(Business in Cameroon) - Bank of Africa Cameroon, subsidiary of Moroccan group BCME, drastically reduced its share capital, a legal notice indicates.

“At the end of the deliberations during the above-mentioned group's extraordinary general meeting held on November 14, 2018, at the group’s headquarters and filled by the undersigned notary, shareholders decided to reduce the share capital by XAF9.94 billion,” the legal notice reads. So, without even providing a reason and before even starting operations in Cameroon, BOA Cameroon has reduced its share capital from XAF10 billion to XAF60 million.  

This share capital reduction occurs months after BEAC took note of the nullity of BOA Cameroon’s license (nullified by COBAC on September 20, 2018).

Despite the lack of information from BOA Cameroon, it is a fact that its installation in Cameroon is taking time. It obtained its licence from the COBAC in 2016. On May 8, 2017, it was licenced by Cameroonian authorities via decree n° 0406/Minfi. Up to now, its agencies have not been open to the public.

S.A