(Business in Cameroon) - Competition is now open between Société commerciale de banque Cameroun (SCB Cameroon) and Société Générale Cameroun (SGC) in the high net worth segment.

Indeed, about eight months after SGC opened its first agency for such individuals in Yaoundé, SCB Cameroon inaugurated a private bank baptized “SCB Platinum”.

This bank headquartered in Douala is dedicated to SCB’s high net worth clients. The bank indicates that it was created with the key aim to anticipate clients’ expectations. It helps clients structure assets which they can later invest.

According to SCB, this agency is part of their plan to develop their network in the next three years. In this segment, it will compete with SGC, which is already planning to open three of such agencies in Youandé and Douala. This will be a tough competition. It could also attract other banking institutions like Bicec, Afriland First Bank, BgfiBank and CCA.

Sylvain Andzongo