Ecobank takes over BICA

Ecobank has completed the purchase of a 72% controlling interest in the Central African Republic's Banque Internationale Pour La Centrafrique (BICA). A release from the bank says the take-over is however subjected to the necessary regulatory approvals.

This acquisition makes the Central African Republic (CAR) the third country in Central Africa where the bank has a presence. The other two are Cameroon and Chad.

Ecobank Group's Regional Director for Central Africa Abou Kabassi says “BICA now joins the Ecobank family at a very exciting time when the Pan-African Bank is pursuing a Pan-African strategy and therefore it is delighted to bring their banking expertise to the Central African Republic a country hugely endowed with natural resources and strong prospects.”

BICA is the largest Bank in CAR and has a network of three branches and a balance sheet of $54 million with a total of about 85 employees.

The acquisition of the shares by ETI (Ecobank Transnational Incorporated) has been hailed by the management of BICA who have described Ecobank as a suitable partner to take-over the bank.

The Designated supervisor of BICA Abel Komengue Malenzapa said “Ecobank is the right strategic shareholder we have been looking for taking into account the bank's solid financial strength and added the arrival of ETI at the heart of Africa rekindles the Pan-African dream that has been nurtured in our country.”

The BICA take-over brings the total number of countries where the bank operates subsidiaries to seventeen (17) and as such makes Ecobank the bank with the widest banking network in West and Central Africa.

Despite the take-over of BICA in the Central African Republic the Ecobank Group is still looking at cashing in on other opportunities in several other countries in Central, Eastern and Southern Africa in addition to several on-going operations in West Africa.