Banque de Crédit de Bujumbura
 BCB head office in 2022 | |
| BCB | |
Native name | Banque de Crédit de Bujumbura |
| Founded | 8 August 1964 |
| Headquarters | , Burundi |
  BCB Headquarters BCB Headquarters (Burundi) | |
| Website | www |
The Credit Bank of Bujumbura (French: Banque de Crédit de Bujumbura), or BCB, is a commercial bank in Burundi.
Origins
[edit]The BCB originated as a branch of the Banque du Congo Belge (BCB), which was created in 1909 by the Banque d'Outremer of the Kingdom of Belgium. From 1911 to 1952, the Banque d'Outremer was an "Issuing Institute". It opened a branch in Usumbura (now Bujumbura) in 1922. Usumbura, a port on Lake Tanganyika, was the region's commercial centre.[1]
In 1964, after Burundi became independent and banking regulations were revised, the former branch of the Banque d'Outremer became the Banque de Crédit de Bujumbura (BCB).[1] BCB began operations on 8 August 1964 with capital of 50 million BIF.[2]
Shareholding changes
[edit]The Banque de Crédit de Bujumbura was acquired in 1965 by Banque Belgolaise.[3]
In June 2008, the bank's main shareholder, Banque Belgolaise, sold its shares in BCB to three independent banks, the Bank of Africa Group (BOA Group), the Belgian Investment Company for Developing Countries (BIO) and Banque Degroof.[1] BIO made an initial investment of €1 million.[4] The next month, BCB signed a partnership contract with the BOA Group.[1]
In 2009 and 2010 BIO made additional investments of €230,000 and €832,000 respectively.[4]
The BCB has been majority-owned by BOA Group since 2010. BOA Group is Morocco's second largest private bank. The group provides strategic and operational support, and access to international markets through its presence in Europe, Asia and North America. In 2020 Degroof sold its shares in BCB to FAJAC, a new shareholder, BOA Group and BIO.[1] BIO invested €1,053,568.[4] As of 31 December 2022 the shareholders were:[5]
BOA Group 24.22% Société d'Assurances du Burundi 21.70% Belgian Investment Company for Developing Countries (BIO) 20.78% Republic of Burundi 11.93% FAJAC 10.00% Office du Thé du Burundi (OTB) 9.10% Other shareholders 2.27%
The Republic of Burundi has a representative on the board of directors.[6]
History
[edit]BCB opened its first branch in the interior of the country in 1967 in Ngozi, which was booming due to the coffee business. Since then, BCB continued to open branches in the provinces..[1]
After integration into the BOA network in 2008, the bank continued to target large clients, but also began to actively collect deposits and expand the branch network.[4] As of 2012, Burundi's three largest commercial banks by assets were Interbank Burundi (IBB) with US$193.7 million, BCB with US$191.6 million and Burundi Commercial Bank (BANCOBU) with $US101.8 million.[7]
BCB's balance sheet doubled in size between 2006 and 2014. As of 2020 BCB operated 21 branches, half of which were in Bujumbura. It is a full-service bank offering deposits, structured credit, treasury loans, documentary collection, transfers, change, FX and online banking. It provides debit and credit cards, and has ATMs.[4]
In 2023 the bank had to deal with a revision of monetary policy, cessation of the renewal of refinancing, and alignment of rates on the foreign exchange markets, which exposed it to liquidity and foreign exchange risks. Despite this, it made a strong return with 19% growth in its balance sheet, which the managing director attributed to the new focus on SMEs.[8]
In March 2024 the International Finance Corporation, a member of the World Bank Group, announced that it was lending BCB US$20 million to support BCB's target of becoming the leading bank for small and informal businesses in Burundi. US$10 million of the loan had been supplied by institutional investors. The formal and informal micro-, small-, and medium-sized enterprises (MSMEs) included more than 90% of firms in the country. The loan to BCB would let the bank give them better access to the capital they needed in order to grow.[9]
See also
[edit]References
[edit]- ^ a b c d e f Historique de la BCB.
- ^ Brion & Moreau 2008, pp. VII.
- ^ Brion & Moreau 2008, pp. VII, X.
- ^ a b c d e Banque de Crédit de Bujumbura BIO.
- ^ Annual Report 2022, p. 106.
- ^ Decret No. 100/112 du 23 Mars 2023.
- ^ BANCOBU definition Law Insider.
- ^ La BCB se réjouit des résultats.
- ^ IFC and Banque de Crédit de Bujumbura.
Sources
[edit]- Annual Report 2022 (PDF), Bank of Africa Group, retrieved 2024-10-11
- "BANCOBU definition", Law Insider, retrieved 2024-10-11
- Banque de Crédit de Bujumbura, BIO, September 2020, retrieved 2024-10-11
- Brion, René; Moreau, Jean-Louis (October 2008), Inventaire des archives de la B.C.B. (Banque du Congo Belge) puis Banque du Congo puis B.C.Z. (Banque Commerciale Zaïroise) puis Banque Commerciale du Congo, de la Belgolaise (Banque Belgo-Congolaise) puis Belgolaise (Banque Belgo-Zaïroise) et de sociétés apparentées (PDF), BNP Paribas Fortis Historical Centre and Association pour la Valorisation des Archives d'Entreprises asbl, retrieved 2024-10-11
- Decret No. 100/112 du 23 Mars 2023 (in French), President of Burundi, retrieved 2024-10-11
- Historique de la BCB (in French), BCB, retrieved 2024-10-11
- IFC and Banque de Crédit de Bujumbura Partnership Boosts Financing for SMEs and Traders in Burundi, IFC, 11 March 2024, retrieved 2024-10-11
- "La BCB se réjouit des résultats enregistrés au cours de l'exercice 2023", Burundi Eco (in French), 12 April 2024, retrieved 2024-10-11