French Cameroun: BICEC’s capital increases from 12 to 49 billion FCFA ⁰

The International Bank of Cameroon for Savings and Credit (BICEC), a subsidiary of the Moroccan Central People’s Bank (BCP) Group, quadrupled its share capital with new subscriptions of CFAF 37 billion.

After the takeover of BICEC in 2019 by BCP, the new buyer announced the capital increase among the priority measures. With a share capital of 12 billion FCFA at the time, the reference shareholder after acquiring 68.5% of the shares of the French group Banque Populaire et Caisse d’Epargne (BPCE) had opened subscriptions until January 2020, with a view to increasing the share capital to 20 billion FCFA at least.

Following the share issue notice published on December 24, 2019 for the attention of shareholders, BICEC indicated that “releases continue by payment of cash, transfer to the bank account opened for this purpose in the name of BICEC in its books and by offsetting certain receivables due ».

In all likelihood, the extension of subscriptions from January 19 to March 31, 2020 bore fruit, with the issuance of 927,000 new shares with a par value of 40,000 FCFA each. An operation that generated an increase of 37.08 billion FCFA to bring the share capital to 49 billion FCFA specifies a legal announcement published on October 22, 2020.

However, BICEC has not communicated on the new architecture of this shareholder structure. According to reliable information, at the time of the sale of the shares by BPCE last year, the shareholders were as follows: 68.5% for BCP, 17.50% for the State of Cameroon, 7, 50 for various Cameroonian private shareholders, 7.25% for PROPARCO and 5% for Staff.

Source: AlKhaleej Today