CMR undergoes 6th Commercial Bank restructuring extension

The Minister of finance, Alamine Ousmane Mey, has just released a statement extending for 4 months the "initial period of implementation of the restructuring of the Commercial Bank of Cameroon (CBC)", effective July 1, 2014. This is the 6th consecutive extension since the restructuring of this bank to mainly Cameroonian capital 28 January 2013.

Now therefore, the provisional administrator of the Commercial Bank of Cameroon, Martin Luther Njanga Njoh, has until November next to complete this restructuring.

However, in December 2013, despite the boycott of the "historical shareholders", the Bank was re-capitalised, the interim administration had managed to mobilize the 12 billion Cfa francs sought at the end of two rounds.

As a reminder, the Bank created by Cameroonian billionaire, Victor Fotso, has been put under provisional administration in 2009, at the end of a control of the Banking Commission in Central Africa (Cobac). The watchdog of the banking sector in the Cemac zone had detected differences in the management of the credit institution, including the misappropriation of funds attributed to Yves Michel Fotso, son of shareholder.

After 4 years of interim administration, the CBC was officially restructured on 28 January 2013, for a period of six months, under an order of the Minister of finance, Alamine Ousmane Mey. Since then, this initial period is constantly extended, without any official explanation.