(Business in Cameroon) – BGFIBank has made a surprising move by investing in the construction of the new headquarters for its competitor, CCA Bank. The information was made public by Albert Nkemla, the Chairman of the Board of CCA Bank, during the inauguration of the new building in Douala on October 19. He did not disclose the total cost of the project or the specific amount BGFIBank contributed.
Sources within the bank indicate that the CFA 10 billion is part of a loan from BGFIBank to CCA Bank. This explains the notable presence of Henri-Claude Oyima, CEO of BGFIBank, at the ceremony. However, details regarding the terms of the loan were not made public.
To many, it might seem strange for BGFIBank to finance a competitor like CCA Bank, which boasts 700,000 active clients and a total balance sheet of CFA 832 billion as of September 2024. However, within BGFIBank, this investment is viewed differently. A senior executive stated, “It may seem odd, but we see ourselves as complementary, and we are working together for the growth of Africa.”
While the relationship between the two banks is not formalized, they have collaborated on several initiatives. Besides funding the headquarters, they have worked together on other projects, including a CFA 143.5 billion bridge loan agreement between the Cameroonian government and a banking consortium led by BGFIBank. Both banks are also involved in the Nana Bouba project, and BGFIBank has often supported CCA Bank in its national and international expansion efforts. “Mr. Henri-Claude Oyima personally encouraged us on this project,” Albert Nkemla said during the inauguration.
