Cameroon Government Takes 14 % Stakes In Credit Agricole
Yaounde, Cameroon Africa. (Cameroon News) – Government of Cameroon gets 14 % Credit Agricole Shares.
Cameroon Bank Commercial Bank Of Cameroon Africa
The government of Cameroon has taken over 14 per cent of the share capital of Credit Agricole, a French bank that controls the Societé Camerounais des Banques, SCB, and is working towards enhancing the funding of small and medium-sized enterprises as well as other growth initiatives in the country.
The transfer deal between the State and officials of the bank was inked yesterday April 5 in the Conference Hall of the Ministry of Finance. Finance Minister, Essimi Menye, inked the deal on behalf of Cameroon while the Credit Agricole official responsible for Take Over, Régis Bezard Falgas, signed for his bank.
The State’s holding capital in the bank’s overall share capital has been increased to 49 percent following the signing of the deal.
Addressing the audience during the ceremony, Mr Essimi Menye said the problems faced during the previous years compelled the government to dispose off a major chunk of its shares to foreign partners.
“Three years back, the banking sector was in crisis in Cameroon and the government was forced to sell portions of the shares of national banks.
Today, we have concluded the discussions between the government and Credit Agricole which was managing Societé Camerounais des Banques, SCB. We have agreed to buy back 14 per cent of the bank’s shares so that the government now holds 49 per cent of shares of the bank”, MINFI boss said.
A Moroccab bank will come in to replace Credit Agricole which, the Minister said, will start off its operations with immediate effect. “We are beginning a partnership with a Moroccan bank and we hope it will be a very positive venture”, he said.
Before signing the contract, the Minister also had talks with a Gabonese bank, BGFI, which has operations in Douala and which is more than ready to move out to other parts of the country, notably Yaounde.
According to the BGFI Administrator and Director General, Henri-Claude Oyima, the 40-year-old bank, the first in the Central African Sub-region, is entering into a partnership deal with the government in order to provide access to loans by enterprises, notably small and medium-sized enterprises, to fuel economic growth.
