Bank of Africa Group, by then based in Mali, acquired Djibouti-based Banque Indosuez Mer Rouge in 2010.
BOA Red Sea operates seven branches in Djibouti and a representative office in Addis Ababa.
In 1907, the Banque de l'Indochine started issuing banknotes for Djibouti, and in 1908 established a branch there.
The bank had just received the French government concession to create the Franco-Ethiopian Railway between Djibouti and Addis Ababa (Ethiopia).
[1] It had a monopoly on banking services in Djibouti until the arrival in 1954 of the Banque pour le Commerce et l'Industrie - Mer Rouge (BCIMR), a subsidiary of Paris-based Banque Nationale pour le Commerce et l'Industrie.