The government of Cameroon has bought over 14 per cent of the share capital of Credit Agricole, a French bank that hitherto managed the Societé Camerounais des Banques, SCB, in its move to boost the financing of small and medium-sized enterprises as well as other development projects in the country. The transfer agreement between the State and officials of the bank was signed yesterday April 5 in the Conference Hall of the Ministry of Finance. Finance Minister, Essimi Menye, signed for Cameroon while the Credit Agricole official in charge of Take Over, Régis Bezard Falgas, signed for his bank. The agreement brings to 49 per cent the State’s holding capital in the bank’s overall share capital.

Speaking during the ceremony, Mr Essimi Menye said the crisis of the yesteryears forced government to sell part of it 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.

The exit of Credit Agricole ushers in a Moroccan bank whose activities, the Minister said, will see the light of day soon. “We are beginning a partnership with a Moroccan bank and we hope it will be a very positive venture”, he said.

Prior to the contract, the Minister held discussions with a Gabonese bank, BGFI, already in Douala and which is willing to spread its tentacles 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 coming to partner with government in facilitating access to loans by enterprises, notably small and medium-sized enterprises, purveyors of economic growth.