Citi Bank Cameroon to increase share capital to at least CFA10b

On 24 June 2014, Citi Bank Cameroon formalized a notary in the city of Douala on the decision of its shareholders, to increase the share capital of the bank from 2.4 billion CFA francs to 10 billion CFA francs.

Ecofin Agency has learned in a legal ad published Aug. 4, 2014 that the operation was done by incorporating the aforementioned amount, levied on the "retained earnings".

Operations that followed, we learn was "the distribution of 243,135 free shares" to shareholders of this bank having mostly American capitals.

As a reminder, this capital increase of the Cameroon Citi Bank follows a requirement of the regulator of the banking sector in Central Africa, COBAC, which ordered all banks in the CEMAC zone to bring their capital to at least 10 billion francs CFA.