was the smallest bank in the country. By the end of last year, we were probably the third largest bank in terms of assets,’ he emphasizes.

For the group’s banks as a whole, Sultan predicts a more positive 2024 than last year and a slowdown in 2025.

The three names and three owners in the history of the current iib CV

The current iib CV has had two other names and owners. The financial institution that was part of the Espírito Santo universe (until 2015 it was called BES Cabo Verde) was part of the assets inherited by Novo Banco in the BES resolution process. In November of that year it was renamed Banco Internacional de Cabo Verde (BICV). Two years later, the Portuguese financial institution reached an agreement with the iib Group for the sale of 90 per cent of the capital, while retaining the right to exercise the right to sell the remaining 10 per cent, which it would do at the end of 2023, says the chairman of the Bahraini group. Contacted by Negócios, Novo Banco declined to comment. The iib Group’s entry into the capital was realised in 2018, after Novo Banco’s attempt to sell to José Veiga failed.

iib makes a bid for BNI. ‘We want to be in Europe’

After failing to buy Banco Comercial do Atlântico (BCA) from Caixa Geral de Depósitos (CGD), the iib Group continues to focus on organic growth and acquisitions.

After failing to buy Banco Comercial do Atlântico (BCA) from Caixa Geral de Depósitos (CGD), the iib Group is continuing its double focus on organic growth and acquisitions. Reiterating his desire to enter the European market via Portugal, chairman Sohail Sultan says he has already made an offer to buy BNI Europa, whose profile – presence in Africa and the old continent – fits in with the group’s objectives for Europe and Africa.

BNI is looking for a buyer. Are you interested?

We took part in the initial process and are waiting to see how the seller decides to take the process forward. As far as we know, they have received a number of proposals and are analysing them. From the outset we made it clear that we are interested in acquiring a regulated financial asset in Portugal. There will be a number of considerations in determining the appropriate asset. To the extent that we can acquire a bank in Portugal, we would be interested in doing so.

Did you make a specific proposal to acquire the bank?

The first phase called for indicative offers from bidders. Several bidders submitted proposals, including iib. At the moment, we’re still waiting to see how the seller intends to progress, if at all.

Can you disclose the bid figures?

Not at the moment.

When do you expect to know if iib Group’s bid will go to the second phase?

We haven’t received any indication. I believe there are only a handful of international proposals.

BNI is in Portugal, but has a very strong and obvious connection to Angola. How does this fit in with your global strategy?

You’ve summarized it well. It’s an interesting asset and, if there’s an opportunity to move forward in discussions with the seller, we’d be very happy to do so because BNI has both these characteristics.

If your proposal doesn’t have the outcome you’re hoping for, what other opportunities can you analyse?

There aren’t many opportunities at the moment, but we’ll keep an eye out, to the extent that a bank becomes available at a price we consider sensible, to see if we can actually finalise a transaction.

How is buying a bank in Portugal compatible with the group’s general strategy, which so far is focused on Africa, the Caribbean and the Middle East?

What Portugal, or more specifically a financial institution regulated by the European Union, would allow us is a degree of international connectivity for effective banking operations in the emerging markets space that we currently occupy. Being regulated in Europe, we would effectively have access to European payment systems, which are clearly valuable for any financial institution operating in the emerging market banking space. So I think that would be a very attractive factor for us, in terms of having a regulated asset in the European space. But in addition, we clearly see opportunities here to develop our commercial banking activity in a wider European market, possibly from a Portuguese regulated entity.

To put it simply: in addition to the geographies where you are already present, would you like to operate in Europe?

Yes.

Interview in Journal De Negocios