DRC: Shareholders move to dissolve BIAC

Nov 10, 2016

The bank will repay its depositors.

The shareholders of Banque Internationale pour l'Afrique au Congo (BIAC) have announced their decision to voluntarily dissolve this financial institution, one of the largest in the Democratic Republic of Congo.

The bank will thus liquidate its assets and repay all depositors - a first in the country.

BIAC has been experiencing liquidity problems in the past few years and closed many branches this year. Its Director, Michel Losembe, also announced his departure earlier this year.

Anne Mbuguje, Acting Director of the BIAC, told RFI last April that, "the liquidity tension that we experience is related to the brutal suppression of a line of refinancing that we have received from the central bank for years."

This line of refinancing of 40 billion francs (€38 million) has been cancelled as part of austerity measures announced by the government.ADNFCR-2976-ID-801828159-ADNFCR