MICROCAPITAL BRIEF: Symbiotics Issues $11m in Bonds for Coris Bank International of Burkina Faso

Symbiotics SA, a Swiss firm specializing in micro-, small and medium-sized enterprise investment, recently issued bonds totaling EUR 10 million (USD 10.6 million) for Coris Bank International SA, an institution in Burkina Faso whose mission includes a particular emphasis on serving small and medium-sized enterprises. The issue was transacted through Symbiotics’ bond platform, “Micro, Small & Medium Enterprises Bonds SA, Luxembourg.”

This is the first time that Symbiotics has worked with Coris Bank, which reports total assets equivalent to USD 1.05 billion as of 2015. The bank is a member of Coris Group, which also has operations in Cote d’Ivoire, Mali and Togo. Coris Bank has 37 branches in Burkina Faso, including two that specialize in Islamic banking, which eschews charging conventional interest on loans in lieu of concepts such as the sharing of profit and loss.

Symbiotics manages assets valued at USD 1.3 billion.

Sources and Additional Resources

Information provided directly to MicroCapital by Symbiotics

Coris Bank financials

MicroCapital Universe profile on Symbiotics

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