iib West Africa – Doing Differently, to make a Difference!

27 October, 2023

Discover the successful journey of iib Cabo Verde from a small subsidiary to becoming one of the reference banking institutions in the archipelago.


The international investment bank, SA began its activity in the Cape Verdean market in July 2010 as a financial subsidiary entity wholly owned by Novo Banco (NB). In 2018, as part of its acquisition strategy, iibGroup acquired 90% of BICV’s capital, maintaining NB as a reference shareholder.

A year later, iib Cabo Verde (iibCV) was ‘born’ with very clear objectives: to contribute to the development of the local financial sector, importing the industry’s best practices into the country, in order to compete not only locally, but globally . This initiative was seen as a way of giving back to society, working closely with local communities, empowering them and providing better opportunities, in line with the Group’s philosophy: “Transforming Lives.”

Route and Recognition

In 2019, iibCV was one of the smallest financial institutions in Cape Verde and had accumulated losses from previous years. In 2020, it reformulated its organic structure, market positioning and business model. Through an open and participatory governance model, iib employees created the “6 months / 6 causes” program in the midst of the Covid-19 pandemic, through which they supported important social initiatives for the community in partnership with deservingly selected institutions. In 2021, iib formalized its Social Responsibility Policy, carrying out actions such as blood donation campaigns, Solidarity Christmas events and granting merit scholarships to students. Furthermore, it has committed to valuing its Human Capital with an intensive training program and variable remuneration structures. With new management, highly qualified and experienced in different markets, iibCV has become a more dynamic and agile organization, becoming the third largest bank by assets, the most solvent and with the lowest default ratio in its credit portfolio in 2021.
In 2022, iibCV recorded significant growth in its balance sheet, without significantly increasing risk-weighted assets, and significantly improved its profitability. Its assets grew by 22.5%, exceeding 333 million euros, customer resources grew by 20%, reaching almost 162 million, and equity grew by 25.3%, reaching 20.3 million. For 2023, the bank is expected to continue to grow and surpass the previous year’s results, achieving the best historical performance for the third consecutive year. In addition to the financial results, the Central Bank of Cape Verde (BCV) highlighted that iibCV received no complaints from financial consumers in 2022, which is a source of pride for the management team and everyone who works at the bank. iibCV has a physical presence on the islands of Santiago, São Vicente and Sal, employs around 50 employees and has received awards and certifications for the work carried out in Cape Verde, including certification as a “Great Place to Work” for the second consecutive year, the various awards awarded by the Cape Verde Stock Exchange for performance in the capital market and the recent certification, awarded by an independent international entity, in accordance with the ISO 31000:2018 Risk Management standard.

Absa Africa Financial Market Index 2023

Cape Verde reached 16th position in the Absa African Financial Markets Index, among 28 African nations, marking the first inclusion in the country’s history. The report highlights the successful issuance of “iib Marine and Ocean-based Blue Bonds” by iibCV, in partnership with the United Nations Development Program (UNDP) and Joint SDG Fund. This public issue achieved demand equivalent to 150% of supply, with more than 20% of subscriptions coming from non-residents, including Angola, Uganda, Portugal, France, Luxembourg, Italy, USA and Switzerland. iibCV’s commitment to innovation and active contribution to elevating Cape Verde’s position in global financial markets is recognized in this report.

Commitment to Society and Sustainability

iibCV has worked and continues to work with various stakeholders, having established partnerships with educational institutions, hospitals and NGOs in Cape Verde. Last year it issued Social Bonds in cooperation with SOS Children’s Villages and, in 2023, it issued the first Blue Bonds in Cape Verde (iib Marine and Ocean-Based Blue Bonds), highlighting the commitment to valuing the Sea and Oceans in the country . In the last three years, the social responsibility programs implemented by iibCV have impacted more than 50 thousand people. Recently, iibCV joined the United Nations Global Compact, a voluntary platform for responsible business practices, aligning its operations and strategies with ten universal principles in the areas of human rights, labor, environment and anti-corruption. The UN Global Compact is the world’s largest corporate sustainability initiative, with more than 15,000 companies and 3,800 non-business signatories from more than 160 countries and more than 69 Local Networks.

iib Certified as a Great Place To Work®

iib West Africa and Angola Stock Exchange signed memorandum