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African Banker's World: Central.

Banks plan intra-Africa expansion

Tanzania's CRDB Bank plans to open branches in the Democratic Republic of Congo (DRC) and Zambia, according to managing director, Dr Charles Kimei.

The Bank already operates in Burundi and has opened 60 new branches in the domestic market in the last two years, making a total of 166, and more than 36 service centres.

The pan-African banking group, Bank of Africa (BOA) aims to open a subsidiary in Cameroon.

It would create a new bank with a capital of 10bn CFA francs ($20m), in which it will be the major shareholder with 76%.

The group is controlled by the Moroccan Bank Group of Foreign Trade (BMCE) and it would be the third Moroccan banking group to enter Cameroon, after Attijariwafa Bank, whose local subsidiary is Societe Commerciale de Banque (SCB), and Banque Centrale Populaire, owner of Atlantic Bank.

CAMEROON SEEKS FUNDS ON BEAC MARKET

The Cameroonian Treasury launched fundraising operations on the BEAC (Bank of Central African States) public stock market, for the new budgetary year.

For this first issuance of Fungible Treasury Bills for 2016, the government aimed to raise FCfa 7bn ($12m).

In total, the Treasury is planning to raise between FCfa 52bn and 57bn ($87m-$95m) on the BEAC stock market during the first quarter of 2016, to finance its budget deficit and to finance projects in the 2016 public investments budget.

The Cameroonian state's operations on the financial market in 2016 will total FCfa 370bn ($616m), out of which FCfa 210bn ($350m) will be raised through the issuance of Treasury Bills and FCfa 60bn ($100m) through the issuance of Treasury Bonds on the public stock market of the Central Bank of the Cemac (Economic and Monetary Community of Central Africa) states, followed by a FCfa 100bn ($166m) bond, to be launched on the Douala Stock Exchange.

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Publication:African Banker
Date:Mar 31, 2016
Words:317
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