Ivorian cotton king Koné Daouda Soukpafolo takes majority stake in Versus Bank

Ivorian cotton king Koné Daouda Soukpafolo, through his investment holding company Harvest Capital Holding, has acquired a 52.89 percent stake in Versus Bank from the Ivorian government. The deal marks the state’s full exit from the lender and is expected to open a new chapter for the bank as it seeks to expand and modernize its services.

Founded in 2004, Versus Bank focuses on corporate, retail and institutional financing. Soukpafolo’s entry into Côte d’Ivoire’s banking industry adds to his investments in infrastructure, agribusiness and services. The new ownership structure is seen as a boost for the bank, enabling it to strengthen its finances, improve customer access, scale up digital banking and broaden its range of products in a sector that has been growing quickly across West Africa.

Harvest Capital takes majority in Versus Bank

Harvest Capital now holds the majority stake, while the State Retirement Fund (CGRAE) retains 47.11 percent. Soukpafolo has pledged to inject billions of CFA francs to back the bank’s growth plan, with the aim of transforming Versus Bank from a small-and-medium enterprise (SME) lender into a financial institution with nationwide reach.

The transaction, approved by the Central Bank of West African States (BCEAO) and the West African Monetary Union (UMOA) Banking Commission, has been welcomed by regulators. Ousmane Dembele, chief executive of Harvest Capital, said the priority will be to preserve Versus Bank’s historic role in SME financing while positioning it as a universal bank that can meet rising demand for financial services.

Soukpafolo branches into multiple sectors

Soukpafolo’s rise in business began in Korhogo, one of northern Côte d’Ivoire’s largest cities. In the mid-2000s, he gained recognition through his cotton growers’ cooperative “Yebe Wognon.” Facing a lack of processing capacity at the time, he founded the Compagnie ivoirienne de coton (COIC) after acquiring two factories from the bankrupt ginning company LCCI.

He later consolidated his position with the 2017 takeover of Compagnie ivoirienne pour le développement des textiles (CIDT). Under his leadership, cotton output more than doubled, rising from 32,000 tons annually to 65,000 tons in the 2017-2018 season.

By 2019, following major investments to rehabilitate plants in Séguéla, Bouaké and Mankono, CIDT’s ginning capacity reached about 120,000 tons. Alongside cotton, Soukpafolo expanded into construction, agri-food and transportation.

His latest step into banking through Harvest Capital Holding underscores a broader trend among West African industrialists, who are moving into finance to diversify their holdings and secure access to capital in one of the region’s fastest-growing economies.