Afriland First Bank officially opens a subsidiary in Benin

The Cameroonian banking group, Afriland First Bank, has officially opened a subsidiary in Benin, with a capital of 10 billion FCFA (17.24 million dollars) on September 15.

The Beninese Afriland First Bank is a subsidiary of Equatorial Guinea CCEI Bank, first bank in the country of Teodoro Obiang Nguema and flagship of the Cameroonian group.

The official launch of CCEI Bank Benin was announced by the president of Equatorial - Guinea Teodoro Obiang Nguema and his Beninese counterpart, Thomas Boni Yayi.

"Here we are today, convinced of the importance of South-South cooperation. This is an example of complementary cooperation. This is an investment that should benefit African countries," said the president of Equatorial Guinea.

CCEI Bank Equatorial Guinea has put forward for the opening of the Beninese subsidiary of Afriland, due to its ratios deemed the most interesting and likely to favour a positive decision of the Beninese monetary authorities and the banking regulator in the UEMOA.

Officially based in Switzerland, Afriland First Bank also has subsidiaries in Sao Tome and Principe, the Democratic Republic of Congo, Liberia, Zambia, southern Sudan, Ivory Coast and Guinea, as well as two representative offices in China and in France.