Business

Cameroon – Finance: Bank of Africa receives authorization from COBAC to open its Cameroon subsidiary

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Written by Deckson N.

After 2 years of waiting, Bank of Africa (BOA) finally got the discharge of the Banking Commission of Central Africa (COBAC), the banking regulator in the CEMAC zone to open a subsidiary in Cameroon. “In Cameroon, we have to get our agreement with COBAC, and we have the authorization of the Al-Maghrib Bank, the central bank of Morocco“, revealed Amine Bouabid (photo), CEO of BOA.

Although BOA has little to say about the launch date of its activities in Cameroon, it is now official that three Moroccan banking groups will compete on the Cameroon market in the coming months. These include Attijariwafa (Société camerounaise de Banque), the Banque centrale populaire (Bank Atlantue Cameroon) and BOA.

BOA Cameroon will have an initial capital of 10 billion CFA francs. Exploitation of data in its 2014 annual report and in the information note of introduction on the Regional Stock Exchange (BRVM) based in Abidjan, reveals that the Bank of Africa Group will hold 76% of assets in its Cameroon subsidiary.

For now, few details filter on the principal partner of the Bank of Africa group, which will then control 24% of the capital of the future Cameroonian subsidiary.

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Deckson N.

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