Bank of Africa selects Satriun Group
Bank of Africa Group selects Satriun Group for SAP Financial Consolidation enhancements and update to meet new regulatory requirements
GENEVA, 29 March 2018
Bank of Africa Group, the multinational pan-African banking conglomerate, with banking operations in 18 African countries, selects Satriun Group to implement in SAP Financial Consolidation the new banking chart of accounts as requested by the Governor’s office of the Central Bank of West African States, including a revised Income Statement, Balance Sheet and the implementation of automated Cash Flows and Equity Variation statements. The outcome of the project will be a solid foundation enabling the Group in time to automate and integrate additional group reporting needs for internal management reporting or external regulators.
“We are investing in improving our group consolidation solution SAP Financial Consolidation and getting ready to comply with the new regulatory requirements.” says Atif Lferd, Director of Financial Operations and Consolidation at Bank of Africa Group. “The SAP technology offers great features, but the existing application is no longer meeting our expectations in terms of agility, ease of use and adherence to best practices. Given the new banking chart of accounts required by our regulator and an increase in the external reporting requirements, we are enhancing and implementing new reporting capabilities. Satriun Group has demonstrated their ability to support Bank of Africa with financial consolidation in the banking industry as well as expert knowledge of SAP Financial Consolidation.”
Gaël Ménétrier, Executive Partner at Satriun Group, comments: “We are very glad that Bank of Africa recognizes our expert knowledge of SAP Financial Consolidation, our Office of Finance consulting skills and our expertise in the banking industry. We are excited to help Bank of Africa Group make the most of its SAP Financial Consolidation platform by enhancing the platform and introducing new features that will greatly increase the efficiency and capabilities of the group reporting team. Regulatory transformations need expert knowledge of the industry, understanding of IT systems and great change management skills – Satriun Group offers that completeness of vision and we look forward to making the Bank of Affrica Group project a success!”
About Bank of Africa Group
Headquartered in the city of Dakar, Senegal, the story of Bank of Africa Group began in Mali in 1982, with the first Bank of Africa, which was created with almost no external help. Today, the Bank of Africa Group is established in 18 countries. Since 2010, the Bank of Africa Group has been majority-owned by BMCE Bank, the second largest private bank in Morocco. BMCE Bank brings strong strategic and operational support to the Bank of Africa Group, as well as direct access to the international market as a result of its presence in Europe and Asia. The group posted in its latest annual report 7.8 billion EUR in assets and 746 million EUR of Equity and it employs 5’600 employees.
About Satriun Group
Satriun Group is a CPM consultancy active throughout Europe on all leading Corporate Performance Management technologies and engaged with some of the most prominent multinationals to deliver Financial Management, Regulatory Support, CPM Solutions and Change Management services. Our team is composed of experienced consultants covering CFO consulting services and Corporate Performance Management systems implementations in the areas of financial consolidation, budgeting, planning & forecasting, and disclosure management. Satriun Group has offices in Amsterdam, Geneva, Paris, Zurich, Munich, Tel Aviv and Bucharest.