(Business in Cameroon) - Banque Nationale de la Guinée équatoriale (Bange), the Equatorial Guinean bank wants to open a subsidiary in Cameroon, Cameroon’s finance ministry reveals.

According to the finance ministry, a delegation of Bange led by the Equatorial Guinean ambassador Anastaseo Asumu Mum Munos met Louis Paul Motaze on June 1, 2018, in Yaoundé. At the end of the closed doors meeting, Ebe Mba, president of the administrative board of Bange informs that his bank has been taking the appropriate measures to meet the requirements for opening a subsidiary in Cameroon.

In his statement after the meeting, Ebe Mba advertised the solidity of his institution which was created in 2006. If successful, the bank will expand from the Guinean market of 1 million individuals (in which it is in competition with CCEI-Bank GE, Société Générale, BGFI and Ecobank) to Cameroon, a market of about 24 million consumers.

Let’s remind that well-informed sources reveal that Mr. Motaze did not object to the initiative since COBAC agreed for it.

S.A