Agricultural Bank of China expands in Congo
The official headquarters are currently being built and should be operational in 2017.Agricultural Bank of China, the third Chinese bank in terms of assets, is to open a new subsidiary in
Congo, the Sino-Congolese Bank for Africa (BSCA Bank).
With a capital of CFAF53 billion (€80.8 million), BSCA Bank is 50 per cent owned by the Agricultural Bank of China.
It is still in the preliminary stages of its installation in the country, and has temporary headquarters in Brazzaville pending the construction of its official headquarters, which should be operational in 2017, Jeune Afrique reports.
The arrival of the bank is expected to improve access to credit in Congo, which currently has a dozen banks and where less than ten
per cent of firms go through the formal system to finance their operations, according to a note from the IMF.
According to the Congolese agency for the promotion of the private sector, the country has more than 4,000 SMEs, with 85 per cent belonging to the informal sector because they are often struggling to provide the guarantees required for access to bank financing.