Cameroon – Finance: Cameroon Debt Recovery Corporation wants to become a full-fledged financial institution

Cameroon Debt Recovery Corporation wants to become a full-fledged financial institution
Written by Deckson N.

In a statement issued on 30 January 2017, Marie-Rose Messi, General Manager of the Société de recouvrement des créances du Cameroun (Cameroon Debt Collection Corporation) (CRC), announces that its structure since June 2013 intends to expand its activities outside its traditional (Liquidation of banks) to become a full partner of active financial institutions, offering them expertise in the recovery of compromised debts.

To support this ambition, Marie-Rose Messi recalls that the CRC has already collected more than 270 billion FCFA since its creation in 1989 with the debtors of banks in liquidation in the country. “The liquidation mission of five pioneer banks in its portfolio (SCB, BCD, Biaoc, Cambank, Paribas) was successfully completed in October 2001,” the CEO welcomes. She adds that, under another component, more than 90 billion CFA francs have been redistributed to the creditors of the said banks. Meanwhile, according to Mrs Messi, the Development Bank of Central African States (Bdeac) recently entrusted the CBC with the recovery of its portfolio of compromised debts.

Established on 18 August 1989, the CBC, under the supervision of the Ministry of Finance (Minfi), had as its original objective the takeover of the assets and liabilities of the Société camerounaise de banque (SCB) not taken over by the Societe Commerciale de Banque – Credit lyonnais Cameroun. As well as recovery for remuneration, doubtful and/or contentious claims held by public financial institutions. The scope of the Company was extended in January 1991 by a presidential decree which enabled it to assume the amicable liquidation of the assets and liabilities of any public credit institution entrusted to it by the Minfi.

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Deckson N.

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