Tuesday, August 27, 2019

Total-risk operation for BCP Marocaine in Cameroon

Cameroon's finance minister, Louis Paul Motaze, received a delegation on 18 July from French bank BPCE, led by chief executive Boris Joseph, as well as representatives of the Banque Centrale Populaire (BCP) led by chief executive Boris Joseph as well as representatives of the Moroccan PCO.

Objective: finalize the sale of 68.5 percent held by BPCE in the International Credit Bank (BICEC). Negotiated by the French and Moroccan banks in September 2018, the sale is still not effective because the Cameroonian government requires that the capital of BICEC be increased to 20 billion FCFA (30.4 million euros), against 12 billion FCFA (18.2 million euros).

This capital increase should allow private Cameroonians, who already control 7.5 percent of the bank, to strengthen their presence in this institution, the fifth commercial bank in Cameroon and one of the oldest in the country where it is located since 1962.

Source: Letter from the Continent