BANGE  BANK MAKES FIRST ENTRY IN BVMAC

The National Bank of Equatorial Guinea or BANGE Bank in collaboration and through the Central African Stock Exchange or BVMAC, as increased its share capital base by XAF 10.311.000.000 after  50.000 shares were bought at FCFA 206.220 a share.

The announcement was made at a solemn ceremony at the headquarters of the Central African Stock Exchange (BVMAC) on September 28 in Douala, in the presence of the Governor of the Littoral Region Ivaha Diboua Samuel, the President of the African Development Bank, top Management officials of Bange Bank, the President of APPECAM, and senior Officials of Commercial Banks and BEAC, the COSUMAF President and other dignitaries.

Prior to this event, the Central African Banking Commission, as per COBAC decision no. D 2022/091 reached in an ordinary session held in July 13, 2022 in Douala, had cleared BANGE bank to increase its capital. Bange bank is also entering at a time that the ministry of Finance representing the state,  has decided to mobilize the sun of XAF 200 billion through the central African system to sponsor state projects as one of the objectives of the 2022 finance law. BANGE bank through these activities, will be required to use the lending ECMR 6.25% net 2022-29 when engaged in the capital market of BVMAC in Cameroon.

BANGE bank has as capital about XAF 55.8 billion where the state has a majority share of 64% followed by enterprises at 25% and 11% for others. It employs over 600 workers and is one of the biggest in the region.

This new increase in capital of XAF 10.311 billion is said to be the first stage of adding another XAF 40 billion or so to the said capital.

So the question was thrown to no one else but the Board Chair on what all these monies will be used for. Martin Chrisantos Ebe Mba analysed that the upgrading of human capital is at the onus of the bank’s main concerns, so they intend to create the bank’s academy for that purpose and to consolidate their cash basis and reduce risks.

He went on to say that they are determined to internationalise the presence of the bank in America, France, China and of course in Cameroon. He mentioned the building in Akwa and those in Hilton and T-Bella in Yaoundé and another branch to be created in Kribi as part of their expansion projects.

The other part of the capital would be to supply credit to all classes of businessmen who will qualify to have it, for that is what the name BANGE represents, he concluded.

The representative of the ministry of finance, for his part, appreciated the efforts of all those stakeholders who contributed to realize the occasion.