Bank at Center of African Data Leak Plans IPO to Rebuild Image

May 9, 2024, 9:40 AM UTC

BGFIBank Group S.A., one of central Africa’s largest banks, is reviving a plan for an initial share sale as part of a wider push to restore an image marred by a massive data leak.

The privately-held Gabon-based lender says it doesn’t need the capital but wants to take the step, mooted in 2019 but sidelined by the pandemic, to showcase reforms since the 2021 leak revealed how its Congolese unit had been used to loot state funds.

“We put in place measures to combat money laundering, review security and tighten controls” in the wake of the incident, Chief Executive Officer ...

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